Those considering a career in accounting must keep abreast of the current standards in accounting practice and how they might change.

Even though the U.S. has not yet announced a finalized date for requiring the move to the new International Financial Reporting Standards (IFRS), Ernst & Young has released the second phase of its IFRS curriculum and teaching materials, and is offering national training sessions for professors.

"Even though IFRS is not currently mandated in the U.S.," said Ellen Glazerman, Ernst & Young's director of university relations, "Most of our multinational clients report under IFRS in some capacity, therefore demanding that knowledge from our professionals and the new campus recruits that we hire." In addition, the SEC will require three years of reporting in the new standard when it comes into effect.

The Bureau of Labor Statistics predicted in 2006 that the number of accountants employed in the U.S. would grow from a little less than 1.3 million to 1.5 million by 2016, two years after the expected changeover to IFRS.