Financial Job Growth Fuelled by Sarbanes-Oxley
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Compliance with Sarbanes-Oxley is driving fast growth in demand for experienced financial talent. According to a survey by CareerJournal.com, Sarbanes-Oxley has brought pressure on companies to hire additional senior level talent. The tightening regulatory regime is likely to spill over into areas such as hedge funds. The Securities and Exchange Commission is to take on oversight of hedge funds early in 2006. Companies are expanding the roles of chief financial officers and other finance personnel to keep up with the work. Facing litigation from accounting debacles earlier in the decade, the Big Four accounting firms, in particular, need to have specialists who can help companies comply with Sarbanes-Oxley regulations, says Tony Lee, publisher, CareerJournal.com. "Companies are bending over backward not just to hire experienced accountants, but also to try and keep the ones they have, offering them flex-time schedules and other benefits." "Another problem is the decreasing pool of talent in accounting. In 1991, about 60,000 students graduated with degrees in accounting, according to the American Institute of Certified Public Accounts. In 2003, less than 50,000 students obtained accounting degrees. "
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