The new “it” profession 

The next time someone asks what you do for a living, be sure to answer with a healthy dose of pride. Because by all recent indicators, accounting is hot.

Accounting is the most popular major on US college campuses, according to the Job Outlook 2005 survey by the National Association of Colleges and Employers. The study found more college students are choosing to pursue accounting than any other discipline, followed by electrical engineering, mechanical engineering and business administration/management.

Statistics from the American Institute of Certified Public Accountants confirm that enrollment in accounting programs continues to climb. For the four-year period from 2000 to 2004, enrollments were up 19%, as were the number of accounting graduates. Furthermore, in 2004, there was a 17% increase in the number of new accounting graduates hired by the firms, compared to 2003.

The surging popularity of the profession, however, isn’t limited to the US. Accountancy is where it’s at in Britain as well. According to The Times Top 100 graduate employers’ survey, one in five UK graduates in 2005 said accounting firms offer the best career opportunities after leaving university.

Asked which employer offers the best opportunities for graduates, the more than 16,000 graduates interviewed named four accounting firms in the top six: PricewaterhouseCoopers (1), Accenture (3), KPMG (4) and Deloitte (6).

What’s driving students to accounting in droves? In part, it’s a case of supply and demand. New regulations resulting from accounting scandals has increased the number of accounting jobs, not to mention the salaries of accountants (see “What’s your worth?” January/February).

But those accounting scandals may have also grabbed the attention of students, experts say, creating a perception that accounting is important or even sexy.