Shortage Ups Accountants' Pay Sharply

Manila Bulletin, July 20, 2005 | Go to article overview

Shortage Ups Accountants' Pay Sharply


NEW YORK, July 18 (Reuters) Should you have become an accountant?

Maybe its time to sign up for the CPA exam.

Recruiters say the United States is facing a shortage of accountants, which is pushing annual salaries up sharply up over 30 percent in the past three years for an accountant with five years of experience at the top four US public accounting firms.

Three years into a regime of tough accounting and corporate governance rules, American businesses, including large accounting firms, are scrambling to recruit new accountants, struggling to retain their staff, and digging much deeper into their pockets to come up with attractive compensation packages.

"The demand is increasing dramatically with Sarbanes-Oxley and all the requirements and the supply is decreasing ...youre really seeing a mild panic," said Neil Lebovits, a certified public accountant, or CPA, who also is president and chief operating officer of Ajilon Finance, a financial services staffing unit of Adecco SA, the worlds largest employment company. Thats the legacy of massive accounting scandals and fraud that forced one-time Wall Street darlings like Enron Corp., WorldCom and Global Crossing to file for bankruptcy since December 2001.

Since then, the demand for accounting talent has skyrocketed. The dissolution of the public accounting firm Arthur Andersen, an industry star that became ensnared in the Enron scandal, also has ramped up the demand for accounting talent, experts say.

The Sarbanes-Oxley Act, a strict set of corporate governance guidelines unveiled in 2002, demands more disclosure and vigilance in the way financial transactions are recorded and documents are maintained. Corporations and audit firms are hoping that the best accountants will help them keep their books in order and under the regulators radar screens.

Recruiters say annual salaries for both accounting graduates and experienced personnel have increased by up to 35 percent in the last three years. This compares with an expected 3.7 percent increase in wages across the US economy this year, according to Salary.com, a Web site that tracks recruiting and employment trends.

Frank Fusaro, CPA and an accountant recruiter for Forum Personnel Inc. for nearly three decades in New York City, says a Big Four accounting firm like PriceWaterhouseCoopers is paying between $85,000 and $90,000 in annual salary to anyone with five years of experience up from $65,000 three years ago. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Shortage Ups Accountants' Pay Sharply
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.