Demand for accounting professionals and recent graduates has reached an all-time high.
According to a new study by the American Institute of Certified Public Accountants (AICPA), CPA firms hired a record 40,350 new accounting graduates last year, up from the previous high of 36,112 in 2007 before the economic downturn, the Journal of Accountancy reported.
The demand for new accountants is expected to continue this year, with the AICPA noting that 89 percent of firms said they would likely hire more graduates in 2013.
At the same time, a recent Talent Shortage Survey found that 48 percent of businesses are having trouble filling accounting and finance jobs because they are having a difficult time finding qualified workers with both technical and soft skills, especially when it comes to management positions.
“Most undergraduate accounting majors are trained or educated to be financial accountants – doing audits, attestation, and compliance,” Jeff Thomson, president of the Institute of Management Accountants, told Accounting Web. “Yet, if they go to work at a company, in addition to the financial accounting work, they’re also going to have to do performance management, budgets, forecasts, work with IT on enterprise resource planning and be involved in strategic discussions.”
Thomson said that more companies need to offer internship programs and provide employee development in order to prepare financial professionals for leadership roles.