Recent accounting graduates are entering the workforce at one of the best possible times, as the demand for these graduates has reached unprecedented levels. If you have an accounting degree, now is the best time to look for a job, as firms are expected to continue hiring. This is also a positive trend for those who are close to finishing an accounting degree, as they should be able to find jobs when they graduate.
In 2012, accounting firms broke the record for the biggest number of accounting graduates hired in one year, according to a survey conducted by the American Institute of CPAs (AICPA). Firms hired 40,350 accounting graduates, a significant jump from the number hired in 2010. Many firms held off on hiring during the recession, but they are now hiring more people to handle the work generated by the economic recovery. This is good news for accounting students, as the AICPA survey revealed that there were more than 240,000 students enrolled in accounting programs during the 2011–2012 school year.
Another factor affecting hiring in the accounting industry is the increased emphasis on compliance. New regulatory requirements make it more difficult for accounting firms to keep up with their responsibilities, so they must hire recent accounting graduates to handle some of the work. According to the AICPA survey, 89 percent of accounting firms plan to hire the same number of graduates or even increase the number of graduates hired in 2013.
One of the best things about the increased demand for accounting graduates is that firms are even getting into bidding wars over the best candidates. Some accounting graduates are receiving offers from multiple firms, giving them the opportunity to negotiate for higher salaries or better benefits packages. Firms are even recruiting junior accounting students with high grade-point averages. Bonuses and offers of relocation assistance are just a few of the perks firms are offering to accounting graduates, making this one of the best times to search for employment as an accountant.
The aging accounting workforce is another reason firms are hiring more accounting graduates than usual. Baby-boomer accountants will be retiring soon, and firms must ensure they have enough talented accounting professionals to take their place. Hiring recent graduates allows accounting firms to train new accountants to use their policies and procedures, making it easier to integrate these graduates into the workforce.
With the increased demand for accounting graduates, now is one of the best times in history to be an accountant. If your firm is in need of a new accountant, don't overlook younger candidates. Recent graduates with degrees have studied accounting principles and understand how to make journal entries and perform other basic accounting functions. This makes recent accounting graduates an asset to the industry.
(Photo courtesy of imagerymajestic / freedigitalphotos.net)
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