|
Choose a Business Degree for a New Future |  |
Sarbanes-Oxley Boosts Accounting Jobs
March 29, 2007
by Richard Barrington
Business Programs Columnist
As companies review their finances, many have begun a fairly new annual ritual: planning ahead to better meet the increased accounting demands of the Sarbanes-Oxley Act. While the long-term effects of Sarbanes-Oxley have yet to be determined, one short-term effect is clear: more accounting jobs. Take advantage of this trend when planning your accounting degree!
Cleaning Up Corporate Accounting
The Sarbanes-Oxley Act was passed in 2002, when the financial markets were still reeling from the Enron and WorldCom corporate accounting scandals. The Act not only tightened up financial accounting and disclosure standards, but it increased accountability by requiring senior executives to sign off on financial reports.
Tougher Standards Mean More Accounting Jobs
The additional financial reporting requirements have had a two-tiered affect on accounting jobs: creating a need for specialists within corporations to help with Sarbanes-Oxley compliance, and creating more business for independent accounting firms, which audit that compliance.
Naturally, an upward flux in accounting jobs increases the demand for people with accounting degrees. It's the industry's responce to a diminished supply of accounting degrees. According to the Dow Jones Company, publisher of The Wall Street Journal, between 1991 and 2003, the number of students earning accounting degrees declined by nearly 17%.
Accounting Degrees More Attractive than Ever
If you approach your educational choices from a business perspective, these supply & demand characteristics make an accounting degree a more attractive option. Not only do those characteristics increase the number of job opportunities in the field, but they put upward pressure on salary scales.
The Sarbanes-Oxley Act was put in place to help protect investors. It is becoming clear that it is also helping to protect the job market for accounting professionals, making an accounting degree more valuable that you might think.
Source:
About the author:
Richard Barrington is an author and freelance writer.
|
|
