Based on the number of college freshman who are making it their career choice, accounting is the new 'sexy' college major. Yes, accounting.
It's now the most in-demand major on college campuses, according to both AccountingWeb.com and the Job Outlook 2005 survey, conducted by the National Association of Colleges and Employers.
Why is it so popular? Academics say the numerous corporate accounting scandals over the last few years have piqued the interest of today's students. Add to that new regulations that are a result of those scandals, and the number of jobs, especially for auditors, has skyrocketed.
AccountingWeb.com cites these statistics from the Wall Street Journal:
* The number of accounting degrees awarded nationwide in 2003 jumped 11 percent from 2002.
* The largest accounting program in the nation, at Florida International University in Miami, saw a 43 percent increase in student enrollment between 2000 and 2003.
* The University of Michigan saw a 76 percent increase in accounting master's students over the past three years.
* The University of Illinois, one of the nation's biggest producers of accountants, saw a 66 percent increase in undergraduate accounting majors from 2001 to 2004.
"What this tells us is there's no such thing as bad publicity," Ira Solomon, head of the department of accountancy at the University of Illinois at Urbana-Champaign told AccountingWeb.com. "All the focus on accounting created a perception to students that accounting matters and is perhaps even sexy."
There's just one problem on the horizon: Accounting professors are retiring in droves, and there is no one to take their place. According to the American Accounting Association, there are more than twice as many faculty openings as there are applicants.
The top 10 most in-demand college majors:
1. Accounting
2. Electrical engineering
3. Mechanical engineering
4. Business administration/management
5. Economics/finance
6. Computer science
7. Computer engineering
8. Marketing/marketing management
9. Chemical engineering
10. Information sciences and systems
Source: Job Outlook 2005 survey, conducted by the National Association of Colleges and Employers