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QUARTERLY MARKET REVIEW
Second Quarter 2007
Since our inception in 1998, Q&A Recruiting has earned a solid reputation with both our clients and employees as the recruiting firm of choice in the
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Master Soft Skills on the Climb to CFO In the mad rush to find the perfect CFO - one who combines financial know-how with strategic thinking, presentation skills, and leadership - controllers are often bypassed. According to a recent study by Korn Ferry International, controllers accounted for a mere 4 percent of the 190 Fortune 500 CFOs (2006 list) hired externally. And while controllers may be perfectly qualified for a CFO position, many corporations still think of them as back-office systems Sarbox gurus. Overcoming that stigma is no easy task. Moreover, good controllers have become so invaluable that CFOs may be reluctant to push them up the ladder. Still, controllers must figure out how to broaden their skills if they want to move up - whether at their own companies or elsewhere. Try different finance titles or pursuing roles in other parts of a company to "get in front of the issues." Source: CFO.com
Accounting and Finance Salary Trends This graduation season is a joyful one for those in Accounting receiving average offers of $47,421, a 2.7 percent increase according to the National Association of Colleges and Employers. While that seems like a small increase compared to those of other business grads, it is important to note that accounting salaries have been rising steadily, a good indication of the ongoing demand for this discipline. Finance graduates posted solid starting salary data and are the most highly paid among the business disciplines reported with an average offer of $47,877. For those with more experience under their belts, the lastest Institute of Management Accountants annual survey found that accounting professionals who are certified earn significantly more than their non-certified peers. Respondents holding Certified Management Accountant (CMA), Certified Public Accountant (CPA), or Certified Financial Manager (CFM) certifications reported a higher average salary in 2006 than their non-certified peers: $102,393 compared to $80,738; a difference of 27 percent. "Organizations today need accounting professionals who can make strategic decisions and contribute as performance advisors in a rapidly changing business world," said IMA President and CEO Paul A. Sharman. "This year's salary survey demonstrates once again that organizations place a high premium on professionals with this set of skills - individuals who take the extra step to become certified." The survey also revealed that average total compensation -- which includes salary as well as other incentives, such as bonuses and profit sharing -- for certified accounting professionals was 31 percent higher than average total compensation for non-certified professionals: $123,662 compared to $94,191. Among other findings, the survey revealed that IMA members holding any kind of accounting certification can expect to earn approximately $11,000 to $18,000 more annually than non-certified members during the course of their careers. As a value-added service to our clients, Q&A Recruiting offers a free local Salary Survey. This data is specifically compiled for the Dallas/Fort Worth area in the disciplines of accounting, finance, tax, information technology and human resources. The Q&A Salary Survey is calculated through a combination of information gathered from local job searches and market input from clients and candidates. Click here to request your 2007 DFW Salary Survey.
Finding Good References When You Can't Ask Your Boss If you have been fired or quit a job on shaky terms, the prospect of securing positive references can seem daunting. Employed job hunters face a similar predicament when they need someone to vouch for them but want to keep their search hidden from their immediate boss. Whatever the circumstances of their job hunt, professionals with a track record of success needn't be at a loss for supporters. Here are some tips for winning rave reviews when the usual sources aren't available. Source: CareerJournal.com
Local Economy and Employment Trends The May seasonally adjusted unemployment rate fell to 4.1 percent, its lowest point since the current series began in 1976. The unemployment rate dropped from 4.2 percent in April and 5.0 percent a year ago. Seasonally adjusted employment in Texas grew by more than 22,000 jobs in May, with 10 industries gaining jobs from the previous month. Texas employers now have added almost 240,000 jobs over the past 12 months. "Sustained job growth and a strong Texas economy have driven the unemployment rate to this historic low,” said Texas Workforce Commission (TWC) Chair Diane Rath. “Texas employers are prospering which means more opportunities for working Texans.” Dallas area employers added 6,500 positions during the month, the most of any metro area in Texas. Job gains were broadly based across industries, with Professional and Business Services and Financial Services leading the way. The two industries added 1,700 and 1,400 jobs, respectively—and their growth is helping bolster demand for office space. Fort Worth’s economy maintained its strong growth in April. Its payroll gains totaled 4,300 during the month, the second-largest increase among metro areas in Texas. Professional & Business Services continued to surge forward with 10 consecutive months of job growth, gaining more than 5,000 positions in May. Accounting firms report very strong activity. Demand for specialty services is robust, but growth in audit and consultancy services has leveled off. Temporary service firms reported a slight softening of orders to some manufacturers, but demand was hefty to supply workers to accounting and IT services. Commercial lending continues to increase and is above last year's solid gains. The labor market remains very tight for workers with specialized skills, such as CPAs, accountants, MBAs, engineers and those with experience in commercial construction and the energy industry. Education & Health Services showed the largest over-the-month increase since last summer, gaining almost 5,000 jobs. The industry has now logged 38 months of job growth since January 2004. Trade, Transportation & Utilities recorded employment gains for the sixth consecutive month. “Texas employers are making enormous strides across a wide spectrum of industries,” said TWC Commissioner Representing Employers Ron Lehman. “Our state’s annual job growth rate at 2.4 percent now outpaces the U.S. rate at 1.4 percent.” Sources: Texas Workforce Commission, Dallas Federal Reserve Bank Announcing Our New Houston Location! Q&A Recruiting is pleased to announce the launch of our new Headquartered in the Galleria area, SNI Houston will offer both direct hire and contract recruiting services in Accounting and Finance effective July 1st, 2007. For more information contact Mark McConnell, Managing Director for the
Professional Organizations in DFW Following are links to both local and national networking organization sites to help you stay current in your field of Accounting and Finance:
Texas Society of CPA's: The Institute of Internal Auditors
Big 4 Global Alumni
Tax Executives Institute - Dallas Chapter
National Association of Black Accountants
Association of Latino Professionals in Finance and Accounting
International Accounts Payable Professionals
Dallas Association for Financial Professionals
Fort Worth Association for Financial Professionals
Institute of Management Consultants
Contact UsIf you are receiving this email, someone from the Q&A Recruiting team has met you or your firm through a business interaction. If this quarterly newsletter has reached you in error, please allow us to apologize for our mistake. We hope that you discover value in our Quarterly Market Review and feel free to share this with colleagues with similar interests. Please let us know if you wish to receive future newsletters at a different email address than where you received this. We encourage you to subscribe to our other free publications by clicking here If you prefer not to receive our future quarterly newsletters, please reply with "Unsubscribe" typed in the subject line in order for us to remove your email address from our distribution list. This newsletter is published internally by Q&A Recruiting, 14241 Dallas Parkway, Suite 550, Dallas TX 75254. (972) 720-1020. Comments or questions may be sent to Lynn Mazur, Director of Marketing, at lynn@qarecruiting.com.
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