According to the Bureau of Labor Statistics, about 40 percent of the American labor force will be 45 or older by 2008. Especially impacted will be fields with a preponderance of workers over 45, many women (who tend to retire earlier) and few self-employed (who tend to retire later) - a Baby Boom retirement trifecta. Such jobs include financial managers, accounting and auditing clerks, bookkeepers and real estate and insurance sales people, the BLS says. Not only that, but the ranks of certified public accountants are aging. In 2005, 37 percent of the American Institute of Certified Public Accountants� membership was over 51. Another 38 percent was 41 or older. �In 15 years, three out of four of our current members will be reaching or approaching retirement age,� says AICPA Board Chair Leslie Murphy. A similar pattern has emerged among certified financial planners, 45 percent of whom are 50 or older.
Opportunities
Such trends bode well for accounting professionals who are among the smaller pool of workers born immediately following the Baby Boom.
Older workers tend to be managers and trainers who work well in groups and lead others, notes Michael Farr, author of Best Jobs for the 21st Century. �Know that employers are going to be looking to replace those skills,� he says. �Show a willingness to learn to supervise, manage and train others and to lead and work in groups.�
�Target companies that are showing their gray, like in the oil industry, where there really is a large preponderance of over-45s,� advises Mark Anderson, president of ExecuNet, a Norwalk, Conn., career management firm. �They�re going to need talent one way or another, and they�re going to be pressured.�
Staying Put
Of course, you may be able to take advantage of these trends within your existing company. �If you want to benefit from people�s retirement, network inside your company with people outside your department, so they�re aware of your skills and of who you are and what you can do,� says Anderson. �Seize on areas within your company where you can see a lack of planned business wisdom transfer, if those are areas of interest to you.�
In addition, seek out developmental assignments that offer exposure to new problems or other segments of your company, Anderson adds.
It�s never too early to start planning how you�ll win the succession game. �Talk with senior managers to find out what it takes to succeed in these jobs,� suggests Roberta Chinsky Matuson, president of Human Resources Solutions in Northampton, Mass. �For example, if the job requires a master�s degree, then begin taking graduate-level courses now, so you have the minimum educational requirements.�
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