AICPA

Thinking Beyond the CPA Credential

By pursuing ongoing professional development opportunities, professionals will be better-positioned for career success.

For accounting and finance practitioners, this is an exciting time, especially for those eager to embrace the more prominent role their profession has taken on in today's business world. Employment in the field has been strong for several years, and hiring is expected to remain steady in 2008, according to Robert Half International's latest Salary Guide. Corporate governance regulations, business expansion, and globalization are feeding the need for skilled financial professionals. As a result, public accounting and consulting firms, private industry, and not-for-profit organizations are all actively searching for talent.

However, while the current business environment may present myriad opportunities for skilled accounting and finance professionals, long-term career advancement for any practitioner will require an ongoing commitment to learning. This is because today's accountants need a broad and adaptable set of skills to keep up with advances in information technology, global trends and rapidly changing regulations. In today's competitive hiring environment, education also can enhance a practitioner's market value, and put him or her on firmer footing when negotiating compensation.

An ongoing commitment to learning

As most accounting and finance practitioners already know, the CPA designation is considered a "gold standard" in the profession, and many employers today specifically seek to hire those who have earned it. In fact, leading firms are willing to provide reimbursement to valued employees for tuition or costs related to earning or renewing credentials such as the CPA.

There also is increasing demand for experience in specific areas such as financial analysis, fraud prevention and internal audit. As a result, aspiring professionals may want to set their sights on earning certifications other than, or in addition to, the CPA. This can help them increase their marketability and their value with a current employer: The Salary Guide reports that many companies will pay up to 10 percent more in base salary if a talented professional holds an in-demand certification or advanced degree. (Also, Robert Half publishes a guide to accounting and finance certifications; a free copy can be requested online at www.roberthalffinance.com.)

New skills for a new world

While professional designations can enhance a professional's value by enabling him or her to bring a greater set of skills and knowledge to the job, the 21st century business world demands even more of practitioners. To better define these demands and come up with approaches to help prepare for them, our company recently convened the Robert Half International Financial Leadership Council. The group consisted of executives from business and private industry, public accounting, academia, and professional associations, and council members discussed the challenges facing businesses and professionals today as well as solutions to address them. One of the results of the meeting was the extensive report, Charting the Future of the Accounting, Finance and Audit Professions, which includes three competency areas for practitioners to focus on:

• Increasing cultural literacy
  Modern practitioners need to be more culturally literate. This is important not only for those whose employers have international locations, but also for any professionals whose day-to-day jobs may require them to work with clients – and colleagues – located around the world. Therefore, it is essential to be aware of and sensitive to cultural differences. And, while international business experience and multilingual skills are always a plus, employers are primarily seeking professionals who have a "multicultural" outlook, according to the council.

• Exercising professional judgment
  Because U.S. and international accounting standards eventually will merge, the council predicts that practitioners will need to rely more on their own professional judgment – i.e., their business savvy – when advising clients. This means they must apply more highly developed skills, such as critical thinking and risk management. In addition, the council reports that the movement toward "fair-value accounting" – communicating to investors what an asset is worth now, instead of when it was acquired – will require many practitioners to enhance their knowledge of valuation principles and exercise more individual discretion.

• Becoming familiar with new financial reporting models
  According to the council, changes in accounting practices, such as enhanced business reporting (EBR), will require professionals to be more adaptable. The American Institute of Certified Public Accountants (www.aicpa.org) defines EBR as a process that "improves the quality and transparency of information companies provide so investors and other key stakeholders can make better informed decisions." It is a more comprehensive method of accounting, which takes into consideration, among other things, financial and non-financial performance measures, risks and opportunities.

  In addition to EBR, the Financial Leadership Council predicts that accounting and finance professionals will need to embrace concepts such as corporate social responsibility reporting. This measures an organization's progress in areas such as social and environmental issues, which have become increasingly important for companies to demonstrate to shareholders and other investors, as well as clients and employees.

'Soft skills' and technology expertise also essential

Today's professionals also should have strong soft skills. The Salary Guide reports that professionals who have exemplary interpersonal skills, including the ability to communicate clearly when speaking or writing, and also, who understand the "finer arts" of doing business, such as exercising diplomacy, are highly sought by employers.

Also, because technology plays such an integral role in modern accounting and finance, such expertise is now required by many leading employers. Proficiency with enterprise resource planning (ERP) software is particularly desirable in the current market, as is knowledge of advanced spreadsheet programs and financial systems conversions. Practitioners who earn technology-related certifications can increase their professional value significantly.

Accounting, finance and audit professionals who have an understanding that the ever-changing business world requires adaptability and a proactive approach toward professional growth will be able to build the most promising path toward success. Those looking to make their mark in the global economy should think beyond traditional expectations for the accounting profession, and view the CPA credential as just one stone on that path.

Provided by Accountemps and Robert Half Finance & Accounting.