Accountants and Auditors Job Outlook

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* Most jobs require at least a bachelor's degree in accounting
or a related field.
* Overall job opportunities should be favorable; jobseekers who
obtain professional recognition through certification or licensure, a
master's degree, proficiency in accounting and auditing computer
software, or specialized expertise will have the best opportunities.
* An increase in the number of businesses, changing financial laws
and regulations, and greater scrutiny of company finances will drive
faster-than-average growth of accountants and auditors.

Job Outlook

Employment of accountants and auditors is expected to grow faster than
average for all occupations through the year 2014. An increase in the
number of businesses, changing financial laws and regulations, and
increased scrutiny of company finances will drive growth. In addition
to openings resulting from growth, the need to replace accountants and
auditors who retire or transfer to other occupations will produce
numerous job openings in this large occupation.


As the economy grows, the number of business establishments will
increase, requiring more accountants and auditors to set up books,
prepare taxes, and provide management advice. As these businesses
grow, the volume and complexity of information developed by
accountants and auditors regarding costs, expenditures, and taxes will
increase as well. An increased need for accountants and auditors will
arise from changes in legislation related to taxes, financial
reporting standards, business investments, mergers, and other
financial events. The growth of international business also has led to
more demand for accounting expertise and services related to
international trade and accounting rules, as well as to international
mergers and acquisitions. These trends should create more jobs for
accountants and auditors.

As a result of accounting scandals at several large corporate
companies, Congress passed legislation in an effort to curb corporate
accounting fraud. This legislation requires public companies to
maintain well-functioning internal controls to ensure the accuracy and
reliability of their financial reporting. It also holds the company's
chief executive personally responsible for falsely reporting financial
information.

These changes should lead to increased scrutiny of company finances
and accounting procedures and should create opportunities for
accountants and auditors, particularly CPAs, to audit financial
records more thoroughly. In order to ensure that finances comply with
the law before public accountants conduct audits, management
accountants and internal auditors increasingly will be needed to
discover and eliminate fraud. Also, in an effort to make government
agencies more efficient and accountable, demand for government
accountants should increase.

Increased awareness of financial crimes such as embezzlement, bribery,
and securities fraud will increase the demand for forensic
accountants, to detect illegal financial activity by individuals,
companies, and organized crime rings. Computer technology has made
these crimes easier to commit, and they are on the rise. At the same
time, the development of new computer software and electronic
surveillance technology has made tracking down financial criminals
easier, thus increasing the ease with which, and likelihood that,
forensic accountants will discover their crimes. As success rates of
investigations grow, demand also will grow for forensic accountants.

The changing role of accountants and auditors also will spur job
growth, although this growth will be limited as a result of financial
scandals. In response to demand, some accountants were offering more
financial management and consulting services as they assumed a greater
advisory role and developed more sophisticated accounting systems.
Because Federal legislation now prohibits accountants from providing
nontraditional services to clients whose books they audit,
opportunities for accountants to offer such services could be limited.
However, accountants will still be able to advise on other financial
matters for clients that are not publicly traded companies and for
nonaudit clients, but growth in these areas will be slower than in the
past. Also, due to the increasing popularity of tax preparation firms
and computer software, accountants will shift away from tax
preparation. As computer programs continue to simplify some accounting-
related tasks, clerical staff will increasingly handle many routine
calculations.

Overall, job opportunities for accountants and auditors should be
favorable. After most States instituted the 150-hour rule for CPAs,
enrollment in accounting programs declined; however, enrollment is
slowly beginning to grow again as more students become attracted to
the profession because of the attention from the accounting scandals.
Those who earn a CPA should have excellent job prospects. However,
many accounting graduates are instead pursuing other certifications,
such as the CMA and CIA, so job prospects may not be as favorable in
management accounting and internal auditing as in public accounting.
Regardless of specialty, accountants and auditors who have earned
professional recognition through certification or licensure should
have the best job prospects. Applicants with a master's degree in
accounting, or a master's degree in business administration with a
concentration in accounting, also will have an advantage. In the
aftermath of the accounting scandals, professional certification is
even more important in order to ensure that accountants' credentials
and ethics are sound.

Proficiency in accounting and auditing computer software, or expertise
in specialized areas such as international business, specific
industries, or current legislation, may be helpful in landing certain
accounting and auditing jobs. In addition, employers increasingly are
seeking applicants with strong interpersonal and communication skills.
Because many accountants work on teams with others from different
backgrounds, they must be able to communicate accounting and financial
information clearly and concisely. Regardless of one's qualifications,
however, competition will remain keen for the most prestigious jobs in
major accounting and business firms.

Source:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational
Outlook Handbook, 2006-07 Edition, Accountants and Auditors, on the
internet at http://www.bls.gov/oco/ocos001.htm (visited November 15,
2006).

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