Updated: Monday, November 16th, 2009

The American Institute of Certified Public Accountants and the Kenan-Flagler Business School at the University of North Carolina have announced the results of a survey that measured accounting professionals' outlook on the economy.

Responses from financial executives - including chief financial officers, controllers and certified public accountants - revealed mixed feelings concerning economic recovery but general optimism about the future of the accounting sector.

Approximately 45 percent of respondents said they expect their businesses to expand over the next 12 months, which is up 3 percent from last quarter.

However, the majority of executives said they felt economic recovery would not begin until the end of next year and 25 percent believed it would not start until the year after.

Mark Lang, a professor at the business school who helped compile the results, said these findings indicate accounting professionals "remain pessimistic on the state of the U.S. economy as a whole" but "forecast modest expansion for their own firms."

Accounting professionals may consider enrolling in associates, bachelors or masters programs that can lead them into successful careers in the financial sector.

Employment opportunities for accountants, whose median annual earnings were $54,630 in May 2006, are expected to grow by 18 percent over the next seven years.

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