Employment of accountants and auditors is expected to grow about as fast as the average for all occupations through the year 2012. An increase in the number of
businesses, changing financial laws and regulations, and increased
scrutiny of company finances will drive growth. In addition to openings
resulting from growth, the need to replace accountants and auditors who
retire or transfer to other occupations will produce numerous job
openings in this large occupation.
As the economy grows, the
number of business establishments will increase, requiring more
accountants and auditors to set up books, prepare taxes, and provide
management advice. As these businesses grow, the volume and complexity
of information developed by accountants and auditors regarding costs,
expenditures, and taxes will increase as well. Increased need for
accountants and auditors will arise from changes in legislation related
to taxes, financial reporting standards, business investments, mergers,
and other financial matters. The growth of international business also
has led to more demand for accounting expertise and services related to
international trade and accounting rules, as well as to international
mergers and acquisitions. These trends should create more jobs for
accountants and auditors.
As a result of the recent accounting
scandals, Federal legislation was enacted to increase penalties, and
make company executives personally responsible for falsely reporting
financial information. These changes should lead to increased scrutiny
of company finances and accounting procedures, and should create
opportunities for accountants and auditors, particularly Certified
Public Accountants, to more thoroughly audit financial records. In
order to ensure finances comply with the law before public accountants
conduct audits, management accountants and internal auditors will
increasingly be needed to discover and eliminate fraud. And, in an
effort to make government agencies more efficient and accountable,
demand for government accountants should increase.
Increased awareness of financial crimes such as embezzlement, bribery, and
securities fraud will also increase the demand for forensic accountants
to detect illegal financial activity by individuals, companies, and
organized crime rings. Computer technology has made these crimes easier
to commit, and it is on the rise. But, development of new computer
software and electronic surveillance technology has also made tracking
down financial criminals easier, thus increasing the ease and
likelihood that forensic accountants will discover their crimes. As
success rates of investigations grow, demand will also grow for
forensic accountants.
The changing role of accountants and auditors also will spur job growth, although this growth will be
limited as a result of financial scandals. In response to demand, some
accountants were offering more financial management and consulting
services as they assumed a greater advisory role and developed more
sophisticated accounting systems. Since Federal legislation now
prohibits accountants from providing nontraditional services to clients
whose books they audit, opportunities for accountants to do non-audit
work could be limited. However, accountants will still be able to
advise on other financial matters for clients that are not publicly
traded companies, and for nonaudit clients, but growth in these areas
will be slower than in the past. Also, due to the increasing popularity
of tax preparation firms and computer software, accountants will shift
away from tax preparation. As computer programs continue to simplify
some accounting-related tasks, clerical staff will increasingly handle
many routine calculations.
Overall, job opportunities for accountants and auditors should be favorable. After most States
instituted the 150-hour rule for CPAs, enrollment in accounting
programs declined; however, enrollment is slowly beginning to grow
again as more students are attracted to the profession because of the
attention from the accounting scandals. Those who pursue a CPA should
have excellent job prospects. However, many accounting graduates are
instead pursuing other certifications such as the CMA and CIA, so
competition could be greater in management accounting and internal
auditing than in public accounting. Regardless of specialty,
accountants and auditors who have earned professional recognition
through certification or licensure should have the best job prospects.
Applicants with a master’s degree in accounting, or a master’s degree
in business administration with a concentration in accounting, also
will have an advantage. In the aftermath of the accounting scandals,
professional certification is even more important in order to ensure
that accountants’ credentials and ethics are sound.
Proficiency in accounting and auditing computer software, or expertise
in specialized areas such as international business, specific
industries, or current legislation, may be helpful in landing certain
accounting and auditing jobs. In addition, employers increasingly seek
applicants with strong interpersonal and communication skills. Because
many accountants work on teams with others from different backgrounds,
they must be able to communicate accounting and financial information
clearly and concisely. Regardless of one’s qualifications, however,
competition will remain keen for the most prestigious jobs in major
accounting and business firms.
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