Help Wanted: The Accounting Shortage

Accounting has seen a decrease in talent over the past decade with many struggling to find new talent to fill roles in the field. The shortage can be felt in many degrees, but accounting has seen an increase overall. This has stemmed from many factors such as retiring workforce, many leaving the field and the decline of students in the Accounting degree.

Why is the workforce is Shrinking?

A Large portion of experienced accountants are reaching retirement age and there is not enough new professionals available to cover the current workforce. The overload of work mixed with many retiring has lead to an increase in burnout, and stress. Many are opting to change sectors, and others decide to change career path altogether. Natalie Dixon discusses this problem by stating that "82.4% of hiring managers at public companies admit to struggling with talent retention, and 68.9% of hiring managers at private companies say the same" (Dixon, N. CPA Journal). Many businesses have adapted and are adding AI automation, and competitive salaries.

Many student are opting for careers in tech, finance, and data analytics instead. Accounting has built a bad reputation for being a very difficult degree, while it make be tricky it is how you learn it rather than what to learn. While Attending Penn State Berks a professor said to me "To learn Accounting you must do Accounting." This has resonated with me because of the accuracy. To help the practice there needs to be a change in stigma, and a better path to understanding the profession at the high school level.

Final Thoughts

The Shortage isn't going away anytime soon, so businesses must act now to secure talent. Implementing AI and adapting is key to create a dynamic workforce.

What's Your Experience with the Accounting talent gap? share your thoughts in The comments below!