Accounting Prospects

accounting prospects

Source: Squeaky Marmot

 

The U.S. Bureau of Labor Statistics predicts accounting prospects to be better than average for all jobs from 2010 to 2010.

Reasons

This forecast is due to an increasing population and growing economy, both of which will produce more businesses. The growth requires more accounting experts to manage books, ensure compliance with government regulations, pay taxes and increase profitability.

Recent revelations of corporate malfeasance, particularly in monetary services, have sounded the call for greater transparency, accountability and control of large company finances. Specialists in auditing are needed to answer the call.

Finally, businesses and other organizations are moving toward International Financial Reporting Standards, which uses principle-based standards to judge accounting methods and reports, and to determine the market value of assets and liabilities. These complex rules require the expertise of higher-level accountants.


Numbers

The following numbers summarize the future of the profession.

  • Employment for accountants is expected to grow by 15.7 percent from 1.216 million to 1.407 million. The best accounting prospects will be for those individuals who can manage corporations with their MBAs, and who can audit financial dealings with their CPA licenses.
  • Jobs for accounting, bookkeeping and auditing clerks will increase by 13.6 percent from 1.898 million to 2.157 million. Those who can handle a larger range of accounting tasks, such as bookkeepers, will have the best demand.
  • Good accounting prospects put these positions among the top 30 occupations for growth during the decade.
  • In comparison, the civilian labor force will grow by 14.3 percent for the decade.
  • The biggest industry growth is expected to be in health care and social services, professional and business services, and construction. Thus, the best accounting prospects will be among these businesses.



References

U.S. Bureau of Labor Statistics: Accountants and Auditors
U.S. Bureau of Labor Statistics: Economic and Employment Projections


11 Responses to “Accounting Prospects”

  1. University enrolment stats show a decline.
    How are we going to meet future demand?
    Any clues on what is going on?

    • alocsin says:

      I was under the impression that accounting was still a popular major in college. Presumably, salaries will go up to attract the fewer graduates, which hopefully will encourage more people to enroll.

    • As far as I know accounting is still very relevant and a popular choice. I dont think there will be any problem fulfilling future demands for accountants as long as there are taxes.
      @http://www.petinsurancereviewsnow.com/ recently posted..Healthy PawsMy Profile

  2. Bob says:

    Moving towards financing standards is a completely different journey on this side of the planet. I’m from Hungary, and here accountancy firms still struggle with paper format, producing a lot of carbon footprint while operating at about 20% efficiency!
    Bob recently posted..Why I Love Being a Traffic Law AttorneyMy Profile

  3. Adolf from IT Services Melbourne says:

    That’s make me crazy to become an accountant..!

  4. Kiefer from University Security Guard says:

    Accounting jobs would be demanding no matter what is the status of the economy hence; an up rise in students interested to join the bandwagon. Nice article and discussion, kudos!

  5. David from RI CPA says:

    Being a small business accountant, I find it rewarding when I help out a struggling small business, especially in the current bad economy.
    David@RI CPA recently posted..We Guarantee SuccessMy Profile

  6. Alex says:

    Makes sense. I think the status of the economy contributes a lot to that, but it’s a fact that Accounting jobs are always required no matter what…

  7. Delia from OrderGen Software says:

    The increase in online businesses seems to have created need for bookkeepers specializing in small business billing and purchasing. We are looking for small business statistics (numbers and salaries) concerning independent bookkeepers and purchasing agents.

  8. I was under the impression that accounting was still a popular major in college. Presumably, salaries will go up to attract the fewer graduates, which hopefully will encourage more people to enroll.

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