Small- to mid-sized companies now rank first among the most desired business environments for today's accounting graduates, according to 35 percent of the 1,400 chief financial officers (CFOs) who were polled.

Career opportunities with rapidly growing companies are particularly enticing due to the promise of having an equity stake in the business. In addition, smaller firms are the ideal training ground for hands-on experience with a variety of business functions.

Still, many college graduates are hesitant to begin too small: Start-up companies were perceived as the least attractive employment option by CFOs at firms of all sizes, with only seven percent of respondents viewing startups as a highly sought after business environment. Small, yet established businesses offer an entrepreneurial, fast-growth environment with fewer of the risks associated with an untested venture.

Not surprisingly, CFOs at the largest companies in the survey (those with 500 or more employees) viewed jobs with the Big Five as most appealing. A position with a large public accounting firm has been the traditional first step in an accountant's career. It's likely that the finance executives surveyed at large corporations began their own careers this way.

As accounting graduates pursue employment opportunities at smaller companies, recruitment is likely to become a key focus for firms of all sizes. Some of the larger firms are already responding by providing the more relaxed corporate environments associated with small- to mid-sized companies, and increasing financial incentives for accounting and finance professionals.