Is the Unemployment Rate Really Decreasing for Accountants?

Even when the numbers are bad, businesses need someone skilled at maintaining and interpreting figures. The ability to make smart, data-based financial decisions can turn the balance sheet from red to black, which may be one reason the unemployment rate for accounting professionals is decreasing. Regulatory requirements, a need for forensic accounting, and business tax burdens may also drive the strong outlook for accounting jobs.

According to "Best Business Jobs of 2013," a list published by "US News & World Report," finance and accounting professionals are in high demand. Of the six top spots, four are finance related; however, not all accounting jobs are equal when it comes to job growth. Financial management positions are only expected to grow by 9 percent through 2020, a figure that doesn't even meet average growth expectations for all job types. Demand for accountants, auditors, analysts, and personal finance advisors is expected to grow by 16 to 32 percent by the end of the decade, exceeding the 14 percent average for all jobs. The unemployment rate for accounting professionals in the research or analyst fields is exceptionally low.

College students who can't decide on a major may want to look into accounting. According to the American Institute of CPAs, the unemployment rate for accounting professionals saw a positive swing when over 40,000 new grads were hired in 2012. The AICPA indicates that the majority of accounting firms plan to equal their 2012 hiring efforts in 2013. The unemployment rate for CPAs should continue to decline or hold steady through the end of the decade. According to a study published by the Bureau of Labor Statistics, the industry can expect over 190,000 new CPA jobs to be created between 2010 and 2020.

The BLS also expects continued growth in the forensic accounting niche. Forensic accounting requires specialized training and, for most employment opportunities, a certificate from the American College of Forensic Examiners. Since experts forecast a low unemployment rate for forensic accountants even during troubled economic times, many professionals may consider the extra education worth pursuing. Driving growth in the forensic accounting job market are the increase in oversight for public corporations and the need for skilled analysts to make sense of records and data during legal investigations.

You don't need extra training or a CPA credential to take advantage of strong job growth in the financial sector. Even entry-level positions are seeing growth at an average or above-average rate; payroll clerks, bookkeepers, and accounts payable specialists are finding it easier to find a job in today's market. Although the national unemployment rate remained at 7.6 percent as of June, job growth in sectors like accounting brings good news for skilled professionals, new graduates, and students looking toward a future career.

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