The 1990s were instrumental in shedding light on the value of an accountancy qualification, and, in doing so, they changed the whole perception of accountancy as a career. No longer were accountants the grey beancounters of popular fiction . . .

instead, they were industry leaders, financial whiz-kids and, above all, being paid some spectacular remuneration packages.

"Generally, the industry is going through a period of growth, and accountancy is now seen as a qualification that graduates really want, " said Mark O'Donnell, head of executive selection at Deloitte, one of the "big four" accountancy firms, as well as being a firm which provides graduates with training contracts. "But there is also a demand at our end for good quality graduates."

The attractiveness of the career has led to a significant shift in the profile of accountancy candidates.

According to O'Donnell, the sorts of graduates who apply for the "milk rounds", especially with the big four but also with the second tier of training firms, tend to be at or near the top of their classes, and tend to be of a more career focused mindset.

"Accountancy is a longterm career, " he said. "The money might not be great at the start, but in the longer term, it is usually good. If you look at a cross-section of college graduates, the A and B students tend to look at the long-term picture, while the others tend to be less focused.

Because accountancy training is like an apprenticeship, where people have to earn their stripes, less careerfocused people might choose instead to go into an industry like funds, where they can earn more in the beginning, but which might represent a short-term gain."

Far from being the shy kid with the calculator, accountants these days tend to be well-educated, and well rounded as individuals. Part of the attraction for these modern career-types involves the opportunities that an accountancy qualification will bring with it. Just over a decade ago, there was very little in the way of a choice of careers outside of practice, but that has all changed . . . for example, accountancy is one of the most desirable qualifications for the funds industry, especially given the nature of the funds industry in Ireland, which tends to be of a third-party, administered variety. Indeed, currently the Irish market simply cannot keep up with the demand for fund accountants.

Looking at the broader career opportunities, an accountancy qualification can lead to a career in financial services such as corporate finance, acquisition and leveraged finance, banking and technical financial services in areas including derivative tracking and hedge funds.

There are also significant opportunities for good accountants in industry, from financial accountant within a company up to CFO level.

Even within practice, the career opportunities are much broader than in the past.

"Practice has become innovative, " said O'Donnell. "For example, here in Deloitte, we have areas such as ERS (Enterprise Risk Solutions) and IT security, which is a form of forensic IT. There are lots of openings for good candidates, and good people tend to move upwards, being made partners quicker."

For those who want to work in industry, the good news is that there are currently major openings for the more senior positions within companies. Not every accountant will be suitable for such senior roles, in that jobs such as that of financial director will require a more strategic financial accountant . . . somebody who doesn't so much look after the company's finances as steers them.

"Companies are giving responsibility to younger and younger accountants, " said O'Donnell. "This allows them to develop more quickly. And, although I can't back these figures up with any hard evidence, I have heard that of the CEOs of Irish plcs, about 40% of them came from an accountancy background."