Recently Accounting Today magazine announced that accounting firms have hired a record number of graduates. Even better, Both universities and firms believe that the accounting profession will continue to grow. In addition to the record level of hiring, 90% of firms expect to hire at the same or increased level this year. To see the whole article, go to: http://www.accountingtoday.com/news/firm-profession/accounting-firms-hired-record-number-of-graduates-75455-1.html
I saw this article earlier this week before it’s archival. However, I just believe that we are in a hiring boom right now, as happened a few years ago. Getting a BBA in Accounting; I am skeptical of it’s value when it’s only gotten me 13.67 hourly. Also the AICPA 2015 report shows trends of increases across the board in bachelors and masters (including MBA- Accounting) enrollment, a decrease in earning accounting bachelors degrees, and a 23% increase in earning accounting masters degrees. I read the report yesterday and as a masters candidate for fall/someone with just a bachelors degree it’s troublesome. I have over the 150 hours and the magical world of accounting hiring slowed at some point after that achievement. The 150 hours is overemphasized by recruiters and is likely causing a good portion of enrollment in MACs/MBA-Accounting/MTAX etc. The school of accounting TAs where I went to college, are the most underpaid at 1,000 course. I made more than they did in academia as first year MACs.
Some of the annual hires are from employee turnover. One of the firms I interviewed with last spring medium-sized firm, were hiring 8 auditors, and the remaining ones looked traumatized staring at the wood of the open cubicles. These firms will get a tax break for hiring graduates and will hire them accordingly. Some will burn out, others may start careers. Having studied accounting, I’ve never been without a job when I wanted one but it never provided the ideal dream of accounting in the golden age of accounting that I was sold during my accounting studies. I still feel accounting is one of the best business majors, despite my skepticism.
I do not think the 150 hours is being overemphasized – in fact the large public accounting firms will not hire a new employee until they are CPA eligible (meaning they will have the 150 hours before they start work).
My S had a fantastic/challenging educational experience getting his MS in accounting - he learned a ton taking very advanced accounting and finance classes from all full professors. No repeat of undergrad work at all. Sorry your school did not provide that type of experience.
Public accounting firms hire not just due to turnover but because people (at least in the larger public accounting firms) get promoted every year and they need new first year staff as the ones from the prior year have been moved ahead to second year staff auditors.
The type of job you get to start you career will depend on your school, how you did in school, how you interview etc.
Yes, staff auditors work huge hours. So do many other professionals starting out their careers. That’s life.
I would suggest that accountants pursue becoming certified to maximize career options.
Accounting may not be the “be all and end all” but it is a solid career that provides many hard working and dedicated people a fine career.