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Shortage of Accountants Prompts Companies to Raise Salaries, Hire Temps

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There are plenty of unfilled accounting and finance jobs available, and companies are doing what they can to fill them, The Wall Street Journal reported, noting that a shortage of accountants is hitting smaller and privately held companies harder.

Postings for U.S. accounting and audit roles totaled roughly 177,880 jobs this year through Nov. 30, up from 141,340 during the prior-year period and the highest since at least 2008, The Journal reported, citing workplace data provided by Revelio Labs Inc. The company reported that 113,400 people started these positions this year through Nov. 30, a 15.9 decrease percent from the prior-year period.

A recent survey of more than 1,500 managers at companies with operations in the United States, conducted by human resources consulting firm Robert Half, reported that 87 percent of respondents find it increasingly hard to find qualified general accounting, financial reporting and financial planning and analysis candidates, the Journal reported.

Companies are feeling the pain induced by the double whammy of a tight labor market and fewer people entering the accounting profession. The number of U.S. students who completed accounting degrees fell by 2.8 percent for bachelor’s and 8.4 percent for master’s, according to the AICPA.

For some companies, this means having increased difficulty in finding the finance professional with the right skill set. “We have the people, but I don’t think the people we have are necessarily the people that are the most qualified,” said CFO Jean-Christophe Juillard of cable manufacturer Nexans SA. He told the Journal that he sought finance specialists who are not only experienced in technical accounting, but also in strategic decision making for this niche industry.

Other companies resorted to offering higher salaries and using temporary workers. They include Incline Village, Nev.-based Vintage Wine Estates Inc. “We sweetened the pot a little bit from where the company was originally,” CFO Kristina Johnston told the Journal. 

Jacksonville, Fla.-based recruiting firm GEE Group Inc. tries to retain its current staff by promoting and raising salaries at a faster pace. “Securing that talent has been the biggest problem,” CFO Kim Thorpe told the Journal.

For talent-strapped companies, no relief is immediately apparent.

Demand for accounting and finance professionals will likely continue to rise, Brandi Britton, executive director for finance and accounting at Robert Half, told the Journal. “The bottom line is the shortage is going to remain,” she said.