How to hire, keep CPAs in today's tight market: regulation drives hot market for CPAs.

• Author: George, Karen

"In a word, hot." That's how Amy Langer, co-founder and partner of SALO LLC in Minneapolis, describes the tremendous hiring activity in the accounting marketplace over the past year.

Industry leaders credit the misdeeds of Enron and WorldCom with the increased scrutiny of publicly held company accounting and finance departments. The financial crisis at major corporations led to the Sarbanes-Oxley Act (SOX), federal legislation mandating accounting and auditing regulations, which in turn increased the demand for accountants and CPAs.

"Many companies have never had an internal audit department," says Langer. She added that companies ramped up to comply with SOX regulations and this created new positions. Langer describes the most sought-after accounting professional in today's market as having four- to eight-years of experience and as having practiced in all three areas of accounting; a CPA background, SEC reporting and strong GAAP skills.

Star status, bonuses and cold calls

Keri Wiskow fits the profile of the accounting star in today's tight market. And she gets the cold calls from recruiters to prove it. "They're calling a lot," says Wiskow, a senior auditor with Boulay, Heutmaker, Zibell & Co. PLLP in Minneapolis, Minn.

"I get two to three calls per week touting better pay and a signing bonus. And if you're not interested, they want the referrals of others who may be interested." Signing bonuses of up to $5,000 are paid to highly sought-after candidates and some recruitment firms offer payment for referrals.

For those professionals looking to make a move, Scott Sterling, division director for Robert Half Finance & Accounting, reminds new and experienced accountants to position themselves as strong contenders even with the candidate-driven market.

For recent graduates, emphasize scholastic achievements, such as grade point average, extracurricular activities and internships. For the experienced professional, highlight skill sets, "particularly what you have done and what new challenges you seek."

With all the incentives to become a job jumper, what keeps a high performing accountant loyal? Langer says they're the same things that attract employees in the first place: competitive salaries, a workplace environment with work/life balance, recruitment practices that stay ahead of the hiring curve, and contract consultants to help with the work load when needed.

Wiskow expands on the work/life balance issue citing that flexible scheduling...