Opportunities overview:
The establishment of Sarbanes-Oxley Act (2001) with more stringent accounting rules plus an aging accounting workforces and increasingly globalized economy has made accounting one of the hottest career (auditor is the hottest job in 2009 with average yearly salary of $64,914 according to Yahoo!). Many firms that fell under scrutiny of new government regulations have paradoxically benefited from those same rules: facing less competition while reaping hefty fees for government-mandated services. Add to this a relatively healthy economy and opportunities abound for entry-level and midcareer types in both public and management accounting:
- most industries hire recent graduates of college or university accounting program
- growth is projected in government, corporate and public job markets
- by far the most hires are for audit positions (especially senior-level audit specialists), but specialty areas such as financial analysis and forensic accounting are also experiencing increased growth
- Big Four accounting jobs are highly coveted and offer a predictable career path
Major advantages:
- The Big Four and other firms give you exposure to a wide range of companies and industries and a lot of responsibilities. You will develop an impressive skill set that you can take elsewhere, whether you want to hang out your own accounting shingle, go into financial industry or pursue an entirely different profession. In a short word, you will be more likely to succeed in this more and more competitive world.
- You will use top-flight technology if you go to work in the Big Four. These firms have been among the most savvy and aggressive users of intranets, extranets and e-commerce technology
- Now more than ever, corporations and other institutions need accountants, and it remains de rigueur for Fortune 500 companies to use the Big Four for accounting services.
- In general employment opportunities at every level can be found across the country. Specifically, senior-level skills are in demand, with abundant vacancies in the northeastern and southeastern regions.
Major minuses:
- Internal politics play a big role when it comes to staffing at the Big Four.
- Bureaucracy central: accounting involves myriad rules, regulations, reviews, and checklists, and some insiders complain that a feeling of administration overload often creeps unnecessarily into other aspects of their professional lives.
- Accountants are notorious of working late, especially during tax season. There are always client demands to be met and numbers to be checked- and double-checked. Thankfully life is often relatively sane during the off-season.
- Lack of both creativity and daily work variation are often associated with the industry
Recruiting overview
The good new is that accounting firms are hiring- some are nearly desperate for talent. Thanks to new accounting rules, increasing merger and acquisition (M&A) activity and an aging workforce, public accountancies are staffing up. These and other factors are creating increased opportunities for management accountants who work in-house for companies of all kinds.
The Big Four and many second-tier firms recruit on college campuses across the country (other second-tier firms may recruit regionally). The on-campus recruiting process begins with a campus presentation by firm representatives, followed by first-round on-campus interviews. After the initial round, recruiters will invite selected candidates back for second-round interviews. Some firms conduct one or two big office interviewing days for second round; other spread out the office visits. Many jobs offers are then made in as little as two weeks after the second interview.
Students at schools where firms of their choice don’t have a presence-including candidates interested in smaller public accounting firms-and midcareer candidates should contact the firms directly. This is also true for experienced hires; those in high demand have a CPA and three to four years of experience. Job postings, upcoming career events, informational seminars and internship programs, along with special postings for experienced hires, are usually provided on the firms’ websites. Remember: the best way to make this MO work is to network and find a personal contact within the firm of your choice.
Skills needed to succeed in accounting:
- Analytical ability
- Leadership skills
- Written and oral communication skills
- Attention to detail
- Ability to work independently
- Team skills
- Multitasking ability
- High ethical standards
- Computer literacy
