Hiring outlook both promising and challenging for accounting and finance industry

ATLANTA - Lucas Group, a respected leader in professional recruiting, today announced results from its annual accounting and finance hiring manager survey, which reflect positive hiring projections for the next 12 months. Lucas Group is one of the nationís largest executive search firms.

The search firm predicts strong employment and business growth trends for the next 12 months. According to the survey, hiring needs are attributed to both company growth and attrition. More than 47 percent of participants feel company growth will increase this year, a significant increase from last yearís 36 percent.



ìGrowth in hiring is attributable to a growing economy and an increase in positions needed to meet Sarbanes Oxley compliance,î said CPA and Managing Partner Bill Kuchar for Lucas Groupís Houston Accounting and Finance division. ìOur placements for accounting and finance professionals have substantially increased from last year, and we expect the increase to continue.î

Nearly 50 percent of industries that predict the strongest growth in accounting and finance employment opportunities include banking/finance, consulting, distribution, healthcare and high tech software companies. Additionally, 100 percent of high tech software companies expect company growth, which aligns with the U.S. Bureau of Labor Statistics (BLS) report that show software publishers as a leading industry with one of the fastest wage and salary employment growth from 2002-2012.

The BLS also reports financial activities employment reached an all-time high in 2004. With more than 67 percent of hiring managers planning to hire during the next year, accounting and finance professionals can expect ample employment opportunities.

The outlook is promising, but the industry also faces its challenges. Of the participating hiring managers, 77 percent feel their workload has increased in the last year, and 72 percent feel their staff is working harder. These results reflect nationwide surveys that show 60 to 70 percent of employees are planning to seek alternate employment. Coupled with the need for additional resources to cover anticipated growth and Sarbanes-Oxley requirements, the next year will pose challenges for employers looking to attract and retain talent.

ìThe new accounting legislation has compelled companies to pull their audit function inside,î said General Manager Andrea Jennings for Lucas Groupís Accounting and Finance division. ìCompanies are also seeking candidates to strengthen their S.E.C. departments and fill technical accounting positions. Our division has seen a 96 percent increase in revenue in the past year, which means more positions are opening and creating a greater demand for qualified candidates.î

ìWe are finding the primary challenge in accounting and finance hiring stems from this increase in demand,î Kuchar said. ìThere have been fewer new graduates for the last several years, and the baby boomers are beginning to retire, which leaves a void to be filled. The opportunity for accounting and finance professionals is vast, as companies are expanding their departments and seeking more talent.î

The survey represents a broad cross section of industries, including banking/finance, consulting, distribution, healthcare, high tech software, manufacturing, real estate and more. Overall company revenue varied; however, nearly 57 percent of participating companies collect more than $1 billion in revenue.