state of the accounting, finance and audit professions
The accounting, finance and audit professions are rebounding from the negative impact of corporate scandals that occurred earlier this decade. Corporate governance and accounting reforms spurred by the scandals have helped restore the image of these fields.
The renewed focus on practitioners’ critical roles in business – a silver lining of the scandals – has fueled interest in accounting as a career. In addition, enrollment in accounting programs has climbed steadily in recent years and is at capacity at many universities. Moreover, accounting employment opportunities in the United States are projected to grow between 18 and 26 percent from 2004 through 2014, according to the U.S. Bureau of Labor Statistics.
But organizations face daunting challenges in attracting an adequate supply of future talent. Despite the current strong interest in accounting, finance and audit careers, talent shortages exist in many specialties as a result of declining accounting enrollments during the late 1990s, increased demand for professionals stemming from reforms and potentially large numbers of skilled workers nearing retirement age.
Unfavorable demographic trends were just one obstacle identified by the Financial Leadership Council. Concerns also were expressed about the effect of increased regulation on the profession’s ability to recruit and retain talented employees. Another significant challenge is the difficulty of conveying the appeal of accounting, finance and audit professionals’ work.
In addition to human resources issues, the finance and accounting workforce is becoming more diverse, and the increasingly global nature of business is hastening the convergence of professional practices and norms, such as principles-based accounting and International Financial Reporting Standards (IFRS). As part of their discussions, the Council also explored how the worlds of business and academia can better collaborate to help tomorrow’s professionals prepare for these and other changes on the horizon.
