Here’s the equation for today: Recession + Financial Meltdown = X. What does this mean for CPAs and financial executives? To help you understand both the challenges and rewarding opportunities of a career in finance and accounting, the AICPA Custom Media Solutions team invited thought influencers from both sides of the fence, i.e., both job recruiters as well as career coaches to share their insights on this hot button topic. Joining us this month (listed alphabetically) are: Debra Feldman, Executive Talent Agent, JobWhiz; David C. Hisey, EVP and Chief Financial Officer, Fannie Mae; John Hudson, CPA, President, Hudson Consulting LLC.; Denise Probert, MPA, CPA, Vice President of CPA Education, Kaplan Schweser; Thomas Vucinic, CPA, President, Becker Professional Review; Deborah Walker, Career Coach, Alpha Advantage, Inc.; and Carl Wright, CEO, Stephen James Associates.

Panelists, what is the most surprising or under-reported aspect of today’s job market for financials professionals, particularly CPAs?

Debra Feldman (JobWhiz): That connections and trust play as key a role in selecting a new hire as experience, skills, knowledge, education, credentials, etc.

David Hisey (Fannie Mae): One of the most under-reported aspects of today’s job market for financial professionals is the importance of gaining an understanding of the company as a whole, not just one department or one aspect of the company. Our company places strong importance on the entire Finance organization and our CPAs and other financial professionals have to understand how the company operates, as well as be able to effectively communicate accounting and financial information to a diverse group of key stake holders.

John Hudson (Hudson Consulting LLC.): A job search conducted today is different from a job search just a few years ago. More and more, CPAs and others are looking to online career centers, like the AICPA’s CPA Career Center, as an integral component of a job search. Online career centers are much like “dating services” between job seekers and potential employers. They match one party with another based on a match of skills, abilities and opportunities.

Early on, online career centers didn’t play a significant role in the search process but that is clearly changing. In addition to job seekers looking for career opportunities, employers and recruiters are increasingly looking online for solutions that help them attract qualified candidates.

For both parties [job seekers and recruiters/employers], online career centers provide tremendous value. Things like 24/7 search agents that match qualified candidates with potential employers. Technology likes this works for you “behind the scenes” and consistently turns up new opportunities and new options.

The bottom line is that online career centers do a lot of the work for you compared to the typical process of printing and mailing resumes to a group of potential employers (for job seekers) or slogging your way through hundreds of resumes in response to a job placement advertisement (employers/recruiters).

Denise Probert (Kaplan Schweser): I suppose the most under-reported aspect of today’s job market for CPAs is the demand for well-rounded individuals. Technical knowledge and skills are essential, but the market has an insatiable appetite for individuals with strong communication and critical thinking skills.

Thomas Vucinic (Becker Professional Review): During tough economic times, with unemployment on the rise, the most surprising under-reported aspect of today’s job market is the number of job opportunities that still exist for CPAs. CPAs continue to “wear many different hats” within many different industries, from Forensic Accounting with the FBI to Environmental Accounting within the oil and gas industry.

Carl Wright (Stephen James Associates): Two things:

• It appears (in the markets we serve) that CPAs are not passing the CPA exam as early in their careers as they did 10 years ago, particularly those in public accounting. Ten years ago, many public accountants were pushed out of the Big 4 (Big 6 then) firms if they didn’t pass the exam within the first two years. Public accountants certainly didn’t get promoted to the senior or in-charge level in Big 4 (Big 6 then) prior to passing the exam as we see happening now.
• The tenure of financial professionals, particularly CPAs, seems to have shortened considerably over the years (in our markets); they seem to change companies more frequently than 10 years ago.

How is today’s economic climate affecting your clients’ CPA hiring plans?

Feldman: The time line is much longer, the recruiting process slower.

Hudson: In a word, uncertainty. Times of extreme economic turmoil are often “good” times for CPA firms because their counsel and experience are sought. Increased demand for services translates into increased demand for professionals. Times like now, therefore, can often be very busy times for the CPA profession.

