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Every New Year brings hope for something better. When the ball drops on December 31st at midnight people begin to make resolutions. There is a yearning for improvement, hope for a fresh start. Most New Years, people decide to loose weight or stop smoking; however, for the beginning of 2009 it is different. Our economy is not doing well; the recession is finally staring to show its effects. Last year there was a mortgage crisis, the Madoff scandal and the fall of the stock market significantly resulting in the loss of homes, retirement funds and jobs. The unemployment rate is rising; so this New Years instead of hoping for weight loss or a nicotine free life people are more concerned with getting a job, affording their house (or finding one) and figuring out a way to get back the savings they thought would be there when they retired. It is a different time and since I am a student about to graduate college and enter the world of job markets and housing it is a great concern of mine.        

           Currently I am a senior at West Chester University as well as a part-time employee at Thomas Jefferson University Hospital. I am learning about the recession in different ways from both of these experiences. I work in the Nursing Business Office two to three days a week to pay for expenses until I graduate. My boss is the Director of Finance for the Department of Nursing. Our main job involves budgeting and financial reporting. Each year I am responsible for the Capital Budget process for the next fiscal year. I will take purchase requests for each of the nursing units and enter them into a system so they can be approved for next fiscal year's budget. This year only essential items were allowed to be requested. Even though the amount of requests were drastically decreased from last year's Capital Budget there were still concerns about whether there would be enough money to even fund those requests. The apprehension does not stop there; there have been numerous budget cuts and every inch of the Nursing Department is trying to cut back on expenses, the next option is to lay off employees which has already been a discussion and definitely all hires are postponed. It does not look good.

             At West Chester University there is excitement about upcoming graduation for those of us who are seniors; however, the amount of people graduating with a job is scarce. Many students have decided to go to Graduate School hoping the job market will recover by then. The problem is they are not sure and the future does not seem as promising as our first day as freshmen. Instead of graduating, getting a place of their own and becoming an "adult", they are continuing the life of a student. I heard students from many colleges discussing this issue and for a moment I was concerned that I would face the same problems. Then I took a breath and relaxed, knowing that my job market is different; I am an Accounting major.     

            Over the years there has been numerous crises' with large companies. The fall of Enron is the first to come to mind. How was that issue dealt with? The Sarbanes and Oxley Act of 2002, more regulations were enforced. The increase for audit procedures led to more billing hours for the accountants. Now we are faced with more screw ups by the banks with the mortgages and the Madoff scandal. There are already discussions about ways to prevent these problems, more audits and stricter regulations. Who will be the ones to take on this responsibility? Of course the accountants will take on this task; more work means more distribution of responsibilities and more staff. 

            So as I come closer and closer to graduation all I feel is excitement because I will start my job in September. Other seniors in my major are as lucky as I am; I have not yet met a senior in the accounting department at West Chester University who does not have a job lined up in the fall. The outcome looks the same for juniors and sophomores; I heard from a professor that internship acceptance for accounting majors is at an all time high this year. As a result, I do not worry about having to continue as a student, I can enter the world of the workforce regardless. While others are stuck in the middle of the chaotic job market I am relived because the accountants are thriving off the downfall of so many companies. The more scandals that occur, the more every company will need to be investigated and reviewed which means, of course, more work for the accountants.

Article Source: ArticlesBase.com - The Bright Side Of A Recession: Through An Accountants Eyes