Hiring Is Picking Up in Accounting’s Candidate-Driven Market
Hiring is picking up quickly in the accounting sector, with both public accounting firms and firms in the private industry showing exponentially increasing needs for talent across the board. According to our recruiters, the marketplace is as candidate-driven as ever—if not more—and employers are having a difficult time picking up enough talent to fill their open positions.
Currently most in-demand in the public accounting field are tax and audit professionals at the senior and manager levels, to ensure firms maintain internal controls and financial reporting standards. In the private industry, there are needs across the board, especially for professionals with experience in SEC reporting, hedge fund and private equity firms, Real Estate Investment Trusts (REITs), and Business Development Companies (BDCs). In general, most needs are for candidates within the 2 to 10 year experience ranges.
The cause of this hiring gap is partly a result of fewer people choosing accounting as a profession and partly due to the improving economy. “Our smaller clients are experiencing a growth in business, which is always exciting, but they have been finding it difficult to find talent,” says Michael Cooke, Executive Vice President of The Execu|Search Group. “They have more work and, therefore, more opportunities across specialties—yet there just aren’t enough candidates to fill the positions.”
Furthermore, the improving economy means there is more room for movement as a result of promotions and better bonuses. Those who are promoted leave an open position in their wake that employers are finding difficult to fill, while those who are looking to move elsewhere are collecting their bonuses and leaving. According to Michael, all these decisions are hefty factors in turnover rate and new opportunities.
“Old hiring trends, such as hiring slow-downs in the summer, still sometimes paralyze professionals from rejoining the market—but they do not apply to today’s changing marketplace,” says Michael. “Hiring isn’t slowing down, and there is no ‘bad’ time to look. Our clients are continuously hiring.”
In fact, this year marked the first time our Accounting/Finance division placed a tax professional in a public accounting firm just two days after the end of busy season. Most hiring in public accounting is typically done in Q3 and Q4, but an understaffing issue in the public sector is driving hiring throughout the year. Many of these firms are also hiring immediately after busy season to help alleviate the strain on current employees after enduring a grueling, short-staffed busy season, showing the industry’s continued emphasis on improving work-life balance.
For those thinking of making a move, this is the time to do it. Job seekers can take advantage of the bustling market to search for their new opportunity, and since the hiring gap means many candidates are in demand, they could find themselves with multiple offers. For those in public accounting, this is an excellent opportunity to get settled into a new firm and learn the ropes before busy season.
For more information on how to handle multiple job offers in your search, take a look at our article “How To Juggle Multiple Job Offers.” Ready to start your job search? Here’s how to position yourself for success.
