Is it just a coincidence that two years ago the accounting industry was scandalized by corporate malfeasance and "creative accounting?" Not likely. Accounting scandals made it clear that accountants are not necessarily "bean-counters" -- they play an integral role in the success and failure of a business.

Students have taken note. Many are entering accounting degree programs fully aware of the new opportunities available to them upon graduation, thanks to regulations such as the Sarbanes-Oxley Act, which has expanded auditors' duties and created new jobs. And experts suggest students now see the profession in a more exciting and -- dare we say it? -- "sexy" light.

During the spectacular collapses of Enron and Arthur Andersen, accounting firm PricewaterhouseCoopers studied accounting programs at nine U.S. universities. The resulting report, "Educating for the Public Trust,"comments on where accounting education flounders. Among its insights, the report says "students' ability to problem-solve in the 'gray' is often hindered by various factors, including a lack of understanding of the complex business environment."

Since PwC's study, and no doubt as a result of yet more corporate scandals, courses in forensic accounting have popped up on campuses across the nation and students are enrolling in record numbers. Two idealistic presumptions can be made about this trend: students see glamour in catching the crooks, or they want to make the business world a better place.

West Virginia University developed this year a new forensic accounting curriculum with a $600,000 grant from the federal Office of Science and Technology, National Institute for Justice, in the Department of Justice. Four graduate-level courses developed by national experts and launched this summer include Fraud Investigation, Fraud Data Analysis, Criminology and Legal Issues and Advanced Fraud Investigation.

Co-developer of the program and accounting professor Bonnie Morris said there aren't enough people in the job market today with on-the-job forensic accounting training. The program aims to fill that void for companies and government agencies. 

Additionally, educators have responded quickly and adapted new regulations into their classrooms, according to J. Edward Ketz, a leading voice in accounting education and author of "Hidden Financial Risk." "Lots of faculty are including portions on Sarbanes-Oxley and ethics and discussing some of the accounting scandals," he said. "The biggest change I am aware of is the increased interest in forensic accounting. I doubt that very many students even heard of the term just a few years ago; now, many students want to make the world a better place by ferreting out accounting scandals and other frauds wherever they can."

But Ketz questions whether the message is getting through to them. "Students naively say they would never even contemplate such frauds, much less commit them. I say 'naive' because these students have no idea of the force with which temptations come or how easy it can be to rationalize one's actions, nor do they understand the power of corporate culture."

Also, Ketz wonders if the profession is losing the quality candidates to those careers that pony up the cash. "Even with the 'surge,' I wonder whether we are getting our fair share of the 'best and brightest.'  I still see a lot of the 'best and brightest' go into finance or MIS, where the salaries are higher. For example, many of my top students in Advanced Accounting are finance majors. They take enough accounting to be a major, but instead graduate as finance majors."

Does the "right fit" fill the "gaps"?
One thing is certain: the strong candidate pool has not quashed the major challenge it is to find the "right fit."

Let's take another look at PwC's report. It says, "There are several gaps between university and continuing education, including the following:

• A greater emphasis is needed on helping new entrants understand what it means to be a member of the profession.
• Interpersonal and communications skills are not consistently advanced or integrated into the accounting curricula of either universities or the Firm.
• Students' ability to problem-solve in the "gray" is often hindered by various factors, including a lack of understanding of the complex business environment.
• A greater emphasis is needed on cultivating a commitment to continuous individual and collaborative learning.
• The overall contribution of master's degrees in accounting is not clear, with the possible exception of tax specialty programs."

Firms can certainly use PwC's analysis as a guideline when interviewing candidates:

• Does the candidate portray a well-rounded understanding of the profession? Do the candidate's professional interests or strengths match those that your business needs?
• How would you rate the candidate's interpersonal/communication skills? Is this person a team player?
• Is the candidate aware of recent changes to the industry (such as Sarbanes-Oxley), and how does that candidate demonstrate a clear understanding of how this will impact the future of the industry?
• Is the candidate trained in forensic accounting, and/or training that your other employees may not have?
• Does the candidate have experience beyond the basic university education, such as hands-on experience working in an accounting capacity? Is the candidate a "lifelong learner"?

Of course, for firms that have the dedicated resources, internships are an excellent way to find the right fit. All of those points listed above -- the "gaps between university and college education" -- can be carefully evaluated in a person over a given period of time instead of in a one-hour interview. And the firm can take it upon itself to educate the intern as a future employee.