These days, a number of factors are combining to make Certified Public Accountants more valued in the current marketplace than ever before – with even brighter prospects for the most qualified and skilled professionals in the foreseeable future.
Looking back, the number of accounting majors in major universities fell steadily for more than 10 years following the adoption of increased education requirements for CPA candidates in the late 1980s. Upon implementation of the Sarbanes-Oxley Act of 2002 – which increased the auditing and financial reporting requirements on public companies – practicing CPAs suddenly found themselves working beyond full capacity while fielding increasingly persistent calls from recruiters.
Now, with Baby Boomers set to begin leaving the workforce in 2008, coupled with a decrease in the percentage of 25- to 34-year-old workers, we are on the verge of entering one of the greatest ‘candidate markets’ of all time – especially as it relates to financial professionals. Consider this: corporations have to hire added CPAs for SOX maintenance and internal audit roles at the same time Big Four firms are projected to increase staffing levels for similar functions by as much as 20 percent!
CPAs who work diligently in the coming years to master the requisite skills and build out complementary new ones will find themselves well positioned to benefit both personally and financially from expanded career options.
Among the prerequisites for every successful finance professional are:
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Individual integrity |
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Loyalty to the organization and mission |
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Dedication to ongoing professional education |
Given the increased civil and criminal penalties facing companies and senior management today, embodying these traits in carrying out everyday tasks is vital. Having a fully-developed, professionally-informed sense of right from wrong, abiding by the core values of the organization, and regularly working to further develop your skills as a counselor and practitioner will begin to set you apart from your peers.
To help CPAs distinguish themselves in the marketplace, Ajilon Finance has outlined the following four areas for CPAs to improve their skills and eventually realize their full value as a professional.
Hard skills.
Given the heightened regulatory environment in which we operate, mastery over the hard skills of being a certified public accountant is more important than ever before. While most top CPAs consider these to be the minimal requirements of the job, the core tasks include:
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Creating efficiencies across all accounting and finance functions |
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Managing budgets, costs and assets |
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Maintaining accurate records |
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Verifying financial results |
These are the areas in which you can immediately add value and build trust internally within your organization. The first responsibility is, of course, to bring reliability and thoroughness to these disciplines. Given the disproportionate attention these functions commanded over the past few years, simply minimizing the amount of time senior management devotes to accounting and financial matters will be a welcome relief.
The added ability to prioritize critical functions and deploy the appropriate resources will also determine the level of operational efficiency achieved. Demonstrating the ability to meet all accounting and financial reporting requirements while optimizing department resources will enhance your credibility with senior management and grow your value within the organization.
Soft skills.
Because of the heightened scrutiny from internal and external audiences on accounting and finance functions, the “soft skills” of communication and diplomacy increasingly play a key role in distinguishing the truly high-functioning CPAs.
