Hopefully it’s not too early for bad numbers. Crain’s New York put some together to give you an idea about how bad the employment picture has gotten for accountants in the past year.
The total number of accounting professionals for the top 25 firms in New York was more than 23,176 as of June 30, 2009.
That number is down from 24,909, or 7% from the previous year. The Big 4 horsemen account for two-thirds of this total and, not surprisingly, they all reported drops:
Continued, after the jump
No. 1-ranked KPMG cut 13% of its professional staff, or 681 employees. No. 4, Deloitte, was not far behind in job shrinkage, with a decline of 378 staffers in the New York area, or 11.7%. Pricewaterhouse reported 350 fewer professional, or a 9.2% decline. Of the four, Ernst & Young posted the smallest loss: a drop of only 1.6%, or 67 professionals.
Crain’s list of details on the top five firms (Big 4 + RSM McGladrey) shows additional data, including KPMG having over 10% more total professionals in New York than the next highest, PwC.
Smaller firms including CBIZ Mahoney Cohen & MHM Mahoney Cohen CPAs (probably the most ridiculously long name for firm we’ve ever seen) and Weiser also experienced significant drops:
CBIZ Mahoney Cohen & MHM Mahoney Cohen CPAs, which saw a loss of 53 professionals, or 22.7%, despite last December’s acquisition of Mahoney Cohen by CBIZ & Mayer Hoffman McCann…Weiser…reported a decline of 10.7%, or 42 professionals.
Sorry for all the gloom. Here are some small bright spots:
• Eisner, hired 120 professionals, an increase of 25%
• Marks, Paneth & Shron, 47 and 13.4%
• Seymour Shapss Martin & Co, 20 and 11.7%
You don’t have to be John Nash to see that the drop by the Big 4 overtake any increases by the smaller shops. And seven percent seems like a pretty significant drop but what the hell do we know?
Discuss your firm’s (or former firm’s) numbers in the comments and feel free to speculate on the job outlook for the coming year. It’s not like it could get worse. Could it?
A hard number for accountants: 7% fewer jobs [Crain’s New York]
Fortunately for you tax people anyway. It was a rough week for a lot of you out there. Luckily, in our selfless nature, we’ll kindly remind you to check out the GC Careers Center for your next career move.
Hopefully, we’ve found someone their next job, because we’re sure some of your severance is blown already:
Details, after the jump
Company: John Hancock
Title: Senior Accountant – Investment Tax Accounting
Description/Responsibilities: Manulife’s US Taxation Department within the Corporate Division is responsible for the tax compliance and financial reporting for Manulife’s operations within the US tax jurisdiction. Maintaining timely and accurate tax basis inventory of U.S. jurisdiction investments to support financial reporting and IRS audit work.
Assisting in the implementation of appropriate process improvements and technology solutions for the ongoing tax accounting and controls to support tax return preparation and financial reporting.
Assisting in analyses of investment tax positions taken and proposed to support ongoing valuation allowance analysis and tax planning initiatives.
Experience/Skills Required: Minimum Bachelors degree in accounting required, experience with tax accounting for investments preferred.
CPA or M.S.T. or M.S.A. would be preferred but not required. 3-5 years’ experience with: life insurance company financial reporting for NAIC and U.S. GAAP, experience with Canadian GAAP is a plus.
Must have expertise in Federal and State taxation laws as well as a strong knowledge of accounting for investments.
See the full description at the GC Career Center and if this position doesn’t get you amped, go to the main page and find something that does. We can’t do everything.
As recruiting continues this week, we’ll put out the idea of opting to starting your career with a firm or company as opposed to starting at a Big 4 firm. Regardless of the Big 4’s dominance of the BW list, there are several smaller firms that make good offers and all businesses need number crunchers to track all the bloody money.
And this year, since many of the Big 4 don’t appear to be making as many offers, going with a national or regional firm or private company becomes a serious option for many recruits.
For the recruits out there, are you giving serious consideration to taking a position with a non-Big 4 firm? For the rest of you, is starting your career at a Big 4 the only way to go or can relative happiness and success be found elsewhere?
Discuss in the comments.
Since there seems to be some unhappy campers out there we’ll take a moment of your day to tell you about a position that might make you less miserable or hopefully better compensated:
Company: Morgan Stanley
Location: New York
Description: Associate or Manager for our Legal Entity Accounting & Disclosure Group. Responsibilities will include gaining an understanding of the firm’s equity financing products, derivatives and securities lending business in order to assist in producing and analyzing many of the division’s financial accounting disclosures.
Skills Required: BS or BA in Finance and/or Accounting, CPA preferred; 3-5 years of experience in Public Accounting and/or financial services industry; Must have thorough understanding of FAS 133, FAS 140, FIN 46, FAS 157 and FAS 161 FASB pronouncements
See the full description at the GC Career Center and if this position doesn’t tickle your get your ass off the couch/ship-jumping bone, go to the main page and find your next temporary dream job.