Posted by Doreen Blakely
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We were recently asked by the Midlands Business Journal to answer some questions regarding our experience in the accounting and finance industry. We’re not sure how much of our answers will get put in the article that is coming out on July 9, 2010, so we wanted to share our answers here with you all. Make sure to pick up your own copy of the MBJ!
1. What are CPA firms doing to recruit and retain staff?
The recurring theme I see in the retention and attraction of quality talent for CPA firms revolves around the philosophy of connection. This could be a reaction to the past defining a CPA as a solitary, quiet individual – thus most things that the firms are doing nowadays are focused on bringing them together. For example, multiple firms are building referral groups for accountants; this gives them a way to share information, expertise, resources, and ideas which is ultimately fulfilling for all involved because it creates better communication, quicker service and most importantly a better customer experience. That, of course, leads to success for the firm which is shared with all through the group, thus giving everyone ownership in the firm’s growth. Other efforts, such as flexible schedules and continuing education programs (see below) are also achieving results.
2. What specialties are in demand?
Research, interviews with industry leaders and practical experience all say the same thing – tax accounting appears to be the hottest commodity. Ever since the Sarbanes-Oxley Act of 2002, there has been a continual rise in demand of tax accountants, and as the laws become more and more complicated, the specialties inside of tax accounting (FAS 109, Merger and Acquisition, FIN 48 and IFRS) are becoming narrower. Thorough knowledge and experience in the most minute of details is a vital and valued trait in the industry.
3. How important is continuing education in the accounting industry?
To say continuing education is important is like saying the World Cup has a modest international following. Laws change, trends reverse, communication expands, technology dominates; all of these force the accounting industry to stay on its toes and keep moving hand-in-hand with the rolling tide. There are absolutely no signs that any of these changes will slow down. Who wants to risk (either the individual account or accounting firm) falling behind the ever-changing regulations and making a mistake that could destroy a company or kill a career? The best thing to do is stay continually up-to-date with continuing education.
4. What are the options for continuing one’s education and professional experience?
The main lesson is to find a way to be a continual learner that works for you personally. Some ideas include attending in-class courses and/or online courses provided by the AICPA and Nebraska Board of Accountancy. Also there are seminars and lectures provided by organizations such as the ASWA. There are also websites and magazines that provide educational resources for more informal training. Some recommended sites for research would be Fun CPE and CFO Publishing – both offer email newsletters and helpful information in many areas inside the accounting field.
5. What qualifications are CPA firms looking for?
I love this line from Scott Moore (AICPA): “It is more important now than ever before…You need something to differentiate yourself. All CPAs are accountants, but not all accountants are CPAs.” The age old standard “survival of the fittest” means as much today as it always has.
6. Any other hiring trends you can think of in the industry?
As strange as it may sound, youth seems to be one of the most desirable factors to CPA firms. Numerous articles reference the exodus of the Baby Boomer generation, thus resulting in an immediate need to refill lots of empty seats. That, however, does not make things any easier for those looking for work – the competition pool is big, and that shows why it is so vital that you are able to differentiate yourself. To fit in with the trend towards teams and networking among the industry, young professionals need to show that they have good communication and teamwork skills – something not previously required by CPA firms. Having a bachelor’s degree is considered a standard requirement now – and with that includes all the necessary certifications. Consider adding a master’s degree; not only can it make you stand out among your colleagues, but it can also significantly increase your financial value.
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