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Written by Admin
Sunday, 27 July 2008
According to the American Institute of CPAs, more than 64,000 students graduated with bachelor's and master's degrees in accounting in the 2006-2007 school year, the largest number of accounting graduates in at least 36 years. Rock-Solid Jobs Accounting is a very stable and well-anchored career path, says Denny Reigle, director of academic and career development of the AICPA, a national professional association of CPAs with more than 350,000 CPA members. Jody Queen-Hubert, executive director of co-op and career services at a New York University, adds, "Businesses always need accountants; the demand is there. Understanding how an organization manages its finances is critical to understanding how the business operates, and students need to cut their teeth in the trenches of an organization." Supply and Demand "The issue is really this: Accounting firms need more accountants than ever directly related to regulation," says Karen A. Berger, associate dean and director of undergraduate programs at the Lubin School of Business at Pace. In fact, the already stable profession increased in demand thanks to the passage of the Sarbanes Oxley Act, also known as Sox. This legislation was passed in 2002 in order to reduce and eliminate abuses in financial reports, accounting and transactions, and other activities that have damaged credibility in the field. For instance, CEOs and CFOs must sign statements confirming their review and judgments that the financial statements are accurate. Recession-Proofing Although strict regulatory requirements in effect for several years created an increased need for more accountants, the sizzle appeal right now may be attributed to the capricious financial industry. Marjorie Platt, professor and head of the accounting department at the Northeastern University College of Business Administration, explains, "As Wall Street faces serious layoffs, quantitatively oriented students may decide to focus on accounting rather than finance. We've seen our number of majors continue to grow over that past year while the number of finance majors is flat or trending down a bit. Since the two subjects are highly related, it may not take a lot of extra effort or coursework to refocus one's major."
Last Updated ( Sunday, 27 July 2008 )

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