Accounting: Facts & Trends

Future is Bright

The future of accounting is bright according to the Bureau of Labor Statistics which projects a 34% increase in job openings by the year 2005. Much of this reflects the increasing complexity of corporate transactions and growth in government. Demand is especially high in the tax and health care areas.

Managerial Accounting Ideas Taking Off

An important new way of thinking about accounting in the 1980s was activity-based costing. Now firms are focusing on activity-based management, process-view analysis, constraint checking and business process analysis as well. The world of management accounting is evolving rapidly and there is high demand for accountants who are knowledgeable about these trends.

Image of Accountants Improving

Accountants are working on their image. The AICPA announced a $3 million campaign to spread the word about how CPA's add value. In a Wall Street Journal on the topic Mitchell Klein, a partner of Fasman, Klein & Feldstein, a New City, N.Y., accounting firm, said "Too many people associate accountants with death, tax and bad news and question our integrity because of the big audit failures that major accounting firms have failed to catch."

Ever Think of Working as a Temp?

An interesting option for persons interested in not spending their entire lives in the office is become an accounting temporary. There is high demand for specialized accounting temps and CPA firms have started to hire temps to smooth out their staffing through seasonal cycles in the business.

Skill Depth Becoming Deeper for CPA

Over 30 states now have laws which require a fifth year of education to become a CPA by the year 2000. This change reflects a more competitive business environment and increasing skills requirements because of the rising complexity of many businesses.

Skill Requirements Becoming Broader

There is high demand for individuals who can go beyond technical skills and display good interpersonal abilities, legal knowledge sales abilities and foreign language skills. Accountants are broadening as business globalizes and becomes more team-oriented.

Experienced Players Gaining Currency

There is also rising demand for persons with consulting skills or industry experience and falling demand for college graduates.

CPA and CMA Both Highly Valued

A recent survey found that over half of corporations which hire accountants feel that the CPA (Certified Public Accountant) designation and the CMA (Chartered Management Accountant) as very important. To learn more about the CPA ontact the American Institute of Certified Public Accountants at (212) 575-5505. To learn more about the CMA contact the Institute of Management Accountants at (201) 573-9000.