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With a dearth of talent on the market, companies in the New York metro area are considering candidates they might not have looked at before. That's good news for CPAs who got pushed out of large firms for growing too old, and for mass-layoff victims. With simply too few CPAs available to fill open accounting and corporate spots, employers are taking a second look at people they would have never considered before, says John Gramer, regional managing director of the Mergis Group in New York City. "If there were layoffs in a company, even by chance, it used to be hard to get other clients to see these people. But now that's just not the case. There's a lot more movement and flexibility."
Another major trend Gramer has noticed: the recruiting of older CPAs. "We're placing more seasoned CPAs than ever before," he says. "Some were forced to retire at the big firms, and they are coming back and working for smaller firms. It's also happening in the private sector, as well. These are people who might not need to make the top dollar anymore, but they want to come back to work."
This is all good news for accountants seeking a new position. And it doesn't look like it's going to change any time soon. "There are many more retirements coming, with the graying of the workforce here in the area," Gramer points out. "The need is incredible and when we get a quality candidate, we can easily get them six or seven interviews without much work. The client is always asking what I can do to influence them to take this job."
To that end, salaries and bonuses are showing a definite trend upwards, Gramer says. In addition, he notes bidding wars are breaking out for qualified candidates at public accounting firms. "There's tremendous upfront money and guarantees. We're seeing staying bonuses for people to stay on board for two years, in addition to educational benefits."
Still, Gramer cautions those who are looking to climb the corporate ladder to make sure they follow the right track. "We see many partners in firms or senior managers who will come to us and say that they want to be a controller, for instance. Most clients will say they don't have the relevant work experience."
He advises clients that if they wait too long to leave their accounting firm, their salary level may price them out of the market for a top corporate accounting spot. "It's better to leave at the six- or seven-year level and then go to a company to grow on the corporate side, so you can eventually move to the CFO or controller role," he says.
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