Probert: When the economy is weak, the public relies on CPAs to provide reason and understanding. They respect the knowledge and skills possessed by the CPA and call upon them for advice even more in these uncertain times.

Wright: Our clients have scaled back their general hiring plans including those for CPAs but at a reduced rate. That stated, the market for CPAs is still healthy.

I also believe that we are moving closer to a balanced supply and demand of CPAs. There was a much greater demand than supply at this time last year. Companies are being much more selective and are moving at a slower pace in their hiring process.

What are the hot CPA specialties today and why?

Probert: Internal audit continues to grow post Sarbanes-Oxley implementation. Entities have gone beyond the painful “project” of implementation to a working sustainable process which requires a stronger internal audit department.

Vucinic: The SEC has mandated adoption of IFRS by all U.S. public companies by 2014. Furthermore, according to its proposed roadmap, the SEC may begin allowing certain companies to file their financial statements using IFRS as early as 2010. Needless to say, this will create huge opportunities for anyone with knowledge of IFRS including practitioners and educators.

Forensic accounting and risk management also remain hot areas for CPAs today.

Wright: SEC Reporting and auditing SEC companies due to the technical nature of the role, high exposure level and lack of available talent.

I would also add non-reporting, but purely technical accounting research positions in public as well as venture or investor backed companies.

Which specific skill-sets do CPAs need for success tomorrow? (Think both hard and soft skills.)

Feldman: Interpersonal relationships, emotional intelligence, flexibility and adaptability.

Hisey: The CPAs of today and tomorrow need to play a much larger role in leading and helping to execute business strategy. This demands strong technical experience in the following areas:

• Audit
• Financial Auditing
• Financial Analysis
• Financial Planning
• Financial Reporting

Additionally, they need to have excellent communication and client-facing skills and be solutions oriented in their approach.

Hudson: To be successful in the future, a CPA needs most of the commonly acknowledged skills that have been required in the past (technical skills, communication skills, the ability to function as part of a team, etc.). They also need a number of new skills, all of which are additive to these familiar skills and some of which require a very different perspective.

Historically, a CPA’s rise in an organization has been a function of their detailed technical and analytical skills. These are always important but not to the exclusion of seeing the big picture. So many CPAs are excellent analysts but they never lift their heads out of the details to grasp the broader context in which they find themselves. That’s why our profession gets the bad rap of being called bean counters or “green eyeshade” types.

Successful CPAs in the future need to seamlessly integrate their detailed technical/analytical skills with their more strategic and conceptual skills. This isn’t an easy thing to do.

Probert: As the Securities and Exchange Commission moves toward adoption of the International Financial Reporting Standards, CPAs will need to develop strong skills in these standards. This will require an education that provides a mastery of the international standards as well as a strong understanding of the appropriate implementation procedures.

Vucinic: From a hard-skill perspective, CPAs with knowledge of IFRS will be well positioned for future success. However, many individuals entering the profession underestimate the importance of soft skills. To be an effective CPA, one needs to work well with clients, team members, supervisors and must, therefore, have excellent presentation, communication and team building skills. Furthermore, effective CPAs need to exhibit healthy skepticism and the ability to diplomatically challenge the
status quo.

Deborah Walker (Alpha Advantage, Inc.): Needed skills: Since CPAs will be changing jobs at an ever-increasing rate, one of the most critical skills will be building and maintaining a strong professional network. The best positions are usually found in the hidden job market. To uncover those opportunities one must be plugged into a wide network of peers who are willing to share information about new positions before they become public knowledge.

Wright: CPAs with a combination of public accounting audit, SEC and/or large company corporate accounting experience are best suited for growth within large corporations. For small/mid-sized corporate growth, strong corporate and personal tax experience blended with audit experience are best. A balanced sense of urgency, confidence and common sense are the most important soft skills for success.

In addition, CPAs will need IFRS skills as the U.S. moves in this direction and strong communication and multi-lingual skills will become more important as well.

Next week our panelists will divulge useful career resources and how globalization is affecting CPA hiring trends.