Accounting, finance sectors expected to hire more in 2Q

A modest increase in the hiring of accounting and finance professionals is expected for the second quarter of 2003, according to the Robert Half International Financial Hiring Index. The index indicates that 9 percent of CFOs surveyed plan to expand their accounting and finance departments, and 4 percent expect reductions in staff. The majority of respondents, or 85 percent, anticipate no change in hiring.

The net 5 percent increase in the new Financial Hiring Index is up one point in comparison to the forecast for the previous quarter, and it is the highest level reported since the third quarter of 2001.

The CFOs who indicated that their companies are planning to hire additional accounting and finance professionals in the second quarter of 2003 were asked to identify the primary factor responsible for the increased demand. In response to that question, nearly half, or 48 percent, cited business growth. Other factors included increasing workloads, chosen by 7 percent; and turnover/attrition, chosen by 6 percent.

"Businesses that have reduced personnel or placed hiring plans on hold for several quarters may be experiencing pent-up demand for financial talent,"said Max Messmer, chairman and CEO of Robert Half International. "While the overall hiring environment remains conservative, those firms that are adding staff are doing so to facilitate current or future expansion and to meet rising workload demands."

CFOs in the business services sector advertising, personnel services, data processing, repair services, motion pictures and amusement and recreation services are most optimistic about second-quarter hiring activity for accounting and finance professionals, according to the survey, with a net 16 percent hiring increase anticipated for that sector. Retail executives also expect strong hiring activity during the second quarter, with a projected net increase of 13 percent indicated for the second quarter of 2003.

Robert Half International has been tracking financial hiring projections in the United States since 1992.

The national poll for the Financial Hiring Index for the second quarter of 2003 comprises information from the responses of 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.