NewHavenBIZ

16 n e w h a v e n B I Z | D e c e m b e r 2 0 2 1 | n e w h a v e n b i z . c o m F O C U S : A c c o u n t i n g Struggling CT malls look for new uses — office/medical space, apartments — to fill empty storefronts Accounting firms get creative to attract, retain talent By Christina H. Davis T he hiring market is tight in virtual- ly all corners of the United States, and the New Haven region is no exception. For the area's accounting firms, the competition for hiring staff is heating up post-pandemic. "You can ask the employers. ey're knocking down my door every day and I can't find enough accounting majors," said Nelson U. Alino, interim associate dean for the Quinnipiac University School of Business and professor of accounting. e irony is that accounting remains a reliable and well-paying career choice. e state Department of Labor (DOL) reports that accountants in Connecti- cut have an average annual salary of $79,000 and average annual job open- ings of 1,800. e DOL projects there will be 20,000 accountants employed in the state by 2026. "Accounting is a recession-proof pro- fession," noted Alino. However, prior to the pandemic, the strong economy meant there was a plethora of job op- tions for math-minded college students and the accounting industry became less popular. Also putting accounting at a disadvantage is the requirement for public accountants to earn 150 col- lege-credit-hours (which amounts to a master's degree) and sit for the rigorous CPA exam. "Recently, COVID did not help us," Alino added. "Our numbers have gone down. Interest has gone down." ere is also competition between accounting firms and private indus- try. Large Connecticut employers like Sikorsky and Pratt & Whitney are snap- ping up accountants fresh out of college or aer they've logged a few years at an accounting firm. "Part of what [employers are] suffer- ing is the turnover," Alino said. Some college grads use accounting firms "as a stepping stone to go to other places." Office culture Dennis Cole, managing partner at Beers, Hamerman, Cohen & Burger PC (BHC&B), and past president of the Connecticut Society of CPAs, said his firm, like many others, is facing not just a tight labor market but a lot of turn- over. "We've lost 9 and hired 10 people over the last year," he said, adding that "when people are working from home, they chase the dollars more." As a result, BH- C&B has brought employees back to its New Haven and Fairfield offices, while allowing for some remote work. Keeping people engaged when offices were closed was a challenge and everyone eventually tired of Zoom happy hours. To combat the hiring challenges in the industry, Cole said BHC&B has developed a strong internship pro- gram that serves as a pipeline for new employees. "Almost everyone we've hired over the last 10 years has interned for us," he said. Hiring interns is something the ac- counting department at the University of New Haven (UNH) recommends to employers. "I would urge employers to reach out to the educational institutions in their area," said Mary Miller, a distinguished lecturer in accounting at UNH. "Reach out now. ere's a pool of students waiting for you." Candice Deal, associate professor in accounting and assistant dean of the Pompea College of Business at UNH, also noted how competitive the market for accounting talent has become with Dennis Cole PHOTO | CONTRIBUTED Nelson U. Alino, interim associate dean for the Quinnipiac University School of Business and professor of accounting, tutors one of his students.

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