Bean Counting Trends

Number crunchers. Bean counters. Don't let the nicknames get you down – the accountants may have the last laugh when it comes to career choices. Just consider these numbers:

• Demand for accounting professionals is expected to grow 18 to 26 percent through 2014, according to U.S. Bureau of Labor Statistics.
• Demographics are taking a toll on industry supply. The American Institute of Certified Public Accountants (AICPA) has noted that by the year 2020, 75 percent of its membership will be eligible to retire.
• The fact that partner compensation has increased 46%, according to Inside Public Accounting, proves that public accounting is today, and will continue to be, a financially rewarding career.
• "Good career opportunity" is the number one reason individuals enter the accounting profession according to a poll conducted by Harris Interactive for CCH. "Challenging work environment," "Job stability" and "Financial security" are cited as other top reasons.
• According to jobsinthemoney.com, accounting professionals are more likely to receive raises. An article entitled, "Accounting, Financial Workers Happier Than Most" reports that because of more raises, accounting professionals are very satisfied with their compensation and jobs. About 34% of the financial workers surveyed described themselves as being very happy with their compensation, compared to 28% of the survey respondents overall. About 78% were either very or somewhat satisfied with their jobs, compared to 72% of all respondents.
• With more than half of the public accounting workforce comprised of women, the profession offers great flexibility for working mothers.
• Accounting degrees are the fifth most lucrative of all professions, according to CNNmoney.com. CPAs are among the most sought-after professionals in the market for good reason – CPAs impact on the businesses that drive the economy. Their observations, ideas and affirmations can make a significant difference to the livelihood of virtually every business.