Job Market Snapshot: A Look at the Finance & Accounting Industry
Good news for those in the finance industry! Overall employment in the Minnesota finance and accounting market is projected to grow faster than employment growth as a whole, with some positions increasing in demand by as much as 32% by the year 2020 [Minnesota Bureau of Labor and Statistics]! With roles being vacated by retiring baby boomers with more than 20 years of experience, there is a quickly increasing demand for specific finance and accounting skills, and professionals to fill those seats.
Top Roles in the Minnesota Finance & Accounting Industry
- Tax Accountant ($46,891 – $78,221)The Tax Accountant maintains tax records and prepares paperwork for local, state, and federal tax returns. The individual in this role is responsible for many of the technical aspects of creating and filing tax reports. The position requires a bachelor’s degree in finance/accounting and 3-5 years of financial accounting experience.
- Auditor ($40,185 – $66,520)An Auditor conducts audits to verify accuracy of company records and compliance with standards. This person is responsible for compiling audit findings in order to make recommendations for system and procedure improvements. The role requires a bachelor’s degree in accounting with a concentration in auditing or a related field, along with 1-3 years of auditing experience.
- Financial Analyst ($45,630 – $79,612)A Financial Analyst develops business plans, integrated revenue/expense analyses, forecast projections, budget comparisons, and other financial reports. He/She is responsible for creating and analyzing monthly and annual reports to ensure accurate financial reporting. The role requires a bachelor’s degree in finance/accounting or a related field with 1-5 years of experience.
It’s a Job Seeker’s Market
Due to a short supply of top professionals to fill these roles, finance job seekers can afford to be more selective in their employment search. Employers will not only have to be prepared to act quickly to hire qualified active candidates, but they’ll have to shift their focus to the passive candidate market, recruiting professionals that are already employed. Additionally, companies will also have to focus more than ever on retaining top finance talent.
The Skills Gap
Another aspect of the job market that may make an employer’s job a bit tougher is that it may be more difficult to find finance and accounting professionals, especially accountants, auditors, and analysts with 2-4 years of experience. With this challenge in mind, companies that attract the attention of top talent and move quickly through the hiring process have a distinct advantage over those with lengthy evaluation processes.
This skills gap is caused by the massive number of baby boomers becoming eligible to retire, and taking their decades of experience with them. Employers will need to establish succession plans and consider the possibility of training in more junior talent to fill the seats left behind by the baby boomer generation.
In the current market, many companies look to utilize smaller teams and, therefore, look for degreed finance and accounting professionals who not only fit well into their culture, but add value in multiple areas of the business. To help meet these goals, search firms have grown their finance recruiting practices, quickly matching candidates with the right companies.
To gain more insight into financial careers or get more information for your company, download Versique’s 2015 Finance Salary Guide. Our exclusive guide includes in depth finance job descriptions, salary ranges, best practices, and more!
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