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Confidence down for accounting and finance professionals

The Accounting and Finance Employee Confidence Index, a measure of overall confidence among US accounting and finance workers, decreased 6.4 points to 50.5 in the first quarter of 2008, according to a recent survey commissioned by The Mergis Group®, a professional placement division of Spherion Corporation (NYSE:SFN).

Conducted by Harris Interactive®, the survey yielded the lowest Index level since the study’s 2005 inception. The drop can be attributed primarily to increases in the number of workers who believe the US economy is getting weaker and that fewer jobs are available. 

Results from the report:

  • 66% of accounting and finance workers believe the economy is getting weaker, an increase of 16 percentage points from the fourth quarter of 2007.
  • 56% of accounting and finance workers believe that there are fewer jobs available, up 15 percentage points from the previous quarter.
  • Despite the nation’s economic instability and the recent job loss endured within the industry, the percentage of workers likely to look for a new job increased to 35%, showing a seven-percentage-point increase from the fourth quarter of 2007.

“Given the volatility within this sector over the last few months, the continued decline of the Accounting and Finance Confidence Index is not surprising. Workers are starting to be concerned with the current economy, but in reality we are seeing a host of positive hiring trends,” says Jack Causa, senior vice president and group executive for The Mergis Group. “In our business, we are continuing to see positive growth in this sector, especially for those with hard-to-find skills such as tax, financial reporting, corporate auditing and accounting for derivatives. This growth, coupled with the Department of Labor projection that candidates in accounting and finance have the best job prospects of any industry in 2008, suggests that 2009 should be just as robust.”

For the full report, visit www.mergisgroup.com/News/Accounting-Finance-Employment-Rpt-1Q08.pdf