Financial Job Outlook and Trends for 2014

Good news. In 2014 there will be an uptick in the addition of new accounting and finance positions that will help support organizational growth and bench strength given impending retirements and innovation in the Financial and Accounting industry. There is also an increased focus on accounting in response to corporate scandals and the most recent financial crises. Employment of accountants and auditors is expected to grow 16 % from 2010 to 2020, according to the Bureau of Labor Statistics. Stricter laws and regulations, particularly in the financial sector, will likely increase the demand for accounting services as organizations seek to comply with new standards. Here are some of the trends in the financial sector for 2014:

• According to a recent survey, there is a big data push, with companies looking to hire accounting and finance professionals who don’t just analyze the data, but who can tell the complete story behind the data and make strategic recommendations to the company. Starting wages for financial analysts at large corporations are projected to increase 4.3 percent over 2013 for professionals with at least one year of experience, 4.2 percent for those with between one and three years of experience, and Financial analysts with one to three years of experience can expect a 4.3 percent rise in starting salary compared to last year at small to midsize corporations. Accountants and auditors who have earned Certified Public Accountants (CPA) credentials will have the best prospects, and job applicants who have a master’s degree in accounting or a master’s degree in business with a concentration in accounting will also have an advantage.
• The struggle to attract and retain talent, and an interest in leveraging the cloud, are among the most important trends that accounting firms need to adapt to according to recently surveyed consulting firms. There is increased interest in this trend of leveraging the cloud to move traditional transactional client accounting services up to a transformational service that can provide higher-value advisory services. There are a lot of firms trying to figure out what their road map should be. For instance, consulting is making a big push in the accounting world. More and more companies are expanding their services to include accounting consulting and as hiring managers look to add to their teams, the desired skill-sets extend beyond the traditional requirements. With globalization comes the much requested need for foreign language fluency, while other company’s desires include legal expertise and strong interpersonal abilities. Because of this, there is an increased need for accountants to understand the client’s practice beyond the numbers; hiring those who have this experience is instrumental.
• In 2009, most states instituted the “150 hour” rule for CPA’s; a college credit requirement designed to determine those candidates qualified to take the CPA examination. When this requirement was adopted by many states, college enrollment in the accounting programs faced a steady decline—as students rejected this extra prerequisite. Fast forward to 2013; the growing data bolsters the fact that job prospects for careers in Accounting & Finance have never been brighter, according to the trends from the Bureau of Labor and Statistics. Due to the push for out of the box thinking from more and more companies who are looking to hire for consulting and analysis, as well as accounting, the trend for steady job growth should continue through 2020.

Accounting Career Consultants wants you to be armed with the most current trends and information in the St. Louis Finance and Accounting industry.  Contact us to learn how we can help you.