Hartford Business Journal

HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 29 FOCUS: ACCOUNTING 90% of UConn accounting students have jobs lined up before they begin their senior year. Connecticut employed 15,960 accountants and auditors as of May 2022, according to BLS data. "In accounting, the job place- ment is fantastic," he said. "If you choose accounting, you'll get a job in accounting." Starting salaries for accountants had been the lowest for graduates of UConn's School of Business, but they have started to rise and become more competitive, Plesko said. A young accountant can anticipate earning at least $70,000 annually out of the gate, with rapid growth poten- tial. Stewart, of the CPA Society, said there have been efforts to continually raise that starting rate. FML implements an employee referral bonus and regularly conducts market analysis to adjust salaries, "ensuring we are competitive in attracting the best talent that's out there," said Chief Operating Officer Heather Lavallee. After a few years, a young accoun- tant could be a manager and the compensation goes up as they learn and grow in the field, Kelleher added. The annual mean wage for a Connecticut accountant or auditor is $87,620, according to BLS data. Work-life balance Meantime, recruiters are circling back to those who may have left the profession, especially during the pandemic, to show them the industry has embraced more flexible work schedules. Andrews, of Whittlesey, said accounting allows for hybrid and remote work options, offering a work- life balance that many employees now seek out. Some accountants during the pandemic relocated to different states, but were able to stay with their firms. Whittlesey now employs accoun- tants who work fully remote from outside Connecticut. Young accountants, added FML's Kelleher, will have to put in some long hours during tax season, but industry leaders are emphasizing the impor- tance of maintaining a sustainable work-life balance. Most of FML's staff have chosen a hybrid work arrangement. "There are times when accountants are busy, and putting in 60, 70, 80 hours a week is necessary, but that's not every week of the year," Kelleher said. "There are other times when the workload flattens out, and we're able to give our people the flexi- bility to come and go and not miss the life events that they want to be involved with." YEAR MAY 2019 MAY 2020 MAY 2021 MAY 2022 Accounting industry employment in CT Source: U.S. Bureau of Labor Statistics NO. OF ACCOUNTANTS AND AUDITORS 15,450 20,000 15,000 10,000 5,000 0 15,870 15,160 15,960 Member FDIC westfieldbank.com 170 EARS Fees are Falling! WB Autumn Mortgage Savings* Cut your closing costs when you're shopping for a home this fall. Apply by October 31, 2023, and Westfield Bank will cover the cost of your Appraisal, Credit Report, and up to $950 of your Attorney Settlement fee. This offer applies to fixed rate mortgages for the purchase of owner-occupied residences only. And you thought foliage was the most beautiful thing about fall! * May not be combined with other offers. Borrower will receive a lender credit at closing that is equal to the total cost of the Appraisal Fee, Credit Report fee, and up to $950 of the Attorney Settlement Fee. Subject to underwriting and loan approval. Property must be a 1-4 family owner-occupied home located in Massachusetts or Connecticut. Refinances of current loans are not eligible. Offer may be rescinded at any time.

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