When Frank DeLuca gets word that a seasoned accountant might be looking for a job, he doesn’t waste time. It’s not easy to find good candidates with three to five years on the job, said DeLuca, a managing partner Piccerelli, Gilstein & Co. in Providence.
“If we get a line on someone with experience, we’ll bring them on,” DeLuca said, almost wistfully.
He’s not alone. Leaders in accounting say there’s a talent shortage nationwide at certain experience levels in the fields of accounting, finance and auditing.
According to the American Institute of Certified Public Accountants, 75 percent of its members will reach retirement age in the next 15 years. At the same time, the federal Bureau of Labor Statistics has projected that accounting jobs will grow by 18 to 26 percent by 2014.
Robert Half International, the world’s largest staffing firm, assembled a group of experts to address the issue, and the report they issued last month made it clear the stakes are high.
“We’re in a competitive game to beat other professions because the demographics are such that we are not going to replace financial professional one-for-one over the next 20 years, no matter that accounting enrollments are full today,” Barry Melancon, president and CEO of AICPA and a member of its Leadership Council, said in the report.
“The pipeline of people reaching retirement is too great unless we get a disproportionate share of workers compared to what everyone else is getting,” he added.
The report emphasized that while enrollments in college accounting, finance and auditing programs are on the rise, more needs to be done. It recommended strategies such as:
• “Branding” the profession to highlight the exciting aspects and point out the versatility of a financial career.
• Giving less-experienced accountants more challenging projects, instead of only demoralizing, tedious work, and allowing them to play larger roles in decision-making earlier in their careers.
• Offering flexible work arrangements such as working from home.
DeLuca said his firm, which employs 42 accountants and handles mostly private companies with sales between $5 million and $50 million, offers “sweeteners” such as a flexible work day in which staff members can log in from home.
Also for new employees, the firm offers to pay for the additional 30 college credits required before a CPA candidate is eligible to take the exam, DeLuca said.
Jack Trifts, dean of Bryant University’s College of Business, said the school’s accounting program is fully enrolled, but the 100 students aren’t nearly enough to fill the need.
“Our students are in incredible demand,” he said. “You have to work pretty hard not to get a good job when you graduate.”
It’s difficult to admit more students, however, because it’s hard to recruit faculty members, Trifts said.
Nevertheless, Bryant is doing its part to get youngsters interested in financial careers. It hosts the annual PricewaterhouseCoopers Accounting Careers Leadership Institute, a week-long camp for 40 mostly minority high school students.
DeLuca said the talent shortage has its roots in the 1990s, when high-tech was the rage. “A lot of young talent was drawn to the tech sector,” he said. “Some of the best minds went into that field.”
Despite a reputation among people outside the industry of being boring, a career in accounting can have many interest facets, DeLuca said. Accountants can specialize in business valuations, fraud prevention, financial planning or tax preparation.
Luke Howarth, Robert Half International regional vice president for Providence, and Westborough and Framingham, Mass., said he finds there’s a great demand for internal auditors and accountants with more than five years’ experience.
“There’s definitely a perception that accounting is just a numbers-crunching job,” he said. “There’s more to it than that.”
Another perk, DeLuca said, will be apparent in the coming years, as senior accountants reach retirement age. That’s when there will be quick advancement for the best talent.
“It will create a tremendous opportunity at the lower end for someone with initiative,” DeLuca said. •
