Talk about your wolf in sheep’s clothing.

The National Association of Colleges and Employers has released a new report that shows nearly 20 percent more new college graduates will have been hired in 2006-07 than in 2005-06. That’s good news, right?

Not so fast, says Rick Telberg.

An earlier NACE report showed that, although starting salaries for business positions are rising across the board, the smallest increases went to accounting grads. In a recent column, Telberg wonders: With demand for new talent continuing to run high, is this the end of the post-Sarbanes-Oxley honeymoon for the CPA profession?

“The flattening trend line begs the question: Is the profession’s Sarbox-fueled growth spurt peaking?” Telberg asks. He later quotes CPA marketing consultant Michele Golden as saying, “Some call this news story ‘good,’ but I call it unfortunate. Demand officially outweighs supply. Dare I say the future we’ve worried about is here?”

Who’s right? Tell us what you think. Will you be able to recruit enough talented CPAs when you need them?