Decline in Accounting Talent

The accounting profession is facing a talent crisis that has significant implications for businesses of all sizes. With fewer students choosing accounting as a career and a large portion of current professionals nearing retirement age, firms and companies are feeling the effects. This shortage presents both challenges and opportunities as the industry adapts to a new landscape.

According to a 2023 AICPA study, enrollment of accounting students in bachelors and masters accounting programs fell by 7.8% and 6.4% respectively. In an article in the September 2024 issue of Journal of Accountancy, reasons for not choosing accounting as a major included lack of interest in the profession, starting salaries, cost and time associated with pursuing the CPA exam, and a lack of a work-life balance. This decline has been at the top of mind for accounting firms looking for new talent.

The profession is also facing a demographic shift, with a large portion of accountants and CPAs approaching retirement. According to the AICPA, nearly 75% of CPAs are expected to retire within the next 15 years, potentially leaving a significant gap in expertise and leadership.

Despite declining enrollment, the demand for skilled accountants continues to grow. Increased regulatory requirements, tax law complexities, and the rising need for strategic financial advice mean that accountants are in high demand. However, with fewer candidates entering the field, competition for qualified accountants is increasing, especially for those with specialized skills.

As businesses grapple with accounting talent shortages and an aging workforce, First Hand Accounting Solutions is here to bridge the gap with experienced, flexible accounting support. FHAS specializes in providing tailored Client Advisory Services (CAS), including consulting, bookkeeping, and controller/CFO services, to help businesses maintain strong financial operations without the need for additional full-time hires.

Benefits of Partnering with FHAS:

• Access to Experienced Professionals: With over 15 years of experience in multifamily housing, non-profits, and small business finance, FHAS brings a depth of expertise to support your organization’s accounting and advisory needs.

• Customized, Scalable Services: FHAS offers services that are customized to fit each client’s specific requirements. From financial reporting and cash flow analysis to controller-level guidance, our scalable services are designed to grow with your business.

• Seamless Integration with Your Team: Our services integrate seamlessly with your existing team, allowing you to leverage professional accounting support without the burden of hiring and training new staff.

• Focus on Technology and Efficiency: FHAS uses the latest accounting software and tools to streamline processes, improve data accuracy, and provide real-time financial insights, helping you make informed decisions with confidence.

The talent shortage in accounting is a real challenge for many businesses, but with partners like FHAS, you don’t have to face it alone. Our team is here to ensure your financial foundation remains strong, allowing you to focus on growth, innovation, and the future of your business.