The official blog of Abacus Group — a place to share our knowledge and thoughts on trends in recruiting

January 18, 2012

Promising Outlook for Abacus Group’s Job Market

promising-outlook-job-market
With 2012 upon us, reports of economic turbulence continue to trouble professionals. For many job seekers, national news networks serve as major resources for market-related information, but such media rarely accounts for employment in niche markets. Reports and projections regarding the American economy as a whole can be irrelevant to an individual’s search for new employment. To alleviate the concerns of our current and prospective candidates, we’ve compiled data relevant the specialized groups of professionals we service

simplyhired

Recent employment statistics demonstrate strong growth in Accounting, Finance, IT, and Administrative Support, the professional fields in which we assist job seekers.

Accounting

For Accounting, the US Department of Labor estimates that over 200,000 new positions in the field will have been created between 2008 and 2018. In line with this forecast, SimplyHired.com cites a 31% jump in Public Audit roles since April 2010 (shown above). In addition, new tax compliance regulations, coupled with the economic downturn, have stimulated demand for Tax Accountants; the top 100 Public Accounting firms recorded a 7.13% surge in Tax compliance positions.

Financial Services

The Department of Labor has indicated that employment in the Securities and Financial Investments industries will increase 12% by 2018, due in part to both baby boomers’ retirement and the internationalization of securities markets.

Information Technology

The future of the IT field is positive; the most recent AICPA Economic Outlook Survey predicts an overall 2.7% increase in IT expenditures which is up from 2.0% predicted the previous quarter. Accordingly, the Department of Labor has ranked Network Systems and Data Communications Analysts as the second-fastest growing professions. Rapid advancement in firms’ IT capacities is anticipated to generate 53% more openings for such professionals within the next seven years.

Administrative Support

Several areas of Administrative Support look quite promising. Customer Service Representatives, Office Clerks, Executive Secretaries/Administrative Assistants, and Receptionists were all included in the Bureau of Labor Statistics’ list of 20 occupations projected to have the largest increase by 2018.

The New York City Market Gains Momentum

Abacus Group currently places candidates in New York City and surrounding areas. Research suggests that the region’s job market is gaining momentum. Indeed.com cites that salaries for CPAs in New York City are 25% higher than those nationwide. The quantity of accounting jobs, in general, is also larger in New York State compared with the rest of the country. Additionally, employment prospect rankings developed by the New York Department of Labor categorize Accountant and Auditor roles as “very favorable” in New York City, with over 1,500 annual openings. The outlook for Financial Analyst, Financial Examiner and Information Systems Manager, Legal Secretary, and Paralegal positions are also considered “very favorable.” Additionally, the salaries for Secretary and Administrative Assistant roles are typically at least $7,000 higher in New York and New Jersey compared to the national average.

Advanced Degrees and Professional Certifications Remain Advantageous

Positions that require advanced education or professional certifications comprise a large portion of Abacus Group’s job market. Job placement for candidates with such qualifications has shown notable improvement. Opportunities for MBAs, for instance, have increased considerably since 2009, one of the slowest hiring years for business school graduates. In May 2011, CNN Money reported that 66% of employers planned to hire new MBAs within the next year, up from 50% in 2009. In fact, researchers at Michigan State expect that MBA hiring will spike by 6.4% in 2012. Compensation for MBA graduates has increased as well; in 2009, the average MBA base salary was $86,299 and this year, it climbed to $91,433, according to the Graduate Management Admission Council. The Certified Internal Auditor (CIA) designation is another promising qualification for job candidates, with 18% overall growth projected from 2008 to 2016. Similarly, positions that require the Certified Information Systems Auditor (CISA) have risen 12% since May 2010.

The above statistics provide a snapshot of Abacus Group’s market for Accounting, Finance, IT, and Administrative Support professionals in the New York City area and these statistics differ considerably from those of the overall American economy. For information about specific opportunities in these fields, visit Abacus Group’s job postings or contact a representative.

Sources
Bureau of Labor Statistics. “Occupational Outlook Handbook, 2010-11 Edition”
Byrne, John A. “Report: MBA job markets make a comeback”
Diploma Guide. “Internal Auditor Career Overview”
FINS. “Tax Accounting Jobs and Hiring Information”
Journal of Accountancy. “Survey of CPAs Shows Economic Pessimism Still Prevalent, But Shrinking”
Moton, Tony. “Big City Careers Shifting”
Mueller, Meg. “Personal Secretary Salary & Career Outlook”
New York State Department of Labor. “Employment Projections”
Odin Jobs. “Accounting Job Market Overview”
O’Shaughnessy, Lynn. “10 job market trends grads need to know”
Simply Hired. “Keyword Trends”
Symonds, Matt. “A Resurgent M.B.A. Jobs Market”

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