Accountants Round Up

"Accountancy Profession Becoming ‘Closed Shop’ For Rich"

By Paul Grant: Breaking into the accountancy profession is becoming increasingly difficult for those from low income families, according to a government report.

The study into social mobility found that top professions are being closed off to all but the most affluent families, despite efforts to close the gap between rich and poor.

Read complete article Accountancy Profession Becoming ‘Closed Shop’ For Rich
Source: Accountancy Age, 21 July 2009. © Incisive Media Ltd. 2009 Incisive Media Limited. All rights reserved.

"Financial Services Careers: Rising Tide of Regulation"

By Nick Huber: It’s shaping up to be the year of regulation as well as recession, with the government introducing a new regulatory framework in response to the banking crisis. Earlier this month the government unveiled its long-awaited financial white paper, seen as the biggest shake-up in the regulation of the City since it came to power in 1997.

The plans have received a mixed reaction from the City. But experts say that the increase in financial regulations is likely to be good news for accountants as financial firms strengthen their compliance departments, boosting demand for advisory work and providing opportunities to work more closely with regulators.

Read complete article Financial Services Careers: Rising Tide of Regulation
Source: Accountancy Age, 23 July 2009. © Incisive Media Ltd. 2009 Incisive Media Limited.

"Accountants Loyal Now, but May Jump Ship When Economy Rebounds"

By AccountingWEB: The accounting profession, when compared to the rest of the U.S. job market, has held up well in terms of job losses, shedding less than 2% of jobs since June 2008. Perhaps as a result, accountants are loyal to their employers with 57% saying they plan to stay with their companies once the economy improves, according to a new survey by Ajilon Finance, a leading specialty finance and accounting recruitment firm, in conjunction with the Institute of Management Accountants' Inside Talk Webinar Series.

Read complete article Accountants Loyal Now, but May Jump Ship When Economy Rebounds
Source: AccountingWEB, 5 August 2009. A Sift Media publication © 2009 Sift Media Limited.

"Despite Slowdown, Accounting Salaries Rising"

By A.E. Feldman: As many industries lose stability amid the economic crisis, the accounting profession is actually weathering the storm. That’s among the findings of a recent survey from the Institute of Management Accountants (IMA). The study shows that accounting salaries are on the rise and demand is growing for professionals with advanced certifications.

Executive search firm, A.E. Feldman, says that accounting firms are in growing demand to assist companies navigating the challenges and opportunities that the current financial environment creates.

Read complete post Despite Slowdown, Accounting Salaries Rising
Source: A.E. Feldman Blog, 13 July 2009. © Copyright A.E. Feldman - All Rights Reserved.

"Graduates Seek Security in Government Jobs"

By Accountancy Age: Aspiring accountants are looking to the public sector for job security as interest wanes in the troubled banking sector following the global financial crisis.

Graduates searching for work in the finance sector are increasingly enrolling in courses aimed at public sector positions, the Financial Times reports.

Enrollment in the Chartered Institute of Public Finance and Accountancy's main award, which is sponsored mainly by public sector employers, is up 20% on the year.

Read complete article Graduates Seek Security in Government Jobs
Source: Accountancy Age, 1 July 2009. © Incisive Media Ltd. 2009 Incisive Media Limited.

"Accounting Firms Merging to Add Talent and Territory"

By A.E. Feldman: The floundering economy has driven a growing number of accounting firms into each others’ arms, according to Long Island Business News. The report states, “Accounting firms are getting bigger, becoming regional and even national players as they not only advise others on mergers, but practice it themselves.”

Accounting firms are merging with the aim of adding talent and expanding their footprint as well as their areas of expertise.

Read complete post Accounting Firms Merging to Add Talent and Territory
Source: A.E. Feldman Blog, 7 July 2009. © Copyright A.E. Feldman - All Rights Reserved.

"Crisis Reaches Make or Break Point For Business Leaders"

By Accountancy Age: The next two years is a make or break period for companies, and the way managers' respond to the downturn will determine winners and losers for the next decade, a Deloitte study has predicted.

Company performance is far more variable during recessions. The study analysed the extent to which FTSE 100 companies annualised shareholder returns were spread around the average. Variability was as high as 27% during a recession but only 8% during an economic boom.

Read complete article Crisis Reaches Make or Break Point For Business Leaders
Source: Accountancy Age, 29 Jun 2009. © Incisive Media Ltd. 2009 Incisive Media Limited.

"Pay Raises Expected to Rebound in 2010"

By MACPA: Pay raises for U.S. workers are expected to rebound in 2010, following a year in which many companies slashed raises in the wake of the recession, according to a new survey by Watson Wyatt.

Companies are projecting median merit increases of 3.0 percent for 2010, according to the Watson Wyatt 2009-10 U.S. Strategic Rewards survey. The survey includes responses from 235 large U.S. employers gathered in May 2009.

Read complete article Pay Raises Expected to Rebound in 2010
Source: MACPA.org, 22 July 2009. © Copyright 2009 Maryland Association of Certified Public Accountants, Inc. All Rights Reserved.

"Fraud At Record Levels: KPMG"

By Mario Christodoulou: The number of fraud cases has reached record highs according to a KPMG study which found there where more fraud court cases in the last six months than at any other similar period during the study's 21 year history.

The Financial Times reported on the study which found 163 cases reached the courts in the first half of the year including buy-to-let scams and other forms of property swindling to investment fraud and workers stealing from their employers.

Read complete article Fraud At Record Levels: KPMG
Source: Accountancy Age, 20 July 2009. © Incisive Media Ltd. 2009 Incisive Media Limited. All rights reserved.

"Employers Cautious About Hiring Extra Accountants"

By WebCPA Staff: The majority of companies don’t plan to add more accounting and finance employees in the third quarter, according to a new survey.

Only 5 percent of the 1,400 CFOs in the U.S. polled by staffing company Robert Half expect to hire full-time employees in the third quarter, while 8 percent anticipate personnel reductions. Eighty-five percent of them say they plan to maintain their current staff levels.

Read complete article Employers Cautious About Hiring Extra Accountants
Source: WebCPA, 3 June 2009. © 2009 Accountants Media Group and SourceMedia, Inc. All rights reserved.