FINANCE/ACCOUNTING CAREERS

In-Demand Specialties in Accounting and Finance

Multiple factors have led to increased hiring in accounting and finance during recent years. Regulatory reforms have fueled the demand for specialties such as internal audit and forensic accounting. At the same time, corporate growth initiatives are driving the need for staff and senior accountants and financial analysts. And demographic forces, such as a shortage of experienced candidates and the expected retirement of millions of baby boomers over the next decade, are anticipated to further prompt competition for top talent.

As the accounting landscape has evolved, several specialties have gained both visibility and importance. For those in the profession, the choices for career paths are exciting - and plentiful. Many individuals can apply their interests - from investigative work to business operations to strategic decision making - to their chosen positions. Here is a sampling of positions in greatest demand:

General accountant

Companies seek staff accountants for work ranging from processing journal entries to performing account analysis and reconciliation to preparing tax filings. Senior accountants are needed for more complex initiatives, such as budgeting and conducting risk assessments. Individuals who possess the certified public accountant (CPA) designation, as well as those with public accounting and U.S. Securities and Exchange Commission reporting experience, are highly sought.

Demand for these professionals will likely remain strong for the foreseeable future due to workforce demographics. Although currently on the upswing, low enrollment rates in university accounting programs during the late 1990s have led to a dearth of candidates with three to seven years of experience.

Internal auditor

Corporate governance regulations such as the Sarbanes-Oxley Act have heightened the prominence of these professionals. Research from the 2006 Salary Guide from Robert Half International provides an indication of how highly these specialists are valued: Base pay for internal auditors is projected to increase up to 9 percent from 2005 levels.

Internal auditors are sought to help organizations improve internal controls, develop audit strategies and conduct ongoing audits of company records. In particular, employers seek professionals who have earned the certified internal audit (CIA) designation from The Institute of Internal Auditors.

Financial analyst

As more companies expand, the demand for these professionals is expected to intensify. Many of these positions were cut during the downturn but have returned with the strengthening economy. Companies are hiring specialists to assist with forecasting and budgeting activities, evaluate financial data, and identify trends and anomalies. Financial analysts may be asked to help find ways to improve profitability and participate in strategic decision-making processes as well.

Forensic accountant

Once brought in only after a crime had been committed, forensic accountants are being sought to proactively identify and prevent potential fraud as well as tighten internal procedures. Employers look for candidates with sound technical accounting skills, as well as strong communication abilities, business acumen and information technology expertise. Possessing a CPA or certified fraud examiner (CFE) designation also is advantageous.

While forensic accounting has always been a part of the accounting industry, its prominence increased following the corporate scandals at the beginning of the decade and the resulting heightened scrutiny of financial records by shareholders and government agencies. The demand for personnel in this specialty has risen commensurately, as has the competition for their services. Employers are offering premium salaries and benefits packages to secure top candidates.

Controller

Companies are bringing in controllers on both a full-time and consulting basis to enhance their reporting processes and improve attestation. According to a Robert Half International survey, this function can be a springboard to further career growth: CFOs polled said the controller position best prepares a financial professional for a CFO-level role.

Tax accountant

The intricacies of new tax laws and the increased documentation required under Sarbanes-Oxley are sparking the demand for tax accountants, and these professionals are seeing their compensation rise accordingly. Research from the 2006 Salary Guide found that tax accountants can expect gains of up to 4.6 percent in starting salaries, with tax managers at midsize companies ($25 to $250 million in sales) projected to receive the largest increases.

Accounts receivable and payable managers

Companies are hiring accounts receivable (A/R) professionals to manage client payments as well as accounts payable (A/P) specialists to process invoices. As business activity accelerates, demand for accounts payable and receivable professionals should climb with it.

While there is steady demand for clerk positions, candidates who can fill manager roles are particularly valued, as evidenced by data from the Salary Guide. Starting pay for AR/AP managers are forecast to rise more than 4 percent this year. Individuals at small companies (up to $25 million in sales) can expect the greatest growth in base compensation, with gains of up to 5.2 percent.

Whichever path accountants choose, they can further aid their career prospects by earning and maintaining an industry-recognized certification, such as the CPA, CIA, CFE or certified management accountant (CMA) credential. By obtaining such a designation, individuals demonstrate a commitment to the industry and continual professional development, attractive traits to prospective employers. Additionally, these certifications can lead to financial rewards - according to the Salary Guide, candidates possessing a professional credential can earn a starting salary up to 10 percent above the market standard.

Looking forward

This is an exciting time for skilled accountants, many of whom find they have myriad career opportunities available to them. Fueled by industry reform, corporate expansion and demographic factors, demand for their services is expected to remain steady. Professionals who stay current on industry trends and regularly take steps to enhance their skills are likely to advance within the specialties they pursue.

Founded in 1948, Robert Half Finance & Accounting, a division of Robert Half International Inc., is first and largest specialized financial recruiting service. The company has more than 360 offices worldwide. Search for jobs now or learn more at www.roberthalf.com.