Demand for accounting graduates is at an all-time high, with CPA firms hiring more than 40,000 new grads in 2012, according to new research by the American Institute of CPAs (AICPA). The institute’s June 2013 report also found that more students are earning bachelor’s or master’s degrees in the field than at any time before.
The hiring trend is set to continue, with 89% of public accounting firms forecasting that they will hire at least as many graduates this year as they did in 2012. “The historic growth in enrollments and degrees is a testament to the attractiveness of the accounting profession and the career opportunities it provides for students,” Jeannie Patton, an AICPA vice president, said in a statement.
The AICPA research represents another bright spot for accounting students. The U.S. Bureau of Labor Statistics projects a 16% increase in jobs for accountants nationwide between 2010 and 2020, which is higher than the 14% average growth rate projected for all occupations.
Meanwhile, a recent survey by the National Association of Colleges and Employers (NACE) found that 51% of respondents in the organization’s Job Outlook 2013 Spring Update plan to hire graduates who majored in accounting.
According to the AICPA’s report, enrollment in bachelor’s degree in accounting programs grew by about 7.5% from the 2009-10 to 2011-12 school years. Master’s degree program enrollments grew by 0.6% during the same period.
More than 82,000 accounting degrees were awarded in 2011-12, a 19.7% increase over 2009-10, the AICPA survey found. Additionally, about 240,400 students were enrolled in bachelor’s or master’s degree programs in accounting in 2011-12, an all-time high.
The number of students graduating with a master’s in accounting has more than doubled in the past decade, the report found. Among accounting graduates hired by public accounting firms in 2012, about 41% had a graduate degree.
“Employers are increasingly looking to hire CPAs with advanced degrees, as they have the education and skills necessary to work in an increasingly complex, global business environment,” Patton said.
The AICPA report also looked at the specific types of jobs held by new accounting graduates at CPA firms in 2012. Of those employees, 51% worked in accounting/auditing, 23% in taxation and 8% percent in management information services/computers, with the remaining 18% in other roles.
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