Obviously, the scandals and unethical behavior at major companies ruffled the profession and its hotshot players -- from Arthur Andersen to Harvey Pitt. But it's not unrealistic to expect the profession to bounce back quickly, despite the many new challenges it faces. After all, the profession really doesn't have much of a choice but to turn this wrong into a right. Accountants translate the "language of business," and they consequently have a profound impact in the business world.

So that makes you, a soon-to-be accounting grad, a hot commodity. Wondering why you got on this rollercoaster? Not sure what to do with your degree? Here are some points to consider:

• According to The Fall 2002 Salary Survey, published by the National Association of Colleges and Employers (NACE), college students who graduated in 2002 faced fierce competition for jobs and lower starting salaries in the Fall -- a direct result of the poor economy. However, accounting graduates managed to fair the "best" -- their average offer fell just 0.6 percent from 2001 to $39,494. 
  
  
• The American Institute of Certified Public Accountants reported that 152,885 were enrolled in accounting major programs in 2000-01 -- a 21 percent decline since 1995-96. After numerous scandals in 2002, colleges and universities throughout the country are reporting increased enrollment in accounting programs. One of the strongest indicators of renewed student interest in the profession is the emergence of ethics courses on campuses. Students who are getting ready to transition out of college and into the accounting profession are one step ahead of the trend.
  
  
• Forensic accounting (accountants who specialize in the detection and prevention of fraud) is suddenly a "sexy" occupation. It's an opportunity to "dig for corporate dirt" -- and it's lucrative. A forensic audit typically costs at least $100,000, even for simple cases at small companies. (Source: International Herald Tribune). The Securities and Exchange Commission is mulling the idea of hiring forensic auditors for periodic audits of companies, serving as a "backup" for companies' regular auditors.
  
  
• While it's true new grads will have more difficulty finding a job in public accounting than an experienced accounting professional (those with 3-5 years experience are the most sought after by public accounting firms), the Sarbanes-Oxley Act increases the demand for CPAs. Look to the smaller, regional firms, not just the Big Four, for job opportunities. Also, while the Act so far only affects publicly-traded companies, experts predict it will trickle down to the state level.
  
  
• In this slow economy, companies are looking to hire people with the following specialties: Cost accountants to contain expenses and improve profitability; Accounts receivable professionals to improve cash flow; Bookkeepers and accounting clerks to handle basic accounting functions; and Staff accountants to manage such responsibilities as journal entry preparation and general ledger reconciliation. (Source: Robert Half 2003 Salary Guide)
  
  
• Financial institutions continue to expand their service offerings, including financial planning and asset management services. (Source: Robert Half 2003 Salary Guide)
  
  
• In an investor confidence survey by TowersGroup (March 2002), financial planners received among the highest ratings for honesty. And despite the Enron debacle, the same survey found that 34 percent of respondents gave accounting firms the highest trust rankings. A more recent survey conducted by the Financial Planning Association (September 2002) put accountants on top as the most trusted financial advisor. Altogether, even though unethical accountants, namely CFOs, have been in the headlines lately, American investors still consider accountants a trustworthy source for financial guidance.
  
  
• There are numerous career paths for accountants. Accountants can provide multiple services and expertise to their clients; offering both tax and financial planning guidance is a growing trend. At the end of this article you will find links to learn more about the career options available to you.
  
  
• Finally, fellow accounting students across the country are expressing pride in their career choice. "Morale is high, jobs are plentiful and students who once thought of certified public accountants as boring numbers-crunchers now see them as crusaders restoring integrity to corporate America and luster to a profession touched by scandal," stated a recent Tampa, Florida, newspaper.

One essential thing to remember, especially if you are a 2003 grad: Don't let a weak economy stifle your job search. The same advice for finding a job in a strong economy applies in a weak economy: volunteer for experience, network, perfect your resume and "60-second" bio, and be persistent.

Want more information about career opportunities in accounting? Check out:

• Associations and Societies - Your local CPA society, accounting firm and others can prove excellent resources during your career search.
• Professional Designations - Learn about the CPA, CFP, CMA, CFM, CFE, CIA and other certifications.
• Colleges and Universities - Professors of accounting are among the most knowledgable people out there; don't dismiss their expertise or the help of schools' career counseling offices.
• SmartPros 2003 Career Guide - Designed to inform students and seasoned professionals alike on the climate of today's job market.