By Anne Stuart

If you're a financial or accounting consultant who's looking for work, the news has never been better. Thanks to a highly competitive marketplace and a shortage of specialists with your skills, you're in demand. Big time.

That's due partly to the overall economic recovery–American unemployment was at 4.7 percent in April 2006, the lowest level since mid-2001–and partly to a 1990s drop in the number of college graduates with finance and accounting degrees.

“We're feeling that shortfall now,” says Gwen Martin, Director of the SALO Project division of SALO, LLC, the Minneapolis-based financial and accounting placement firm. “There's strong competition for top talent, especially in these niche areas, and a finite pool of talented people to draw from.” In fact, in a recent industry survey of nearly 33,000 employers worldwide, accounting was among the top 10 industries experiencing the greatest talent shortages.

Bottom line: Finance and accounting professionals have the potential to find better consulting jobs than ever before–if they know how and where to look for them.

Baby Boomers and a Booming Economy

Economists project that employers will keep feeling the talent pinch for at least the next decade as the first wave of Baby Boomers–the 77 million Americans born between 1946 and 1964–reach retirement age starting in about 2010. In addition, the recovering economy will generate about 19 million new jobs by 2014, according to the Bureau of Labor Statistics at the U.S. Department of Labor (BLS).

Overall, between the retirement-generated vacancies and the newly created positions, BLS researchers project that we'll see more than 54 million new jobs within a decade.

Meanwhile, the need for financial/accounting expertise is already skyrocketing, thanks largely to the Sarbanes-Oxley Act of 2002 and its rigorous requirements regarding accuracy, accountability and transparency in corporate finance. Specialists in cost accounting and financial information-technology systems are also in high demand, as are executives who are qualified to step into strategic CFO-level roles.

Not surprisingly, given the talent shortage and the increased demand, it's taking companies with finance and accounting vacancies longer than ever to track down the best candidates. Finding the right full-time hire for almost any position in those fields typically takes at least two months, and can now last several times that long.

Those facts add up to tremendous opportunity for finance and accounting consultants, who can offer expert assistance in those jobs for anywhere from a couple of months to the better part of a year–however long it takes the company to fill the vacancy.

However, using the demographics wisely requires just the right combination of strategy and expert assistance. Following is expert advice on striking the right balance.

Partner with the pros.

If you're not already affiliated with a professional staffing firm, get on board! Staffing firms typically have access to many opportunities that you'd never even hear about otherwise.

But choose carefully. Align yourself with an employment partner that specializes in the same areas that you do–high-level finance and accounting–and look for one with a large, diverse roster of clients.

SALO, for instance, is “very well-networked,” Martin notes. “We have relationships with a huge range of people and companies.”

Network like crazy.

If you're already employed, stay in the loop about your company's succession activity. Know who's moving up and who's moving on.

Both circumstances are likely to create demand for consultants to fill the gap between the current jobholder's departure and the new hire's arrival. Keep in touch with friends and colleagues at other companies about potential contracting opportunities there as well.

Specify what you want.

Let your staffing partner know exactly what you're seeking, including:

• The skills and specialties you'd most like to emphasize
• The ideal placement length
• Whether you're interested in part-time or full-time opportunities
• Which industries you know best
• Your preferences about company size, culture and location

Above all, don't underestimate your value. Companies are beginning to realize that consultants can provide a quick, highly effective solution to dealing with key vacancies in finance and accounting. If you're a skilled specialist who can jump into an assignment on short notice–and hit the ground running once you're in the job–it's not much of a stretch to say that you're worth your weight in gold.

About the Author
UpSide contributor Anne Stuart writes frequently about business, workplace and career issues. A former writer and editor for Inc. and CIO magazines and The Associated Press, she is now a freelance writer based in Boston. You can reach her at Anne.S@BeTuitive.com.

Copyright © 2006 BeTuitive Publishing