Forget the Rabbit, 2011 Will be the "Year of the Accountant"

by Derek Loosvelt | January 04, 2011

At least that's what Patrick Gorman and Jodi Wechsler, co-founders of executive search firm iFind Group, say.

To back up their claim, the dynamic duo say that bulge bracket banks and megafunds (investment firms with more than $5 billion in assets under management) will "continue to hire accounting and finance professionals." In addition, "continued regulatory/tax changes from Washington will result in the vigorous hiring of back-office professionals to account for these new rules." And "a return of capital to start-up hedge funds [will make] the CFO job market more active."

Outside of accounting, the two "also have seen an uptick in private equity job openings" due to PE's recent surge in the last part of 2010.

As for who in the finance job world will hit home runs in '11, Gorman and Wechsler say it "will be those 'junior' staff and senior accountants who have been given responsibilities above and beyond their pay grade." They explain that "due to firms' post-recession frugality, CFOs and COOs hired less-expensive, less-experienced staff and put them in roles that were highly complex and typically given to historically more senior (and more expensive) workers. Thanks to this 'fast-forward' work experience and exposure, this 'rookie' class of workers will reap major benefits throughout 2011 and beyond."

As for who will benefit the least during the Year of the Accountant, according to Gorman and Wechsler, it will be the CFOs. "Although they will gain deeper management experience through the additional time spent mentoring/teaching their junior staff, they may not get compensated for this time."

(FINalternatives)

Filed Under: Finance


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