The Accountant Shortage in the United States: Everything You Need to Know

Over the past several years, there has been a substantial decline in the number of individuals seeking out an accounting degree, passing the Certified Public Accountant (CPA) exam, and entering the accounting field. Due to this decrease, the need for accountants and auditors in the industry is greater than ever, as many companies will provide a sizable financial incentive to those interested in open positions.

Read on to learn more about the accountant shortage in 2024, and how a master’s in accounting or a graduate certificate from Kent State University can kickstart a successful career in the field today.

A Brief Overview of the Accounting Job Shortage

What Are the Main Causes of the Accountant Shortage in the U.S.?

Various factors have contributed to the shortage of accountants in the United States, with the main reasons including:

• The current workforce of accountants is reaching retirement age
• Overall enrollment in accounting programs has decreased
• Accounting regulation changes have led to an increased need for CPAs
• Unattractive salary packages in some cases have reduced desirability

How Is the Accountant Shortage Affecting American Businesses?

The accountant shortage not only affects the profession itself but also businesses and investments, as well as the broader economy as a whole. This is because these professionals play a crucial role in financial reporting and tax preparation, among other fundamental tasks. Additionally, key aspects of the field have been directly affected by the shortage, leading to:

• Delays in report preparation
• Compliance and accuracy issues
• Errors in financial statements

As a result of the ongoing issues, businesses, as well as the broader economy, have faced significant consequences, which include decreased investor trust and even regulatory and legal repercussions.

What Are Organizations Doing to Address the U.S. Accountant Shortage?

In response to the ongoing shortage in the U.S., many companies are doing their part to both restructure internal priorities and augment employment incentives for in-demand accounting jobs. This includes:

• Increasing base salaries to accommodate long hours
• Allowing employees to work remotely once setting security parameters
• Reducing burnout and improving job satisfaction for existing staff
• Offering scholarships to accounting students
• Expanding the use of apprenticeships and other training programs

7 Statistics on the Shortage of Accountants

Due to the accountant shortage in the United States, we have compiled a list of key facts and statistics to consider:

• As of 2024, approximately 75% of CPAs are a part of the Baby Boomer generation and are approaching retirement age (Accountancy Age)
• The need for accountants is projected to grow by 6% by 2025 (Miles Education)
• Since 2010, the total number of accounting graduates has decreased by 20% (AICPA & CIMA)
• From 2022 to 2032, the employment of accountants and auditors is expected to grow by 4% (Bureau of Labor Statistics)
• There are around 340,000 fewer accountants now than there were five years ago (Bloomberg)
• In 2022, we saw the lowest number of individuals take the CPA exam since 2006 (The CPA Journal)
• Nationwide, the median salary for senior accountants is $84,090, with annual salaries as high as $112,000 (ZipRecruiter)

How Kent State’s Program Can Prepare You for a Career in the In-Demand Accounting Field

At Kent State University, we are committed to supplying students with the tools they need to pass the CPA exam and excel in the occupation of their choosing. That is why we offer an online Master of Science in Accounting degree as well as the following graduate certificates for those looking to pursue a specialized concentration:

• Accounting analytics
• Accounting fundamentals
• Advanced accounting
• Financial management
• Quantitative business management

For more information about our offerings, visit our individual program pages or contact our team directly.

In-Demand Accounting Jobs with a Kent State Degree

Once you receive your degree from Kent State, you will be pleased to know that there are many positions you can take on, with just some including:

• Tax advisor
• Financial analyst
• Financial planner
• Internal auditor
• Compliance risk manager
• And more!