If you are planning on becoming an accountant, understanding the current dynamics in recruiting and hiring can be quite beneficial. It will enable you to ensure you are taking the correct classes and getting the training that you need to meet the current demand. You can also get a lot of information about what is expected during interviews and what specific traits they will look for in new hires. All of this allows you to set yourself up for success when it comes to entering the workforce.
Around 2013, there was a large jump in enrollments in accounting programs. The major boost was in master’s programs where enrollment jumped a large percentage over that of bachelor’s degrees. While a bachelor’s degree is the traditional requirement for entering the field, it is becoming more common for students to earn a master’s degree to help them be more competitive. There are more education options than ever now. For example, you could earn NEC’s online masters in accounting instead of in a traditional setting. Having options enables more students to enter programs.
Unemployment and Wages
The good news in the industry is that unemployment is quite low. Skilled workers tend to get grabbed up rather quickly. In addition, this means that salaries tend to be higher with great bonuses to make firms attractive to new hires. Once hired, most individuals will see great benefits and incentives as firms try to retain employees. The whole industry is very competitive, making for an ideal situation for workers.
Due to some new regulations and changes in laws, there is a new demand for accounting professionals familiar with the healthcare industry. If possible, while in school, make sure you take courses that cover the new Patient Protection and Affordable Care Act regulations. This can give you an edge over the competition and enable you to fill positions that are rapidly opening.
Baby Boomers Leaving
The accounting industry is entering a period where its largest group of employees are reaching retirement age. As Baby Boomers start to leave on retirement, they are creating a huge hole in the industry that needs to be filled by well-educated accountants. Keep an eye on this aspect of the industry as you choose firms to apply to in order to take advantage of it.
One of the reasons why master’s degree programs are becoming more attractive is because they offer a practical training aspect that bachelor’s degree programs don’t. This experience, usually an internship, allows you to gain experience that you can put on your resume. Employers are giving preference to those with experience when hiring, so this can give you a nice edge.
There are many things that can influence recruiting and hiring in accounting firms. Knowledge of technology and the ability to travel are just a few. In order to really be prepared to enter the industry, you should read more about the trends.
Understanding what is happening in the accounting industry can give you a leg up when you start applying for jobs. You can make sure that your training and background meets the current needs. Making yourself the most attractive to recruiters is the best way to quickly find a job after graduation.