As public accounting firms broaden their role as business advisors and clients demand a more sophisticated level of service, the need for experienced specialty services professionals continues to grow. At the same time, the scaling back of entry-level hiring that began several years ago has led to a shortage of mid- and senior-level personnel at public firms. This is accompanied by increased competition from the private sector for experienced public accountants. As a result, public firms are placing heavy emphasis on retention efforts and salaries are rising.

The changing role of public accounting firms has also created a need for accountants with strong communication and problem-solving skills. Mirroring the expectations at private firms, clients are demanding not only top-notch accounting and financial assistance, but also the ability to provide strategic advice. Public accountants must be skilled in the latest financial software applications and be able to communicate their analysis of financial reports effectively.