Accountants - The Talent Shortfall

With three-quarters of accountancy professionals at or near retirement age, there is a looming professional crisis - we need fresh talent!

·?????? A staggering 300,000+ accountants and auditors have voluntarily resigned from their roles in the U.S.

·?????? The U.S. Bureau of Labor Statistics , projects an annual vacancy of around 136,400 accounting and auditing jobs from 2021 to 2031, exacerbating the accounting talent shortage.

·?????? The shortage of accountants in U.S. Firms can be attributed to the significant wave of Baby Boomer retirements, combined with the insufficient influx of younger individuals. Particularly from Generation Z, pursuing accounting studies and engaging in the CPA Exam has created an undeniable void.

·?????? The staffing shortage has hit accounting and finance departments hardest, affecting various industries, notably smaller privately-owned enterprises. This trend is expected to worsen as time passes, and the shortage of accountants in U.S. firms becomes even more acute.

·?????? This scarcity's repercussions resonate across various industries and company sizes, with a more pronounced impact on smaller privately owned enterprises, a trend that is predicted to exacerbate as time progresses.

Why are people no longer considering accountancy as a viable career option, and how can we make the profession attractive to new and emerging talent unaware of the endless and exciting career possibilities available in accountancy?

Outdated perception

Accountancy has long suffered an unfair stereotype - dull working environments, tedious work, long and unfulfilling client projects, but it's different!

Employers have cottoned on to employer culture, driving various initiatives to make their workplace and accountancy work - fun, fulfilling, and rewarding.

Long hours

Work/life balance is what everyone aspires towards. Employers are now making this a huge focus for their employees in the accountancy profession, with flexible, hybrid, and work-from-home models being the norm. There's also investment in office space - creating enjoyable work environments people want to work in, providing people with options.

Junior Level - Compensation

Juniors quite rightly so deserve to be rewarded fairly, and I know that the clients that I work with pay well and often above market rates; not only that, but they frequently fund qualifications or provide payback loan schemes - supporting new talent to enter the employment marketplace alongside earning a fair wage.

Industry Competition

The finance and technology sectors are known for their dynamic, fast-paced environments, offering an increasingly attractive range of opportunities to accountants. In finance, roles in investment banking, private equity, and venture capital promise the excitement of deal-making and investments, coupled with potentially higher financial rewards. Meanwhile, the technology sector offers a chance to be at the forefront of innovation.

A strategic approach

The talent shortage in accounting is a complex issue that requires a comprehensive and nuanced approach.

By addressing educational gaps, changing the profession's image, embracing technology, adapting work cultures, and fostering government and industry partnerships, the accounting field can attract and retain the talent it desperately needs.

These efforts will mitigate the current shortage and ensure the profession's resilience and relevance in the face of future challenges.

If you are an accountancy firm needing the best talent, I can help - contact me today to discuss your staffing needs and introduce you to top-tier professionals ready for their next move.

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