BLS & AICPA: 2018 Accounting and Finance Forecast

Posted by Jeff Pelliccio on Oct 13, 2017 9:00:00 AM

In ICS insights

As the air turns cooler and we come closer to turning the page on our calendars to 2018, there are signs that finance and accounting hiring is rising resuting in increased competition for skilled labor.

Demand Paints A Competitive Landscape

The AICPA's Business and Industry Economic Outlook Survey (the "Survey"), released in August, provided an optimistic look at overall hiring trends, projecting that growth in staffing will reach 1.9 percent over the next year - the highest estimate since the fourth quarter of 2014. That hiring isn't expected to be limited to just blue chip companies; more companies (24 percent) plan to hire in the next year than in 2016 (19 percent.) 

While the 2018 forcast is showing the promise of a healthy job market, increased demand has already taken its toll on the existing talent pool. The talent war has begun and companies will need to act fast to outpace the competition. 57 percent of companies surveyed said they are experiencing either a moderate or a significant increase in competition for skilled candidates to fill open jobs; 52 percent indicated they have had difficulty finding the right candidates when hiring.

Accounting and Finance Trends

Bureau of Labor Statistics (BLS) jobs report data released in August showed that the Finance and Insurance industry saw year-over-year growth of 104,500 jobs, while jobs classified as Accounting and Bookkeeping saw 16,300 new jobs over the previous year. A third category, Financial Activities, also saw strong results, boasting an additional 148,000 jobs in that time period. 

These numbers are in line with BLS long-term growth projections. The outlook for accountants and auditors is positive, with expected growth of 11 percent by 2024 - higher than the average for all occupations. 

In terms of geographies, employment for accountants and auditors is strong in the District of Columbia (15.77 per thousand jobs), New York (11.96 per thousand jobs), Texas (10.07 per thousand jobs) and Florida (9.20 per thousand jobs.) Additionally, certain geographic areas also have strong employment for those in this field. In the greater Chicago area, there are 10.22 accountants and auditors per thousand jobs, 16.18 per thousand jobs in the Denver metro area, and 11.68 per thousand jobs in the Minneapolis/St. Paul metro area. 

Temporary and seasonal hiring in accounting and finance typically ramps up at the end of the year anyway, but these numbers and projections are encouraging as they indicate both that employment in the industry is healthy and strong, and that there will likely be a growing need for more long-term finance and accounting professionals to meet demand. 

Your Company's Hiring Process Needs a Revamp

If your organization has a need for skilled accounting and finance professionals, Infinity Consulting Solutions (ICS) can help. We work closely with organizations of all sizes, in all industries, to help provide staffing solutions. We know that when your company has the right - and the right number of - employees in place, you will be positioned to meet your firm's strategic growth goals.  You'll need the help once this demand makes its definite impact on the talent pool. 

With locations in eight major metropolitan areas, we are in the heart of the action for accounting and finance hiring. To learn more and to get started, contact us today in New York, Washington, D.C., Fort Lauderdale, Chicago, Dallas, Houston, Minneapolis or Denver.  

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