How To Stay Competitive in the Evolving Finance & Accounting Job Market

SAM: Welcome to the 20th episode of Talkin' Talent. Twenty episodes feels like a milestone, and now that we're a fifth of the way to 100, it's something to think about.

SAM: In this episode I'm joined by two teammates who are leaders in executive search and recruiting and who both started their careers as accountants. Kia Powell and Jay Zanone will discuss trends in accounting and finance and our newly released Accounting and Finance Salary Guide.

SAM: Hi everyone, and thank you for joining us. This is the 20th episode of Talkin' Talent. We've produced episodes sporadically over the past couple of years. The goal for 2025 is to publish one of these every month, with the possibility of some months having two episodes.

SAM: If you're listening in the D.C. area, we're fighting some cold weather right now, but it should gradually warm up. Wherever you are, I hope you enjoy the episode. If you do, please tell your coworkers or anyone who appreciates conversation about people, talent, and talent acquisition.

SAM: You can subscribe on Spotify or Apple, or visit Cordia Resources or the Cherry Bekaert website to listen. I'm excited about today's topic and my guests, Kia Powell and Jay Zanone. Kia and Jay, thank you for joining me.

KIA POWELL: Absolutely. Excited to be here.

SAM: We've had a lot of team members from the Cordia side on, and I've had conversations with several people on the Cordia team and with those who work at Cherry Bekaert on the HR team. Kia and Jay are both executive search directors, and they are both former accountants. Kia spent 11 years in accounting and Jay spent seven before transitioning careers. Kia, could you give a quick introduction and share your path?

KIA POWELL: I started my career in industry, graduated with a degree in accounting, and moved into internal audit and government compliance audit. I spent many years working in accounting within commercial real estate. I was approached about transitioning to search and recruiting, and 13 years later I'm still in the field.

KIA POWELL: I am an executive search director focused on permanent placement, which can range from CFOs to more junior staff accountants.

JAY ZANONE: I'm a recovering accountant as well. I started with a major D.C. law firm, became an accounting manager at another law firm, and then worked in corporate accounting at a dental HMO that was pre-IPO. When the IPO didn't happen, I realized I wanted to work more on the human side of business. I met with a search firm over 25 years ago and have been in executive search since.

JAY ZANONE: Prior to Cordia, I had my own search firm for 10 years and worked at major national search firms for another 12. I focus a lot on finance and accounting across industries such as law, tech, and GovCon.

SAM: I appreciate that our Cordia team comes from different backgrounds and that each person has a unique style. Understanding how business works from inside an organization helps when working in search and recruiting. We'll hear more about your experience soon.

SAM: We're already in 2025 and at the end of 2024 we released our annual salary guides for Accounting and Finance, HR, and IT. You can find them on the Cordia Resources website. Today we'll discuss trends related to salaries in accounting and finance and takeaways for hiring managers and candidates.

SAM: Kia, from a high level, why are we seeing an ongoing accounting talent shortage in 2025?

KIA POWELL: There are multiple factors creating a perfect storm and keeping the talent pool lean, especially in the D.C. metropolitan area. First, retirement — a generation is transitioning out of the workforce and there aren't enough replacements.

KIA POWELL: Second, competition from other industries, particularly IT, which offers competitive salaries and flexibility. Professional organizations like MACPA and AICPA recognize this and have task forces addressing the issue.

KIA POWELL: Third, during COVID we saw many people make career changes, which reduced the available talent in accounting and finance. In the D.C. area every industry competes for the same talent, which exacerbates the shortage.

KIA POWELL: Firms like ours exist to provide insight into who's on the market, who's making a change, and what companies are doing, which helps employers address these challenges.

SAM: There’s a lot of context to salaries changing. Jay, when clients give a budget range and candidates exceed it, how often does that happen and why are employers paying more?

JAY ZANONE: I meet with clients to discuss budgets and ranges, and since COVID we've seen rapid salary increases. Often candidates fall outside a client's budget because it's cheaper to counteroffer to retain an existing employee than to hire a replacement.

JAY ZANONE: Most people expect a bump when they change jobs, and employers often have to pay over budget. We've seen annual raises normalize post-pandemic to around three to four percent instead of four to five percent, but hiring increases and other employer costs remain high.

SAM: I tell CHROs that candidates are often worth more externally than internally. Job changes every one to three years are more accepted now, and candidates seek growth and challenge not just money. Kia, what are some of the hardest roles to fill and why?

KIA POWELL: Surprisingly, many of the toughest and most plentiful roles are at the senior accountant and senior analyst level. Every organization needs these professionals, and salaries for this level have increased significantly.

KIA POWELL: Hiring managers can be shocked when they realize they need to increase their salary bands by $20,000 to $30,000 for these roles. There’s high demand and a limited supply, so employers must be competitive.

