In July of this year, JobFox posted a report that details their list of the top 20 "Recession Proof Professions." Holding places 4 and 5 were Accounting & Finance Executives and Accounting Staff, respectively. These sentiments have been mirrored by other industry pundits as well, in various formats. As we enter a new recession period, these impressions equal good news for anybody studying for the CPA Exam.
Laws and regulations are getting more strict with each passing year, and employers are actively searching for experienced accountants to manage their books. Simultaneously, CFO's are reacting to the beginning stages of recession by searching for ways to cut costs. As in many circumstances, companies behave similarly to individuals: As money gets tighter, we naturally ration what we have left while trying to find more. An experienced accountant, especially a CPA, can accomplish both of these goals for an employer.
An accountant within an internal audit department can help identify inefficiencies or unnecessary expenditures, thus saving the company valuable funds. A seasoned tax accountant can help a business utilize untapped exemptions and navigate the increasingly complex tax laws without incurring fines or penalties. On top of those benefits, experienced accountants offer invaluable advice in financial planning and budgeting, and can help a company or organization weather the long-term effects of a protracted recession.
While no job or career is truly recession proof, the accounting profession as a whole offers a greater likelihood of stability than many other career paths. Adding the CPA designation to your title will only serve to make you a more desirable candidate in an already in-demand field. So, stick to your studying! Pass the CPA Exam!