Several weeks ago we reported that the accounting profession appears to be weathering the recession better than other positions. It’s no wonder then that a recent AICPA report found the number of students in 2007 and 2008 who received both bachelor’s and master’s degrees in accounting increased by 3.5% over the previous year.

Of the increase, Jeannie Patton, AICPA Vice President said, “The historic growth of accounting degrees is especially significant now because it coincides with the CPA profession’s programs and efforts to attract young talent,”. There has been so much interest in fact, that the report found that there isn’t enough room for all of those that are interested. The AACSB reported having had to turn away an average of 56 qualified candidates, with the largest shortages of classroom space in the Pacific region.

While finding work upon graduation has been difficult, the placement of those who do find work continues to be dominated by public practice firms. 35% of Bachelor’s degree recipients and 74% of those with their Master’s degree, select public accounting as their first position out of school, followed by Business and Industry.

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In August of this year, Robert Half Management Resources, a premier provider of senior-level accounting and finance professionals for project and interim positions,  polled 1,400 CFO’s at medium sized companies and asked them the following question:

“Five years from now, what percentage of a senior-level accountant’s time do you expect will be focused on performing less traditional accounting functions, such as offering strategic advice or providing input on information technology projects?”

The average response was about 40%. This indicates an expected shift in the traditional functions for accountants to more of a leadership role within the organizations they serve. With only about 36% of their time currently focused on traditional tasks, Accountants are spending more time assisting companies in future planning than current number crunching.

The report stated further, “In today’s economy, the increased focus on cost savings and liquidity has accentuated the importance of the finance function, and senior-level accounting and finance managers are being asked to step into leadership roles,” said Robert Half executive director Paul McDonald. “Accountants will always be required to maintain stringent oversight of financial reporting, but in the coming years, an increasing amount of their time will be devoted to providing strategic insight that helps support company initiatives.”

Adapted from http://tinyurl.com/sractg