Accounting and finance professionals seem glum about the economy

The Accounting and Finance Employee Confidence Index, a measure of overall confidence among U.S. accounting and finance workers, dropped 4.0 points to 52.1 in the first quarter of 2011, according to a recent survey of 3,654 U.S. adults among which 156 are employed in Accounting and Finance commissioned by The Mergis Group, the professional placement division of SFN Group, Inc. The survey, conducted online by Harris Interactive, shows that although workers gained a slight amount of confidence in the strength of the economy since the fourth quarter in 2010, more workers believe to be fewer jobs available.
 
Results from the Accounting & Finance Employment Report:
 
  • Fewer than one-third (29 percent) of accounting and finance workers are confident in the strength of the economy, representing a four percentage point increase from the fourth quarter of 2010.
  • More than half (55 percent) of accounting and finance workers believe there are fewer jobs available, up four percentage points from the previous quarter.
  • Sixty-five percent of accounting and finance workers are confident in the future of their current employer as compared to 71 percent reported in the fourth quarter of 2010.
  • Fewer workers believe it is not likely they will lose their jobs. Specifically, 69 percent believe so versus 78 percent last quarter.
  • Thirty-six percent of accounting and finance workers are likely to make a job transition in the next 12 months, decreasing eight percentage points from the previous quarter.
“The financial landscape and job market remain relatively stable, despite the drop seen in this quarter’s Accounting and Finance Confidence Index,” stated Brendan Courtney, president of The Mergis Group. “While the Index took a dip over the past quarter, we direct our attention to the year-over-year trend which shows an upward movement of 1.5 points. This figure tends to be more stable and accounts for macroeconomic adjustments. It is also important to point out that as the economic recovery continues and productivity levels reach an all-time high, more accounting and finance workers are revealing the likelihood of making a job transition. In light of this, we recommend that companies who forego retention efforts all together over the past several years, pay close attention to them again as the economy improves and more workers keep their eyes open to potential opportunities.”
 

You may like these other stories...

School tax breaks get House support as Democrats objectRichard Rubin of Bloomberg reported that the House of Representatives on Thursday voted to expand and simplify tax breaks for education as Republicans continue to pass...
The Financial Accounting Standards Board (FASB) has relaunched its technical agenda web page, which Chairman Russell Golden said will inform visitors at a glance on where any given FASB project stands, the steps it took to...
Tax accounting to be simplified for money-market fundsThe US Securities and Exchange Commission (SEC) voted 3-2 on Wednesday for sweeping changes to institutional money-market funds, Emily Chasan, senior editor of...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.