salary

‘unprecedented demand’ for accounting grads

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cpa firm hiring tops 40,000 for first time ever.

by rick telberg

bolstering reports of a suddenly surging profession with a high demand for top talent, a new survey of colleges and firms by the aicpa shows that cpa firms are hiring a record number of graduates.

at the same time, the pipeline of accounting students is bulging, suggesting to some that the continuing high demand for new recruits can be met by newly minted graduates for the next few years.

this will come as good news to firms facing growing new-business opportunities, tougher competition and a growing need for entry-level staff.

it does not, however, help alleviate the catastrophic stall in growth dating back to the 1990s with the spread of the so-called 150-hour rule that has left the profession with a gaping hole in its succession and business continuity strategies. the profession, already facing a succession crisis due to the aging-out of the baby boomers, now finds itself with a dearth of 40- and 50-something senior managers and junior partners to take over management and control – a fact that a record supply of new graduates won’t correct for 10 or 20 years, if ever.

 

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the good news for hiring: pipeline fills with huge supply of talent.

the report shows: read more →

comp plans for the new managing partner

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lessons from the best-managed firms.

by marc rosenberg
author of “cpa firm management and governance: the managing partner’s guide to running a cpa firm like a business.”

baby boomer partners are rapidly approaching retirement age, resulting in a dramatic increase in new managing partners at firms.

in fact, 卡塔尔世界杯常规比赛时间 estimates that up to 25% of multi-owner firms are operating under managing partners who are relatively new to the job, with tenures under three years. and over the next five years, one-third of multi-owner firms will undergo a change in ownership and/or control. read more →

finance and accounting professionals forecast improving job prospects through 2013 [pro member exclusive]

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rebound in confidence after two quarters of decline.

next question: what’s your best career advice? join the survey; get the answers.

a leading measure of overall confidence among u.s. finance and accounting workers, rose 5.4 points to 55.8 in 4q 2012 — ending a two-quarter decline, according to new data reported by 卡塔尔世界杯常规比赛时间.

the new survey finds growing confidence in job availability and in workers’ personal employment situations, despite continued tepid sentiment in the strength of the economy.

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after an economic pause, the accounting industry restarts expansion engines

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the 卡塔尔世界杯常规比赛时间 busy season barometer
click to join the survey; see the results

but many cpa firms appear to be missing out on the recovery.

by rick telberg
卡塔尔世界杯常规比赛时间  research

the nation’s tax and accounting industry appears to have re-started expansion with new hiring in january, after a two-month pause at the end of 2012 in november and december, according to 卡塔尔世界杯常规比赛时间 research. but the gains appear to be concentrated in non-cpa-owned offices.

analysts are attributing the 2012 year-end economic stall to two major storms which slowed economic activity: one, hurricane sandy, and, the other, congress, which has been gridlocked under a bubble of hot air.

卡塔尔世界杯常规比赛时间 pro members:
get the instant download
full report (pdf, 20 pages), here.

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what new accounting grads want from your firm

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survey of college professors provides clues for successful recruiting.

internships and social networks speak loudest when new college accounting graduates weigh their first jobs offers, according to a new public accounting report survey obtained by 卡塔尔世界杯常规比赛时间.

the study ranks the relative importance of factors to students when choosing a job offer, including:

  • access to latest technology
  • compensation and benefits
  • desirable location or geographic base
  • long-term career opportunities
  • technical reputation
  • the firm’s long-term business outlook
  • the firm’s quality of life in terms of an employee-friendly environment
  • whether the offer is from a big four firm
  • workplace diversity

and the survey reveals the companies and cpa firms soon-to-be graduates are hoping to join:

  • a company in private industry
  • any big four firm
  • any top 25 firm
  • a local firm
  • bkd
  • deloitte
  • e&y
  • grant thornton
  • kpmg
  • pwc

the survey also shows how many undergrads have actually worked in a public accounting firm before graduation, and the top 10 corporations would recommend as employers. but the most closely followed part of the survey are the rankings  of the top 25 undergraduate accounting programs.

the responses are tabulated in the following charts with analysis by the survey’s author:

read more →

2013 trends in starting salaries in finance and accounting

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business demand drives hiring, new competition for talent.

special to 卡塔尔世界杯常规比赛时间

fueled by new demand from business clients, cpa firms of all sizes are looking to expand audit and tax practices and pursue new new market segments, according to a fresh report on the accountant jobs market. (pro members: get the full report, courtesy 卡塔尔世界杯常规比赛时间.)

