If you have recently entered the auditing job market, you have made your first solid decision, as the outlook is indicative of a continued need for degreed auditors. Within the four major fields of auditing including public, management, government, and internal, the demand is currently outpacing the supply. It is the newest employment opportunity; however, this field is attracting a record number of graduates.
A newer field is that of forensic accounting. This exciting field has opened up positions throughout the country. It consists of investigating crimes including embezzlement, fraud, contract disputes, and other business transactions that are suspected to be in violation of the law. Some companies prefer their employees to have a solid knowledge in the legalities associated with these white-collar crimes. Employees must be willing to learn investigative techniques via many available courses along with the legal nuances of acceptable investigative methods. There are times that a forensic auditor will be required to testify in court regarding his findings. With so many scandals that seem to make the headlines on a daily basis, this is one field that is expected to not only continue its growth spurt, but some estimate it will outpace other job openings within the auditing field. If this is a career opportunity you believe is custom made for you, you will want to choose a firm that adheres to new federal legislation that clearly outlines the parameters for forensic auditing services.
Internal auditors are those who step in, sometimes at the client's request, to ensure the company is running in an effective and profitable manner. When it is not, the auditor can provide assistance to alleviate any wasteful spending, mismanagement, and even fraudulent practices the company may not have even been aware of. These roles are sometimes reserved for senior members of an accounting firm; still, promotion potential is excellent, even for recent graduates.
Another possibility for auditors includes the role of a personal advisor. Clients receive guidance with accounting and taxes, but an advisor can also provide guidance to individual clients in the form of investment and personal budget advice. According to established guidelines which accountants and auditors must adhere to, an auditor is restricted from providing both personal and professional services to any one client. Keep this in mind should you choose to take on a client's personal finances.
As mentioned earlier, the auditing and accounting fields are expected to continue their current growth trends as more and more businesses seek to establish protective measures for their companies in an uncertain economy. In fact, of all fields, auditing and accounting services are expected to continue their strong growth spurts through the year 2016. According to the Bureau of Labor Statistics Web site, this growth is partially due to stricter regulations within the auditing and accounting field. It further states that the higher the level of education one has, the greater the available opportunities. With an anticipated 18% expansion rate, graduates who are now entering the job market can expect to encounter no shortage of available positions. In fact, the recent revised and stricter auditing and accounting laws for American businesses is anticipated to add an additional 200,000-plus positions, since the need for those who can tread the legalities as well as incorporate them into current client files will remain in high demand. Further, with new software introductions on a seemingly daily basis, recent graduates with strong computer skills will be able to find their niche as well. As with all career choices, the higher the education, the more available opportunities.
Incomes are expected to remain in line with the demand and educations of those applying for positions. If there was ever an incentive to continue one's education, this might very well be it, since those with as little as two additional non-credit courses can potentially increase their income bargaining by up to 7%. If that doesn't sound like an impressive number, do the math. An annual income of $80,000 stands to become $85,600 when negotiated appropriately. Of course, these are not hard numbers and an individual's negotiated salary is based on any number of criteria.
According to the American Institute of Certified Public Accountants (AICPA), the number of enrollments into auditing and accounting programs across the country is up almost 19%, whereas the number of enrollments for those seeking their master's degree is down by 9%. Nearly 6% of colleges are expected to continue an increase of those seeking their degrees in these fields, while 32% anticipate at least a steady enrollment roster. Finally, the report released less than six months ago reports that almost all firms of all sizes expect to hire new personnel to meet the demand for auditors over the next thirty-six months.
Clearly, the accounting and auditing markets are open for those who are seeking positions and have the necessary educational requirements. Whether it is public accounting, government, non-profit, or other accounting, all indicators consistently point to an increased demand with limited supply of available qualified personnel, even as record numbers of graduates are in the job market. A final note that candidates might find beneficial is that the expected time frame for job searches is less than thirty days. Even in increasingly tighter job markets, this time frame is absolutely the most promising across all fields.