SAM: Jay, any other roles or industry-specific challenges?

JAY ZANONE: We get many SaaS technology roles requiring NetSuite experience or revenue recognition expertise. Recurring revenue experience is in high demand. There's also a lack of female leaders in SaaS finance, which makes it harder to improve diversity in those roles.

JAY ZANONE: The bell-curve jobs — senior accountant, senior financial analyst, and even accounting manager — are challenging because compensation has risen and these roles do much of the detailed work controllers need handled.

SAM: Another trend getting attention is the push to get people back to the office, especially in D.C. with a new administration. Jay, with renewed visibility on in-office work, what are you seeing and what do you recommend for companies hiring this year?

JAY ZANONE: COVID accelerated remote work, and now with federal employees returning to the office, there are pros and cons. Increased ridership is good for Metro and small businesses, but traffic will worsen.

JAY ZANONE: Companies that offer a hybrid model — bringing employees in for collaboration while allowing remote days — will have a competitive advantage. Some firms are asking employees to return five days a week, which can strain working parents and others with long commutes.

JAY ZANONE: Flexibility will be a differentiator in hiring.

SAM: Flexibility is important to candidates and clients. It’s no longer about everyone showing up at 8:30 and leaving at 5:30. Candidates want options for when they work and how they balance life. Kia, any recommendations for CFOs or CHROs thinking about flexibility?

KIA POWELL: Flexibility is king. Candidates often trade dollars for flexibility. If your budget is tight, consider other benefits like hybrid or remote work options. Reinventing culture is possible and timely for many companies.

KIA POWELL: Candidates assess the overall cost of taking a new position, including commuting time and expenses in the D.C. area. Employers should be creative and find a competitive middle ground to attract talent.

JAY ZANONE: One of my clients allows dogs in the office, which is another perk for some candidates. Make sure candidates are comfortable with that.

SAM: Employers can designate specific in-office collaboration times, such as weekly team meetings, so people know when to be present. Office space decisions will be interesting in the coming years as leases run out and buildings are repurposed.

SAM: From a candidate’s perspective, how should they adjust expectations about work models when many companies are more in-office now? Jay, thoughts?

JAY ZANONE: Identify your "hot buttons" — what you want from your next job beyond base pay. It could be bonus upside, equity, or flexibility. Communicate those priorities to your recruiter so they can find the right match.

JAY ZANONE: Consider industry differences: tech may offer upside, while large corporations may provide stability and benefits. Evaluate the employer, the role, and what will make you happy in the long term.

SAM: Interviewing now is different than several years ago. Initial interviews may be virtual, and you can learn a lot that isn't in the job description. Kia, are companies setting compensation strategies based on work models like fully remote, hybrid, or in-office?

KIA POWELL: It depends on the company and the talent source. I worked with a medium-sized nonprofit that went 100% remote but still targeted talent in specific markets. They evaluated compensation ranges based on where candidates live and what comparable roles in those markets pay.

KIA POWELL: Companies must decide where they're sourcing talent and how market differences affect compensation. Time zone differences and markets will influence pay decisions.

JAY ZANONE: Remote job postings generate huge volumes of applicants, even when listings require candidates to be local. Many people relocated to lower-cost areas and seek higher D.C.-area dollars. Some companies operate with minimal physical offices and hire fully remote staff across the country.

JAY ZANONE: Geography matters for scheduling and quality of life; for example, working for a West Coast company while living on the East Coast can mean many late meetings. Companies that define core values, remain productive, and offer flexible hybrid options will be successful.

SAM: If you're fully remote, your systems and technical support must function well. Lacking resources or support is a major issue for remote accounting teams.

SAM: One compensation strategy we've seen is sign-on bonuses. Have bonuses or long-term incentives changed recently?

KIA POWELL: Yes. Some clients use sign-on bonuses across the accounting department to make offers more competitive. A sign-on bonus provides immediate extra compensation rather than making a candidate wait 12 months for an increase. It can help bridge pay expectations while keeping base pay structures aligned.

JAY ZANONE: Sign-on bonuses can also address pay transparency and compression issues. Younger employees sharing hiring data can create disparities, so sign-on bonuses allow employers to attract candidates while maintaining fair, transparent pay scales.

SAM: Pay transparency is unlikely to go away. Employees openly discussing compensation presents challenges, but it's generally positive. We didn't cover artificial intelligence in depth here, though it's an important topic that may deserve another conversation.

SAM: Kia and Jay, thank you for joining me. We'll do this again next January to see what's changed. We'll share Kia and Jay's contact information, including email addresses and LinkedIn profiles, on the resources page if you'd like to follow up.

SAM: Thanks to everyone for listening. We'll check back in next month.