CFOs across all industries are competing to acquire talent for their support staff, and data from the Projections Managing Partnership recently identified the short-term geographic projections of roles finance chiefs could be looking to fill by 2023.
Projections on four position categories — accountants and auditors; credit analysts; financial managers; and financial and investment analysts, financial risk specialists, financial specialists, and all others — reveal that despite a global shift in workflow and flexibility, the most populated and economically productive states continue to lead the way in hosting tomorrow’s financial support staff.
Although New York, Texas, and California dominated the number of jobs being offered for the roles analyzed, Florida was the only state to appear in the top five in each of the four positions reviewed.
Smaller states like Arizona, Georgia, North Carolina, and Washington state are projected to have specific roles available in their state in the near future, suggesting an attempt by companies to find and serve a niche in that particular state.
New York: Hot Spot for Accountants and Auditors
New York topped the list with an estimated 9,310 positions being added over the next two years, with California and Texas trailing behind, expecting to add 8,300 and 8,270 accountant and auditor roles, respectively. New York is not only leading the way in adding these positions, but the state’s 7.7% growth rate is the highest projection for any U.S. state or territory — meaning they’re not only adding more jobs than anyone else but growing the industry at a faster pace.
Illinois’ fairly stagnant rate of change of 3.8% for accountants and auditors is the same as the rate of change in places like Wyoming and Guam. This may stem from reports of departures of industries and people from Illinois on a large scale. According to the United States Census Bureau, the state was third highest in the nation in population decline in 2021, with over 113,000 residents leaving the Prairie State between 2020 and 2021.
On the corporate front, Boeing, Caterpillar, and the $50 billion hedge fund Citadel all announced this year that they were moving their headquarters out of Illinois.
Texas: Destination for Credit Analysts
While Texas dominates the list in projected credit analyst positions with the expected addition of 390 over the next two years, North Carolina’s addition of 170 of these positions places it second, with the state expecting to host a total of 2,490 credit analyst jobs come 2023.
North Carolina's accessibility to the Northeast, its mild climate, and its large financial hub in Charlotte has brought major population growth, according to the United States Census Bureau. It is the fourth largest moved-to state during the pandemic, with just over 93,000 new residents added from April 2020 to July 2021.
Both New York and Illinois bottomed out the growth projection list for credit analysts, and are expected to lose a combined 200 credit analyst positions in the next two years.
Financial Manager Positions Spread Out
Regardless of whether states are seeing population numbers change, the number of roles in planning, directing, or coordination of accounting, investing, banking, or insurance across the United States are largely still occurring in the traditional financial sectors, according to the data.
California, New York, Texas, Florida, and Illinois rank as the top places for projected growth of the financial manager position. The data suggests metropolitan areas like Los Angeles, New York, Dallas, Miami, and Chicago will be where organizations continue to hire the majority of finance decision-makers.
Smaller States Push Into Other Finance Areas
While New York, Texas, and California once again top the list below, respectively, the state of Washington is projected to add 820 financial and investment analysts and financial risk specialists positions and ranks seventh in growth of those jobs. Washington state saw stagnant population growth from 2020 to 2021 of just under 20,000 additional residents, according to the Census Bureau.
However, Washington state is also home to rapidly growing or well-established tech companies like Microsoft, Amazon, Tableau Software, Smartsheet, Expedia, and F5 Networks, as well as a host of startups.