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Mostly Sunny 2008 Hiring Forecast for Accounting,
Finance Professionals |
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Dona DeZube |
Despite the
gloomy headlines, the outlook for hiring in finance and
accounting should be strong for 2008. You see a lot in
the press that's negative, and there are problems with
the economy, says Josh Warborg, Robert Half
International district president in Seattle. The fact of
the matter is we're seeing an expanded economy and
expanding jobs.
For accountants at all levels, that means lots of
opportunities. At Bryant University in Smithfield, Rhode
Island, only a couple dozen of the 125 accounting majors
set to graduate in June don't have job offers yet. If
your GPA is a 2.2, you'll get a job,says Dennis Bline,
PhD, professor of accounting. If you make it a 3.2, your
issue is which good job offer to take because you'll
have multiple offers.
Demand is just as strong for mid-level accountants.
Glenn Dubiel, vice president of Spherion Professional
Services, says his firm is seeing a shortage of
accounting professionals with one to seven years
experience across all industries. There's just a natural
shortage of those workers,he says.
At the top, Warborg says treasurers and chief financial
officers are in short supply. We're seeing strong
increases in demand for them at small- to medium-sized
companies with sales of less than $250 million, he says.
The trends feeding demand for accountants aren't likely
to end soon. The Baby Boomers [who] are retiring in the
next five years are going to fuel demand for
accountants, despite what may happen in the economy at
large, Warborg says. And the effects from SOX and other
compliance initiatives are still having an impact on the
financial sector. Those two forces provide assurance
that, even in tough economic times, accountants skills
will be in demand.
Math Majors Rule
For math and actuarial science majors, the hiring market
is phenomenal, says Kristin Kennedy, PhD, chair of
Bryant's actuarial math department. My seniors [are]
being given offers plus nice signing bonuses of around
$10,000, she says.
Applied math and statistics undergraduates are also
being snapped up by forecasting companies, government
agencies and investment banks. Companies are doing a lot
of number crunching, she says. If you come out with four
SAS courses and you get a certificate in SAS, that's
very marketable.
Many other companies are seeking quantitative analysts
who know statistics and programming, says Dr. Al Lee,
director of quantitative analysis for PayScale.
Companies like Google want the same people, so there is
competition for those skills, and those jobs are paying
a couple hundred thousand dollars a year, he says.
Banking Slumps
With the credit crunch leading to massive layoffs in
mortgage banking, Peter Nigro, associate professor of
finance at Bryant, is warning students looking at
banking to take what they can get. I don't expect a lot
of financial institutions to be hiring in the spring, he
says. He is pointing students toward jobs with federal
bank regulatory agencies that will be beefing up staff
to deal with the ongoing credit crisis as well as
changes brought on by the Basel II international banking
standards agreement.
The outlook is rather gloomy in investment banking. A
number of big financial services players have instituted
soft hiring freezes, says compensation expert Alan
Johnson, managing partner of Johnson Associates in New
York City. They're going to end 2008 with fewer people
than they began with, he says. They're reducing college
recruiting by 50 percent and cutting back on entry-level
and middle-level hiring. They're doing that unofficially
-- no one wants to be the poster child of hard times.
Some finance niches are still looking good, however.
Having experience with enterprise resource planning
makes one very marketable to large firms, Dubiel says.
And at Ohio University in Athens, Ohio,
executive-in-residence David Payne is still optimistic
about financial services despite the employment slump.
Depending upon how you measure it, financial services is
one of the fastest-growing areas of our economy,
notwithstanding the credit crunch, says Payne, a former
banking executive. The issues that have plagued the
residential real estate market have not hit the
commercial sector as hard, so positions such as property
manager will still be important in 2008, Lee says. And
credit and risk analysts remain important to companies
seeking to learn from past mistakes in extending risky
credit. Unfortunately, collections specialists may have
more work than usual, he adds. |
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This article originally appeared on Monster.com. |
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