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Compensation Up for Management Accountants

Management accountants stayed ahead of inflation last year as compensation rose by more than seven percent globally and more than four percent in the United States, according to the latest survey from the Institute of Management Accountants.

Total median compensation for management accountants in the United States increased to $100,000 in 2014 compared to $96,000 the prior year. Certification makes a difference as those with the Certified Management Accountant (CMA) designation reported compensation of $125,000 versus $94,000 for those without the certification. Globally, the difference is even more pronounced as CMAs in the Asia/Pacific region report 75% higher compensation than their non-certified counterparts.

The other good news is demand for accounting professionals continues to remain strong. The Bureau of Labor Statistics predicts there will be 16% more jobs in the field of accounting by 2020.

All of this means that if you are seeking a stable, growing career, management accounting is one that will likely provide you with some degree of satisfaction.

As with any career choice, you should also select a profession where you have an aptitude and enjoy it. For those who excel at management accounting they will find satisfaction in helping companies uncover ways to become more profitable, minimize risks and provide insights to management based on an analysis of the numbers.

If you are an employer concerned about the availability of accounting talent there are some good options available:

Develop a good relationship with local universities and colleges offering accounting degrees. If instructors are familiar with your company you may have access to students for internships and may be first in line to offer potential stars their first jobs.

Consider scholarships for existing employees who have the desire to advance and demonstrate an aptitude for problem solving and numbers. Growing your own talent is never a bad idea.

Network. You never know where you will find talented people. The more people are familiar with your company and your potential needs, the more likely you will be to uncover talented professionals looking to make a move.

Compensation Up for Management Accountants

Congratulations Finance and Accounting Graduates!

Finals are finished and now you head out into the working world. The job forecast for accounting and finance professionals actually looks quite bright. Hiring percentages are up and unemployment is below the average for other professions. Take a look at the Graduate’s Outlook:

Congratulations Finance and Accounting Graduates!

It’s Time to Get Some Work Done!

How are you going to get things done at work when it’s so sunny and summery outside?

It’s difficult to stay motivated at the office when you’re thinking of fun summer activities and wishing you were outside. Don’t let summer daydreams get in the way of your productivity. Stay focused and motivated at work this summer. Enjoy your weekends and free time knowing you are on track at the office!

  • Plan tomorrow, today!
    Being organized not only reduces stress it also boosts productivity. Before you leave your desk each evening, be sure you have made your list for the next day. Set up your calendar for planned calls and meetings, create a list of important tasks, and maintain your task list. All of this sounds obvious and easy, but that’s why it’s so easy to not do it. When you “know” what you have to do you can let yourself believe there’s no need to write it down or set it in your calendar. The problem with that is now your brain doesn’t shut off work mode; you are keeping work on your mind and remembering everything you need to get done. By making a list and setting your calendar you can “forget” those tasks and turn off work-mode, knowing you will be ready when you hit your desk the next day.
  • Use that list!
    Reference that To Do List and calendar you created throughout the day. Keeping track of your goals and your progress helps sustain high motivation levels each day.
  • Break it up!
    If you are truly having trouble staying on task, break projects up into small, super manageable parts. By checking each portion off your list, you’ll have an increased feeling of satisfaction and accomplishment; kick starting your momentum one small task at a time!
  • Shake things up.
    Now that you are prepared, using your lists, and breaking down tasks – shake up your day. Don’t stick to the same old routine every day. Mix up the order and switch things around. Keep your days fresh by rearranging how you schedule your day and even mixing up your lunch routine. Small moments of spontaneity and change keep your mind engaged.
It’s Time to Get Some Work Done!

Recruiter Insights and the Accounting Market

A few times a year I like to sit down with the recruiting team at SNI Financial and talk about the state of the market. What’s great about these updates is that because our recruiters talk to hundreds of business leaders every month, they gain insights into the accounting and finance hiring you don’t read about in the news.

Here are a few of their thoughts:

Public vs. Private Demand: “The demand is high and has held steady for more than a year for candidates with public accounting experience.” “We are seeing a number of candidates that lack the tax experience both public accounting firms and large corporations are seeking.” “The demand is really for candidates who have income tax compliance and provision experience.”

The Takeaway: “Candidates should focus on getting and highlighting their tax and public accounting experience.”

CPA or No CPA: “In the realm of tax, the CPA license is very important. The majority of our clients require or have a strong preference for candidates who are licensed CPAs.” “When placing higher level positions a CPA is strongly preferred.”

The Takeaway: “Obtaining your CPA is worth the investment.”

Process Time: “The process to fill an accounting or finance position varies with each organization.” “Organizations that invest heavily in their culture and brand involve more people in the interview and approval process.” “Also, candidate who are interviewing for senior level positions should expect a longer process.” “The average time span we are seeing in accounting and finance is 2-3 months from the first point of contact until an offer is made.

The Takeaway: “Be patient. Filling a position involves many people and takes time.”

Recruiter Relationship:Candidates who work with a recruiter get the most when they are candid and truthful.” “Do not provide inaccurate information on your resume.” “Share your past success and situations where you did not perform at your peak. This will help you find the right position.” “Candidates should also be responsive. It is a competitive market so waiting too long to return a call to your recruiter could cost you your dream job.”

The Takeaway: “Honesty and responsiveness help a recruiter help you find your ideal position.”

The job market for finance and accounting professionals continues to be strong. Candidates searching for a position will enjoy the most success when they align their skills with those in high demand, and when they develop a relationship with a skilled recruiter.

Recruiter Insights  and the Accounting Market