Demand for Accountants Grows
Tuesday, May 08, 2012
Those with accounting backgrounds are continuing to experience robust job prospects.
Though the U.S. labor market was negatively impacted by the housing and financial crises that sparked a global recession, it has continued to stage a comeback over the past few years. The nation's labor economy has added jobs at a torrid clip since the onset of 2012, as companies are increasingly bullish about future growth prospects.
Encouraging economic data has also emboldened hopes that the uptick in job creation will continue throughout the year. With hiring picking up, firms are increasingly working with temporary staffing agencies and other firms. New data indicates the pace of hiring could maintain its momentum over the coming months, especially as manufacturing staffing reached its highest level in 10 months in April, according to a report from the Institute for Supply Management.
Still, even during the depths of the recession, accountants enjoyed rather robust job prospects and job opportunities, according to experts. Temp agencies are helping private businesses fill vacant positions, but many companies are continuing to ratchet up their efforts to recruit accounting professionals.
According to the U.S. Bureau of Labor Statistics' Occupational Handbook, accounting and auditing professionals represent one of the most highly sought after groups of workers in the U.S. Accounting and finance staffing has increased as a result of such torrid demand, and even recent college graduates with newly minted accounting degrees report having little difficulty in securing a job.
Employment among accountants is projected to grow by 16 percent throughout the U.S. between 2010 and 2020, according to the BLS. What's more, data from the federal organization indicates accountants earn a median annual salary of more than $60,000, underscoring how businesses are willing to pay a premium for such workers.
According to Edwin Koc, the director of strategic and foundation research at the National Association of Colleges and Employers, accountants can expect some of the best career prospects this year when they graduate from college. He added that overall, employers would increase their hiring of recent college graduates by 10.5 percent this year compared to 2011.