In a world where you can be everything and anything, becoming a Certified Public Accountant (CPA) may not seem all that interesting. However, there are a couple of key items that make becoming an accountant an attractive option. Firstly – you won’t have issues finding work, and the work you find will tend to be well paid. Secondly – it is a great springboard into other fields, many accountants do just do accounting roles for a few years before moving to something more exciting. In terms of an initial career path, becoming a CPA is definitely a strong option. So what are the current hiring trends for CPAs? Let’s take a look below.
By Country
For the major Professional Services firms, the CPA is traditionally a reference to the US CPA qualification. As such the USA will always tend to have the largest CPA requirement across all countries. CPA holders within the USA will find roles across all of the major cities however there is a distinct East Coast focus. This is due to the large number of US corporate HQs that are established on the East Coast and the requirement for Audit and Tax services from these firms. CPA roles within India tend to be focussed on roles that involve working with US member firms for these large clients. This is also true for the UK, which has a large number of CPA relevant roles related to US tax.
By Service Line
Considering that the majority of roles on our website are related to the major Professional Services firms, it is no surprise to see Audit and Tax departments at the top.
We have also identified some additional trends which may be of interest below.
1. The Vast Majority of Roles Are Related to the Financial Services Industry
For those of you who may not know this already, most Professional Services departments tend to be split by industry. As an example, you are likely to have audit departments for industries such as Public Sector, Technology, Energy etc. The vast majority of roles we identified within our analysis were related to the Financial Services industry i.e. Banks and Asset Managers. This industry has a high demand for Professional Services which is a positive for those who are looking for a transition path post-Professional Services. The path from Financial Services Audit into an Investment Bank is a challenging one but it is relatively common. It is a strong option for those that do not want to be doing accounting in the long term.
2. Senior Associates and Managers Are in High Demand
An interesting finding within our analysis was the large number of vacancies within the USA for Senior Associates. This was a surprise as Senior Associate is traditionally quite a junior grade (1-2 years of experience). This represents an opportunity for those who are relatively new to the workforce who may not have been able to secure a graduate place with a major Professional Services firm. Working at a smaller firm for a year or two before moving into the Big 4 is a definite option for this talent. As per our analysis of other accounting qualifications, moving at the manager grade is another good option. There will be plenty of opportunities to move in between Professional Services firms or into industry at this grade.
3. If You Want to Work Abroad – Apply for International Tax
If you were wondering if there was a particular Big 4 firm that is looking for CPAs, the answer is no. The largest Big 4 hirer is KPMG with 133 relevant vacancies and the lowest is Deloitte with 100. Therefore it is clear that all of the Big 4 require CPAs and this demand is likely to remain consistent. There is an interesting finding in the UK and India, however, where EY and KPMG are stronger hirers by quite a distance. The majority of these roles are related to US tax and so it highlights a greater focus on International Tax by these firms. International Tax looks like a strong option for CPAs who would like to work in multiple countries. This is especially true if these professionals work within a department with a Financial Services focus.
The CPA is a qualification that can provide a wide range of career opportunities, especially within Financial Services. Although the exams may be challenging, it seems to be worth the pay-off. The work may not be glamorous initially but it has the potential to develop into something far more exciting.
Until next time,
Nathan
Nathan Ranamagar is the founder of flofinder.com – the 2.0 Job Search for Professional Services. He likes Excel formulas, Cheese Puffs and Vodka Cocktails. Email: nathan@flofinder.com
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