But is this the future we’ve always feared?
What are the ingredients to success as a CPA? Join the study. Get the answers.
by Rick Telberg
On Careers
With the accounting industry already struggling to keep positions filled, roaring demand for new college graduates could put pressure on accounting firms and finance departments to ratchet up recruiting and retention efforts.
This year, employers plan to hire nearly 20 percent more new college graduates than they did last year according to the National Association of Colleges and Employers (NACE). Starting salaries for business majors is advancing across the board. Marketing graduates are winning the biggest increase among the business fields: their average offer rose 10 percent to $41,285. Conversely, the smallest increase among the business fields went to accounting grads: their average offer rose three percent to $47,421.
“However, it is important to note,” according to NACE, “that accounting salaries have been rising steadily, a good indication of the level of demand for this discipline.”
Still, the flattening trend line begs the question: Is the profession’s Sarbox-fueled growth spurt peaking?
Overall, nearly 60 percent of employers say they plan to hire more new grads this spring than a year ago. “Employers cited business growth and expansion as reasons for the increase in hiring,” says Marilyn Mackes, NACE executive director. “In addition, many reported plans to put more emphasis on college hiring this year.”
Predictably, starting salary offers for new college graduates are on the rise, according to NACE. Nearly all bachelor’s degree majors show increases.
Most Wanted Degrees
(Ranked by employer demand)
1. Accounting
2. Business administration/management
3. Computer science
4. Electrical engineering
5. Mechanical engineering
6. Information sciences and systems
7. Marketing/marketing management
8. Computer engineering
9. Civil engineering
10. Economics/finance
Source: National Association of Colleges and Employers
Graduates in business, engineering and computer-related fields are among the most sought-after, according to another NACE study.
“This report supports the positive hiring outlook we’ve projected for this year’s class of graduates, as increases in average starting salary offers typically signal increased demand,” says Mackes.
Hottest Jobs
(Average Salary, Ranked by employer demand)
Accounting (Private): $47,975
Consulting: $51,120
Management Trainee (Entry-Level Mgmt.): $41,864
Sales: $39,316
Accounting (Public): $46,289
Financial/Treasury Analysis: $50,476
Project Engineering: $52,258
Design/Construction Engineering: $48,731
Teaching: $32,488
Software Design & Development: $54,624
Source: Spring 2007 Salary Survey, National Association of Colleges and Employers
Business administration/management graduates posted “a healthy increase,” as their average offer rose 7.5 percent to $44,048.
Economics (business/managerial) and finance graduates are both posting “solid” starting salary data and are the most highly paid among the business disciplines reported. The average offer to economics grads stands at $53,449, and finance graduates are averaging $47,877.
Management information systems/business data processing grads earned “a respectable” increase of five percent, bringing their average starting salary offer to $46,966.
Computer science graduates saw their average offer bump up three percent to $52,177. Chemical engineering graduates, typically one of the highest paid majors, saw their average offer climb by six percent over a year ago to $59,707. Civil engineering graduates posted a solid increase, with their average rising four percent to $47,750.
The average offer to computer engineering graduates rose three percent to $55,946. Electrical engineering graduates posted a mere two percent increase; still, their average offer stands at a hefty $54,915. Mechanical engineering graduates saw one of the higher-end increases of the engineering disciplines. Their average salary offer rose 5.7 percent to $54,695, pushed along by a good number of offers from aerospace manufacturers, who extended an average offer of $56,382 to mechanical engineering grads.
“Some call this news story ‘good,’ but I call it unfortunate,†comments Michele Golden, a CPA marketing consultant. “Demand officially outweighs supply. Dare I say the future we’ve worried about is here.â€
[First published by the AICPA]
