Is the accounting profession immune to a recession?

With layoffs and corporate bailouts making headlines every day, you might expect careers in accounting to be as at-risk as other financial careers. But keep your head up – that doesn’t appear to be the case.

According to researchers for the 2009 Robert Half Salary Guide, accounting and finance professions should actually see an increase in salary of about 3.4%. Other estimates suggest that accounting professionals might see their pay increase by as much as 3.8%, with merit-based bonuses netting a 10.8% increase.

That’s comforting news in a job market that sees stagnant salaries for most current employees, layoffs facing some and hiring freezes confronting those not currently employed.

Three letters: C-P-A

Accounting professionals with the CPA credential have an additional leg up – even newly licensed CPAs. For CPAs with one to three years of experience, current salaries range from $40,250 to $57,250 per year depending on location and field. Mitchell Feldman, president of New York-based placement firm, A.E. Feldman and Associates, was quoted in a recent FastCompany.com article giving recent college graduates "three letters of advice: CPA."

While the CPA designation may not seem as necessary for corporate accountants as it is for their CPA firm counterparts, many companies prefer a CPA for certain in-house functions, particularly auditing. Firms are also leaning toward position-specific hires – job candidates who either have a specific set of technology skills, industry training or knowledge of particular reporting standards.

Recession-proof?

Accounting was ranked No. 3 in a recent Forbes magazine survey of the "Most Recession-Proof Jobs." The most highly sought after accounting professionals are tax accountants, financial analysts, cost accountants and financial reporting directors – all important positions in a company facing a recession.

When companies begin to tighten their belts, it’s clear that accountants are vital in helping the business adapt. With increased regulation and governmental oversight of the economy and business sectors expected under President Barack Obama’s Administration, the need for accounting professionals can only be expected to grow that much more.

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