While many professions continue to struggle to rebound from the recession, it appears as if accounting graduates have little to worry about when it comes time to look for a job.
The AICPA recently reported, in their 2013 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits, that accounting graduates are enjoying an “unprecedented level” of growth, thanks to the need for professionals who can understand the demand of today’s rapidly changing business environments.
New Accounting Program Graduates Enter a Promising Environment
In 2012 alone, there were 40,350 new accounting graduates hired in the United States, according to the AICPA, and a whopping 89 percent of the firms who hired new accounting graduates forecasted the need to hire the same – if not more – graduates in 2013.
For companies in search of new accounting talent, the statistics of accounting students is hopeful. The AICPA report also noted that there is a high number of students currently enrolled in both undergraduate and graduate accounting programs, thereby ensuring that there will be plenty of talent to fill all those positions in the coming years.
Factors that Drive the Demand for Qualified Accountants
Jeannie Patton, AICPA vice president, noted that accounting graduates will continue to be in demand in the United States because businesses require professionals who can understand constantly-changing tax codes, and U.S. capital markets always need CPA professionals who can “ensure that investors have access to reliable and transparent financial statements.”
The AICPA report also noted the following statistics:
- The Bureau of Labor Statistics reported that employment of accountants and auditors is expected to increase 16 percent between 2010 and 2020, representing more than 190,000 new jobs.
- There were 82,177 accounting graduates in 2011-2012, a 19.7 percent increase from the previous year.
- There were 240,380 enrollments in bachelor and master’s accounting programs in 2011-2012, an all-time high.