Accounting Principals Lists the Top Jobs Trending Upward
Curious as to what the fastest-growing accounting and finance jobs might be for the next several years? According to the new 2015 Salary Guide from staffing firm Accounting Principals, some of those jobs include bookkeeping clerk, accountant, and financial analyst.
The salary guide, which was released earlier this month, includes national, local, and regional salary data for a variety of different positions within the accounting and finance profession.
Accounting Principals also analyzed US Bureau of Labor Statistics data and surveys of numerous finance and accounting professionals to get their perspectives on upcoming trends that will be seen in the workplace, the economy, and the accounting and finance industry in 2015.
“Because the market for accounting and finance talent is more competitive than ever, it’s vital for companies to ensure candidates have just the right combination of expertise, soft skills, and cultural attributes,” Jodi Chavez, senior vice president of Accounting Principals, told AccountingWEB. “Nearly 90 percent of hiring failures are a result of a poor cultural fit, and in the current market, it can be very expensive to replace a lost employee. To successfully attract and engage this top talent, recruiters need more than a list of accounting salaries. Trends this year show that companies with the most effective recruiting and retention strategies are those that take a holistic view of the process by considering such topics as generational differences, cultural fit, and work-life balance.”
For its report, Accounting Principals ranked the careers within the accounting and finance profession that have the highest total projected job gains. According to the salary guide, the fastest-growing accounting and finance jobs through 2022 are expected to be:
- Bookkeeping, accounting, and auditing clerks (204,600 projected job gains)
- Accountant and auditor (166,700)
- Financial analyst (133,800)
- Billing and posting clerks (93,200)
Projected average base salaries for those positions – based on company size and industry – range from $32,297 (accounting clerk) to $54,257 (staff accountant at public accounting firm) to $75,156 (senior financial analyst).
Demand Continues to Grow
According to the Bureau of Labor Statistics, employment of bookkeeping, accounting, and auditing clerks is expected to grow 14 percent between 2010 and 2020. As financial regulations become stricter, there will be greater demand for these workers to maintain books and provide accounting services, Chavez said.
“Bookkeeping, accounting, and auditing clerk candidates who have keen organizational skills are rewarded with positions that have low levels of stress and a high degree of schedule flexibility,” she added.
CPAs and accountants are in high demand due to the complexity of accounting regulations and because of the fluctuating economy, Chavez noted.
“Accounting is a back-office function companies cannot live without and, therefore, is an in-demand field in both a strong and weak economy. As the economy improves, many midlevel accountants are making the move to in-house positions, leaving large accounting firms starved for talent and looking to hire at the entry level,” Chavez said, who added that a career in accounting and auditing offers a “high degree of upward mobility and schedule flexibility that provide a great work-life balance.”
Jobs for financial analysts are expected to grow as individual and business investment continue to expand. Investment banks, insurance companies, and firms that prepare pension and mutual funds are always in need of financial analysts, Chavez noted.
“Public companies across growth industries, including professional and business services, need financial analysts for forecasting, preparing quarterly reviews, and Securities and Exchange Commission documents,” she said. “Additionally, the growing international economy will drive demand for advisors and analysts who understand the complex environment.”
Chavez added that in addition to high paychecks, strong opportunities for upward mobility mean that ambitious financial analysts can quickly advance to supervisory positions.
Employment of billing and posting clerks is projected to grow 18 percent by 2022, according to the Bureau of Labor Statistics. Driving that growth is the continued implementation of the Affordable Care Act and increased demand for healthcare services, according to Chavez.
“An increasing number of billing and posting clerks now have the ability to work from home, as this career provides for flexible schedules in a low-stress environment,” she added.