Business

It's A Good Time To Be An Accountant

Despite economic slowdown, the need for experienced accounting workers is continually increasing. Companies are looking to retain their best workers with appealing work-life packages because of the shortage of seasoned senior level professionals and the large number of retirees expected within the next few years.

May 29, 2008 at 8:06PM

(Pam Ridgway/The Minnesota Star Tribune)

It's no surprise that there's a dark cloud over the economy. But there is somewhat of a silver lining to this employment cloud. For accountants, the employment market is especially vibrant.

Two recent studies show that qualified accounting staff is in high demand.

Robert Half Management Resources conducted its "Work Place Pulse 2008" survey of Twin Cities CFOs. SALO conducted a study of senior level finance and accounting professionals from the Twin Cities' services, financial, healthcare and consumer sectors.

In demand

Jeff Meacham, senior account executive at Robert Half Management Resources, observes that there is a high demand for experienced accountants, in part because of false perceptions of companies' abilities.

"I believe that for some time many companies thought their accounting environment was stronger than it really was," says Meacham."Companies need more talented people in order to beef up controls and upgrade talent."

Peggy DeMuse, managing director at SALO, notes that the market is tight because of a combination of factors.

"It first started with Enron," says DeMuse. "There was a lot more scrutiny on financials."

Because of corporate accounting misdeeds, more auditing and reporting was required of companies.

Also during that time fewer college students chose to pursue accounting degrees.

"Accounting had a tarnished reputation," observes DeMuse. "Fewer people were choosing to go into it."

Filling the gap

While there aren't enough workers to go around, companies still have to get work done. To do so, they're making sure to keep their current employees happy, and they're willing to do more to attract new talent.

"Employers need to be careful because employee retention is a huge issue, and work-life balance is more important than ever to employees," says Meacham.

Betsy Adrian, president of the Minnesota Society of Certified Public Accountants adds that because supply of top talent is limited, the key for companies is to work harder at retaining its very best people.

"And this is not all about money - it's overwhelmingly about quality of life," she says.

The Minnesota Department of Employment and Economic Development estimates that 20,000 workers will retire in coming years, leaving a shortage of 43,000 accountants by 2014.

Robert Elsenpeter is a freelance writer from Blaine.