Yes, but I repeat: It's a great time to be an accountant.

 

Whether we are already in the profession and facing today's exciting challenges, or pursuing an accounting career with tomorrow’s virtually unlimited opportunities, let's reflect on why it’s a great time to be an accountant.

 

First we must tackle the disturbing headlines of late. Professional misdeeds must be dealt with firmly by the authorities -- and they are. What is most important for the long term is that widespread business scandals, such as today’s, typically lead to sweeping, systemic reform. And they are. For the overwhelmingly vast majority of those in our profession who are scrupulous and hardworking, this should be viewed as good news.

 

In this new climate, sound financial management, ethics, and enhanced auditing procedures have come to the fore. New processes, reporting requirements, and regulatory oversight have emerged, directly resulting in significant business demand for accounting professionals who understand the necessity of evolving into a strategic, operations-focused business partner within their organizations. Today, there is more responsibility and more intrinsically interesting and challenging work for accountants who have advanced beyond the practical accounting skill set and embrace a broad perspective of the organization’s needs.

 

The Atlanta Journal-Constitution summed up the prevailing mood of American business and the labor market recently when it declared, "The accounting profession looks sexy again."

 

Accounting reform is no passing fad. The analysis and reporting requirements codified in Sarbanes-Oxley are a permanent feature of our landscape. These new ways of doing business are here to stay, and our careers will benefit from the improvements. These changes will not only make our careers more rewarding; they are good for American business, the investment community, and our entire society.

 

Couple this with the overarching business trends of dizzying technological change and the globalization of markets and competition -- all of which further accelerate the shift from plain vanilla accounting to strategic business partnering. For the foreseeable future, accountants and financial managers will be increasingly called upon to provide a broadening array of sophisticated business services in an environment of increasingly high stakes.

 

The job market seems to agree with me. Numerous surveys and anecdotal reports in recent months have demonstrated that demand for accountants and financial managers is strong, especially as the economy moves into recovery mode. Salary and compensation forecasts remain healthy -- especially, as has been demonstrated repeatedly, for those who can provide today's complex services, and who have achieved professional certification -- such as the IMA's Certified Management Accountant (CMA) and Certified in Financial Management (CFM) designations.

 

While job growth may not be as robust as during the frenetic late 1990s, it is nonetheless healthy -- and reassuring to anyone contemplating either a move or entry into the field. It is also better grounded in reality, as compared to the unsustainable boom and unrealistic expectations of the dot-com era.

 

Also agreeing with me is the U.S. Department of Labor's Bureau of Labor Statistics (BLS). It recently noted, "these trends (legislative reform, globalization, and growth) should create more jobs for accountants and auditors… The changing role of accountants and auditors also will spur job growth…. By focusing on analyzing operations, rather than simply providing financial data, accountants will help to boost demand for their services." The BLS forecasts job growth for accountants in the current decade at 10 to 20 per cent.

 

But the BLS also warned that demand for traditional accounting functions, such as basic audit and tax preparation functions (due largely to tax software's popularity) will wane.

 

The message is clear: Evolve into a business partner. I’ll explore how and why in my next column.

 

KIM WALLIN is currently serving as Chair of the Institute of Management Accountants in 2003-04. She is president of her own accounting firm, DK Wallin, Ltd., based in Las Vegas, founded in 1984.