read more →

accounting and bookkeeping jobs hit new all-time high for month of august

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best august ever.

accounting and bookkeeping services, via www.g005e.com

by rick telberg

the u.s. accounting and bookkeeping sector of the economy added 3,500 new jobs in august bringing the full-time workforce in the industry to 955,000, a new all-time record high for the month, according to preliminary new data obtained by 卡塔尔世界杯常规比赛时间.

related
instant download – 2013 salary guide 
join the survey, get the results – the cpa careers and hiring outlook: job satisfaction and retention benchmarks
join the survey, get the results – top talent strategies:  how to identify and develop professionals for management and leadership responsibilities

in addition, the 卡塔尔世界杯常规比赛时间 analysis shows: read more →

the keys to success for compensation committees

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why firms need comp committees and how some of them do it right.

by marc rosenberg, cpa
author of how to operate a compensation committee

cpa firms are increasingly turning to the use of formal compensation committees for a number of reasons. chief among them: it’s the best way to achieve a balance between recognizing traditional production accomplishments and rewarding intangibles.

the convergence of three aspects of cpa firm management

the compensation committee approach aligns the firm’s (1) strategic plan and core values with how partners are (2) evaluated and how they are (3) compensated. it motivates partners to produce what the firm needs them to produce.

related:  compensation issues for the new managing partner  |  20 decisions for your firm’s new partner compensation committee  | three ways to break partner gridlock in an accounting firm  | what partners are entitled to, and what they’re not entitled to | how to make partner?  |  why accounting firm partners are “popping prozac like m&m’s”  | more…

at most firms, there is a disconnect between these three functions. but at the better managed firms, they are integrated.

read more →

cpa firm compensation plans and the law of unintended consequences

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“unintended,” maybe. but not altogether unforeseeable.

with a new generation of cpas taking over as managing partners comes a host of new questions and issues. marc rosenberg addresses some of the concerns in compensation issues for the new managing partner, which inspires gary zeune, managing director at the pros & the cons llc, to weigh in on the kind of comp issues that he sees all too often as a fraud-fighter.

zeune comments:

gary zeune
gary zeune

don’t tell anyone but the problem with cpa firms is they’re run by accountants who don’t understand the unintended consequences of decisions.

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accounting industry adds 500 jobs

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marks 16 months annualized expansion. but cpa firms are a different story.

accounting and bookkeeping services, all employees in thousands, thru july 2012

the accounting and bookkeeping industry, which includes cpa firms and payroll agencies, added a statistically meaningless 500 jobs in july, according to new data sourced by 卡塔尔世界杯常规比赛时间. july ended with 953,200 fte’s, up from june’s 952,700.

but it’s in the year-over-year gains where the trend is more clear. and the story at cpa firms is much different.

read more →

20 decisions for your firm’s new partner compensation committee

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partners need to be something more than production machines. [checklist included.]

by marc rosenberg, cpa

increasingly, cpa firms are adopting the compensation committee system for allocating partner income.  firms are finding that systems such as formulas, pay based on ownership percentage or pay-equal no longer work.  when we compare the usage of the compensation committee today to 5 years ago, the increase in usage ranges from 16% to 26%.

if there is one overarching cause for this significant trend, it’s that firms are understanding that their partners need to be something more than production machines.  in addition to bringing in business, managing a client base and working billable hours (all of which continue to be important values in a compensation committee), partners need to excel in intangible areas such as helping staff grow and develop, developing specialized expertise and teamwork.  the compensation committee is one of the best systems available to cpa firms to allocate income based on this diverse array of performance criteria.

more marc rosenberg practice management trends and guidance: three ways to break partner gridlock in an accounting firm  | what partners are entitled to, and what they’re not entitled to | how to make partner?  |  why accounting firm partners are “popping prozac like m&m’s”  |  the 15-item checklist for your next partner retreat |  five key responsibilities for a new partner  |  planning a partner retreat for real results  |  6 steps to get your business to the next level  |  the 10 biggest mistakes in reading map statistics  |  re-engineering partner accountability  |  marc rosenberg: why cpas aren’t making more money [video]  |  marc rosenberg: slow learners need not apply  |  10 to-do’s for a partner buyout

when firms begin operating their new compensation committees, there is a lot of initial confusion and bewilderment about how to get started.  for example: read more →