CPAs confident about their careers: they're in demand and despite the hours, pay and satisfaction for most are higher than ever.

In the midst of a surge of demand for the talents only CPAs can offer, AICPA members are finding fresh professional challenges, ever-greater career achievements and new opportunities to balance work/life priorities.

More than at perhaps any time in the past two years, they appear confident about their choice of careers and chances for further advancement.

"Thanks to a combination of events, including the effectiveness of the AICPA-sponsored student recruitment efforts, we are seeing meaningful growth in enrollment in university-level accounting programs" remarked Robert L. Bunting, 2004-2005 AICPA chairman. Accounting program enrollment is up 17 percent from 2000 and graduation rates in accounting are up 11 percent.

"The surge could not come at a better time," added Bunting, "since there will be a huge need for talent as the leading edge of the 'boomer' generation begins to retire and as the resource needs of the profession grow in the post-Sarbanes-Oxley environment."

In the AICPA Custom Publishing Career Outlook Study for 2005, CPAs emerge as ardently committed to their choice of profession as ever. Three in five CPAs overall say they are "excited" about going to work, even during busy season.

Excited to go to work? "Yes!" says a resounding number of AICPA members.

* "Yes. Even at 76 years of age," says the managing partner of a small firm in Independence, Mo.

* "Evenings, too," says a consultant in Mountain Lakes, N.J.

* "I am stimulated by working with people, analyzing challenges and communicating solutions to clients," according to a managing partner in Renton, Wash.

* "I enjoy what I am doing and enjoy helping others, which is the way I look at my work," adds a partner in Basking Ridge, N.J.

More than two-thirds of CPAs call their job prospects "excellent" or "very good." This represents a marked uptick from the 2003 study when less than half of CPAs were so confident.

The key to the new career landscape appears to be tied to the changing business and regulatory environment. To be sure, the economy is running relatively strongly, but perhaps more specifically, new financial reporting requirements are pulling in the slack of the CPA job market. No wonder then, that CPAs say "having the right skills and training" are now the No. 1 factor for success today.

And it's showing up in CPA paychecks, as well. Today 37 percent of AICPA members are happily expecting larger raises than they received last year. And, maybe just as important, CPAs are getting a new respect. Seven in 10 say their employers make them feel rewarded in ways that go beyond compensation and benefits.

Median pay is nearly $80,000 a year and nearly 30 percent earn over $100,000 annually--an encouraging sign for the profession since nearly three-fourths of survey respondents describe themselves in mid-management or staff level positions.

About 31 percent of CPAs are expecting raises of five or six percent and another 16 percent are forecasting raises of seven percent or more. A significant 37 expect they'll get more than their colleagues.

Accounting hiring managers, however, are grappling with the other side of the coin. Where job-seekers are finding a sellers' market, employers are being forced to accede to the realities of the marketplace.

For instance, the robust job market has encouraged about three in 10 CPAs actively to consider a job change. And most CPAs feel the effects of a so-called "generation gap" in the profession that, if not carefully understood and managed by employers, can undermine cooperation and dedication among co-workers.

Still, two thirds of accounting professionals feel that their managers do encourage loyalty through appreciation. And more than half of all CPAs are satisfactorily balancing the competing demands of work and family in this ever-more-hectic world.

And CPAs are sleeping soundly in their confidence. A comforting 62 percent, for instance, say worries about work hardly ever keep them awake at night.

When it comes to pay, almost every CPA, understandably, calls it important. But only about 43 percent say salary is "essential" to job satisfaction. In fact, CPAs rank "integrity of the company's management" ahead of salary, with 76 percent saying it's "essential." That's followed by "opportunity for advancement," at 54 percent, and "job duties," at 44 percent.

"The heart of any profession is the quality of talent attracted and retained in it," noted Bunting. "New issues emerge; old issues take on new twists. We must deal with all of them--and build on the standing of our profession through each of them."

"I'm looking for a 'great boss'--who mentors and grooms talent for leadership positions," said one respondent. "I'm also looking for a corporate culture that truly lives 'work-life balance' and applies the same value to single, childless employees as to married parents."

Looking ahead, CPAs say that the secrets to success lie in staying current on professional training, while maintaining integrity, reliability and good people skills. By a large margin, these traits trump "working for the right organization," "knowing the right people," "a sense of humor" and "delivering new clients."

This year, of all recent years, appears to be a good time to put that knowledge to work. And to reap the rewards.

ABOUT THE STUDY

This AICPA Custom Media Solutions report was undertaken to analyze the job satisfaction, career success factors, worker confidence and career development issues of AICPA members, and to provide insight into job-seeking and recruitment trends. Over 2,000 AICPA members responded to a flight of online surveys conducted by Bay Street Group LLC in conjunction with the AICPA's CPA Insider[TM] and CPA Career Insider e-newsletters between January and March 2005. The respondents represented a cross-section of the AICPA membership. Respondents were invited to provide additional comments and were assured of confidentiality. No advertisers or sponsors contributed to the survey questions, deployment mechanism or tabulation process. Respondents received no premium or other incentive to complete the surveys, other than the opportunity to receive an advance copy of the summary results prior to being published.

ARE YOU EXPECTING AN ABOVE-AVERAGE RAISE?
Percentage answering "Yes."

2005   37%
2004   325

Source: Bay Street Group LLC

Note: Table made from bar graph.

WHERE THE MONEY IS BY SECTOR
Percent expecting above average raise.

Business & Industry    56%
Public Accounting      34%
Govt., Academic, NFP   31%

Source: Bay Street Group LLC

Note: Table made from bar graph.

WHERE THE MONEY IS BY SIZE OF ORGANIZATION
Percent expecting above average raise.

Up to 10 employees    7%
11-100 employees     38%
Over 100 employees   41%

Source: Bay Street Group LLC

Note: Table made from bar graph.

HOW EMPLOYERS ARE DOING
Percentages of CPAs who say their employers
are doing an effective job in the following:

Encouraging loyalty through
appreciation of extra effort      66%

Accurately giving credit
and assigning blame               68%

Helping staff achieve a
sense of accomplishment           69%

Source: Bay Street Group LLC

Note: Table made from bar graph.

Key Success Traits for CPAs
Percentage answering "important."

Having the right skills
and training                     78%

Integrity                        71%

Reliability                      70%

Getting along with people        70%

Contributing to success
of the organization              68%

Source: Bay Street Group LLC

Note: Table made from bar graph.

CAREER STRATEGIES

Keys to Personal Career Improvements for CPAs

Top five traits among 20 choices, ranked by percentage

1. Seek better balance between
work and personal life                   70%

2. Concentrate on foreseeing
opportunities, demands and
crises                                   68%

3. Conduct an honest self-assessment
before looking to promote myself         66%

4. Gut check my skill set and
professional education needs             61%

5. Learn to network, present,
demonstrate value                        56%

Source: Bay Street Group LLC

WHAT CPAs WANT IN A WORKPLACE

Percentage answering "important."

1. Being clear on the organization's business and objectives      85%
2. Working for an organization that makes its employees know      75%
   they're important
3. Having the resources and support needed to get the job done    73%
4. Being rewarded in ways that go beyond pay and benefits         71%
5. Understanding what superiors really expect of me               68%

Source: Bay Street Group LLC

This report was prepared expressly for the Journal of Accountancy by AICPA Custom Media Solutions, which is solely responsible for its content. Copyright 2005 AICPA. All rights reserved, except where otherwise noted.

Hank Berkowitz is AICPA Director of Online Publishing & Business Development.