Employment Prospects Bright for New Finance & Accounting Graduates

Driven largely by increased public sector hiring in the wake of heightened federal regulation, job opportunities for a new crop of finance and accounting graduates are on the upswing.

“Though we haven’t seen any changes in corporate hiring, we have seen significant changes in the government sector.  They are hiring more than they have in past, including pushes by the FBI and IRS, as well as the Federal Reserve,” said Scott Moore, senior manager of college and university initiatives, American Institute of Certified Public Accountants (AICPA).  “Anytime you have increased regulations, you have increased hiring.”

Positions within the federal government are attractive, especially in today’s uncertain economic environment.  That is because they tend to be stable and feature excellent benefits packages. 

But the upswing in federal sector hiring isn’t just in response to increased regulation.  The federal government is also seeking to bring in younger professionals who can be groomed to replace retiring Baby Boomers. 

“The big thing is that people have to keep an open mind when economic conditions get a little tough,” said Moore.  “The job you set out for when you first started college may not be available, so keep an open mind about what opportunities are out there.  The federal government may not have been on your mind before, but it should be now.”

For new graduates interested in public accounting, the news is less bright.  While most firms are not continuing the hiring reductions that characterized last year’s environment, they also are not increasing hiring levels.

Nonetheless, finance and accounting continues to dominate the employment picture, bucking hiring trends in every other economic sector.  According to the Spring 2010 issue of the National Association of Colleges and Employers (NACE) Salary Survey, released in late April, accounting services employers extended the largest number of offers to 2009-10 bachelor’s degree graduates, following by engineering services firms and retail/wholesale trade employers.

The NACE survey also found that, while the overall average salary offer to a bachelor’s degree candidate was down by nearly 2 percent over 2009 offers, both finance and accounting majors saw their average salary offers rise.  The average offer to finance majors rose by 1.6 percent to $50,546, and the average offer to accounting majors increased by 0.4 percent to $48,575.

To maximize their career opportunities, Moore recommends new graduates get involved with AICPA’s Young CPA Network, which focuses on accounting professionals age 35 and younger.  Via Facebook, Twitter and LinkedIn, the Young CPA Network is a resource designed to help young accountants develop leadership skills and plan their career paths.  It also offers professional development opportunities. 

He also encourages new graduates to seriously consider earning their CPA credential.

“It is more important now than ever before,” he said.  “You need something to differentiate yourself.  All CPAs are accountants, but not all accountants are CPAs.”

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