Saturday, September 25, 2004

Accountants, in demand, seeing hefty pay hikes

What is causing the fight to keep auditors is like a force of nature, said Caturano. Public companies, now exposed to increased financial-reporting requirements as a result of the federal Sarbanes-Oxley Act, are hiring mid-level accountants to work in-house. Those accountants have between two and seven years experience and come from the audit, not tax, side of a firm's practice.

At the same time, there is a shortage of accountants with that experience. While the pipeline of accountants coming out of college is strong, it was weak toward the end of last decade, and it will take a few years before more people get the experience to fill those ranks, experts say.

Moreover, accounting firms find themselves in the same position as corporations: They are forced to do more audit work with the same staff.

"It's like the perfect storm," Caturano said. "More than ever is the shortage in mid-level (accounting) prevalent."

Accountants, in demand, seeing hefty pay hikes

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