The Party's Over for Finance Pros

Well, it looks like the finance industry may finally be heading for one of its inevitable and quite painful downturns.  This means that those in corporate finance can expect much lower bonuses and perhaps even have to dust off their resumes, begging and pleading to get a new job to sustain their expensive lifestyles until the market comes back.  Well, for those of us in accounting, there will be little if any disruption in our lifestyles.  Business is booming and the shortage of accountants will most likely be with us for at least another 10 years.  So when the crash does hit, spare some change for your newly unemployed finance friends.  They’re gonna need it.

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One Response to The Party's Over for Finance Pros

  1. Joe Gumby says:

    I agree there is a shortage of experienced accountants, but I wonder how long it will last for. I assume that SOX and Bill 198 is driving the shortage, but once businesses have their new compliance systems set up, the demand for accountants should subside. Another factor to consider is the number of new entrants into the profession. In Ontario, the ICAO is expanding their qualification requirements (i.e. you can get a CA without working at a public accounting firm). Also, there was an 18% increase in the number of accounting students writing the SOA (School of Accountancy) test this year. Not sure if the shortage will last for 10 years.

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