University Of Maryland
-354330-20320Industry GuideProfessional Services (accounting/staffing/marketing)020000Industry GuideProfessional Services (accounting/staffing/marketing)Overview: Includes firms that provide such services as Accounting and Consulting, Marketing, engineering, architectural, and certain forms of IT assistance. Professional services usually involve impalpable products that are sold by companies to help the consumer manage certain aspects of their business.Hiring Outlook and Trends: Cloud Computing — Professional services firms are increasingly adopting cloud-based technologies to coordinate and communicate with employees and clients. Cloud computing refers to hardware and software resources that are delivered over public or private networks, which are typically hosted by third-party providers. Such systems can help firms save money in the long run by reducing the need for expensive data centers and onsite IT departments. Many potential customers in the private and public sectors are also transitioning to cloud-based applications and remote data storage, creating more demand for firms that provide IT consulting and support services.More Value-Oriented Billing — The basic source of revenue for professional firms remains hourly billing, but some also bill according to the value of the services they provide. Value-oriented billing is easiest to apply for services where the value is explicit, such as tax savings, damage awards, ad placements, or the size of an acquisition or merger. Professional service firms may adopt value-oriented billing policies if they act as general advisers for clients rather than performing work on an hourly basis.Industry Employment Growth - Bureau of Labor StatisticsWhat Employers are seeking:Core Competencies Demand is driven by corporate profits and the overall health of the US economy. Although some professional services are necessary for the normal functioning of most companies, many services can be postponed during economic downturns. The profitability of individual firms depends on having a regular flow of projects. Large firms have advantages in marketing and in being able to offer wider ranges of services to meet the needs of major clients. Small firms can compete successfully by offering special expertise or focusing on particular regions. The US industry is highly fragmented: the 50 largest firms account for less than 20% of revenue. The four largest professional services segments are IT services (about 20% of industry revenue), architectural and engineering services (15%), legal services (15%), and consulting services (15%). Accounting services and scientific research each generate about 10% of revenue. Other segments include advertising and specialized design services.Skills and Experience MBA or BA/BS in accounting, IT, management. Excellent technical knowledge (professional, vocational, occupational) is essential to succeed in today’s world of professional services. Technical Knowledge, Human Skills, Digital Proficiency:Mastering theory and staying on top of industry changes (Legal / accounting / marketing / finance / consulting) is a prerequisite. Obtaining technical knowledge forms the basis of many further education programs and entry-level positions within organizations. Core business operations, whether business development, consulting, negotiation, presenting, leadership, relationship building, marketing, networking, change management, proposal writing, meeting management, brand development, R&D, innovation and engagement management (to name a few!) are all founded on learning, developing, refining and practicing core ‘human’ skills and behaviors. Being digitally proficient ideally places candidates to help businesses take advantage of the opportunities offered by technology and digital that will continue to arise.Certifications / Technical Skills: Certified Professional Services Marketer (CPSM)Sample Employers AronsonBaker TillyBDOKPMGDeloittePwCEYADP?Sample Job TitlesMarketing and Communications Lead eCommerce & Web Marketing Professional Marketing GeneralistManager, Content StrategyAssociate, Federal AuditAccounting StaffStaff Associate AUDITORStaffing Manager HYPERLINK "" Director of StateAdvisory SpecialistGeographic Distribution / Global opportunities (Top 10 Firms)CompanyLocationRecruit MBAs?DeloitteNew York, NYYPwCLondon, UKYErnst & YoungLondon, UKYKPMGAmstelveen, Netherlands YGrant ThorntonChicago, ILYBDOChicago, ILYRSM TenonLondon, UKYSmith & WilliamsonLondon, UKNBaker TillyChicago, ILNMoore StephensLondon, UKNResourcesCenter for Excellence in Service (CES)Careers4Terps One-Page Industry Guide: Law - One-Page Industry Guide: Human Resources - UG Club - Accounting and Business Association (ABA) - UG Club - Accounting Business Association (ABA), Shady Grove Chapter - UG Club - National Association of Black Accountants (NABA) - President: Therese Nkeng | president.nabaumd@Smith MBA Club - Human Capital Association - Specialty Masters Club - Graduate Student Accounting Association (GSAA) - Society of Accountants - Accounting Association - Institute of CPAs - Staffing Association - States Staffing Association - Careers4Terps One-Page Industry Guide: Public Relations - UG Club - Terp American Marketing Association (TerpAMA) - MBA Club - Graduate Marketing Association - MBA Club - Professional Communications Club - Specialty Masters Club - MS Professional Communication Club (MS-PCC) - Marketing Association - Business Marketing Association - Data and Marketing Association - Mobile Marketing Association - Public Relations Society of America - National Communication Association - The Association of International Product Marketing and Management (AIPMM) - Hoovers Skills for Professional Services for Marketing and Professional Services TimelinesThe industry hires all year without a formal recruiting process. ?Programs identified for college programs typically follow the traditional fall/spring recruitment cycles. College programs: ?Full time and internship recruiting takes place in September and October. ?Certain experiential and leadership programs recruit in the springtime during the months of February and March. ?Compensation: ?MBA:N/ASource: N/AEntry-level:$89KSource: ................
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