According to an AICPA study, there are more people entering the field of accounting than ever. For many years, there were about 50,000 accounting degrees awarded per year. Beginning in 2002, these numbers fell drastically to about 35,000 in 2006. Since that date, there has been a steady increase in accounting graduates to an all-time high of 61,334 in 2012.
The increase in number of accounting graduates may be a reflection of the economy. Because of the increase in regulation and new laws, the demand for qualified accountants is higher than ever. The millennial generation sees accounting as a stable but growing field. As we come out of the Great Recession, the desire to get a good job and hold onto it is stronger than ever.
At Mowery & Schoenfeld, we are very active in hiring college graduates and have brought some top talent to the firm over the past few years. We primarily recruit at the University of Illinois at Urbana-Champaign and Northern Illinois University which are renowned accounting programs. These schools have great programs and are producing well-rounded graduates.
There is still a great demand for accountants with experience. The reduction in graduates over the period from 2002 to 2006 is now being felt as these lost graduates would be entering a leadership role with their firms in 2014.
"Strive not to be a success, but rather to be of value." - Albert Einstein