Center >> August 2009
Prove to Be Recession-Resilient
Coming soon: A job change bonanza for accounting vendors.
by Rick Telberg/For the CPA Channel Marketer
AICPA Custom Media Solutions
Deep into the worst recession
since the Great Depression, you wouldn't expect employers to be
worried about suddenly losing their best people to hungry and growing
But that's exactly what's
happening in the CPA profession. And the CPA profession is not alone.
Highly skilled knowledge workers remain much in demand through this
downturn and the profession is proving as recession-resilient as
expected. A Deloitte survey reports that 65 percent of CEOs are
worried they'll lose their best people at the first signs of an
In fact, a lot
of CPAs may be happy to have a job these days. But that's not deterring
them from plotting their next career move. And the job market could
explode as soon as the recession eases — maybe sooner.
This is important news
for vendors to the profession. Instead of postponing or throttling
back on sales and marketing initiatives, smart vendors are following
the trends closely and positioning themselves strongly for the next
big market move.
To be sure, a number
of firms and finance organizations have been forced into painful
layoffs — although the latest jobs report from the U.S. Bureau
of Labor Statistics shows a net seasonally-adjusted 4,000-job increase
from June to July at accounting and bookkeeping services —
bringing the industry workforce to about 940,300. Still, that's
down from a year-ago July, when the BLS reported 947,500 jobs in
But, despite the recession
or because of it, the CPA profession is attracting unprecedented
interest from college students. The AICPA reported a couple of weeks
ago that the number of students graduating with bachelor's or post-grad
degrees in accounting rose 3.5 percent to more than 66,000 in 2008,
a new record. And there are 213,000 more in the pipeline.
A new survey of AICPA
Insider readers by Bay Street Group LLC shows a startling degree
of unrest in the ranks. The survey of 466 readers shows 47 percent
say they would "consider changing jobs for better working conditions
— even if it means a pay cut."
One major accounting
firms estimates the cost of a single turnover is $100,000 in getting
a new employee fully equipped and up to speed.
With almost half the
profession looking to change jobs at their next opportunity, the
dollars get large, fast.
for CPA Channel Marketers by Rick Telberg:
is president of Bay
Street Group LLC, which provides research and marketing and
communications services to CPA firms and the vendors who serve them.
He is the founding editor of the Insider newsletters and serves
as AICPA Editor at Large and Director of Online Content. In his
two decades in media and marketing for the finance, tax and accounting
industries, Telberg has played pivotal roles in the development
and operation of the leading media and e-commerce outlets in the
business, including Accounting Today, The Practical Accountant,
Accounting Technology, WebCPA.com, SmartPros.com, and CPA2Biz.com.
Contact Rick at firstname.lastname@example.org
or (914) 674-4531. He blogs at cpatrendlines.com.
Trendlines on Twitter.