With just days until the April 15 filing deadline, tax season is almost over — but for many accountants across the United States, work is hardly slowing down.
Between a wave of retirements and a drop in the number of accounting graduates, the entire sector is struggling to recruit staff, which puts additional pressure on the professionals who remain.
Over the past two years, more than 300,000 U.S. accountants and auditors have left their jobs, a drop of 17 percent, the Wall Street Journal reports.
This massive departure is not only due to the retirement of baby boomers. As reported by the Journal, young accountants aged 25 to 34 and mid-career professionals aged 45 to 54 are also leaving the profession in large numbers.
A lot Accountants are quitting due to inadequate pay and limited career advancement opportunities, according to a recent report from the Institute of Management Accountants (IMA) and Robert Half, which surveyed more than 1,200 accounting professionals and finance, current and former.
Long accounting hours (70- and 80-hour weeks are common at some of the largest firms before tax and audit deadlines) are another deterrent, says Brandi Britton, a finance and accounting expert at Robert Half. .
Britton says accountants who leave the field often turn to jobs in finance and technology.
To alleviate the talent shortage, more companies are raising entry-level salaries for finance and accounting positions, offering referral bonuses and hiring temporary workers, according to the IMA and Robert report Half.
In a tough job market, the accounting crisis offers a unique opportunity for mathematically inclined professionals to secure stable six-figure jobs, many of which are hybrid or remote.
While the average salary for accountants in the United States is around $68,000, according to data from ZipRecruiter, more experienced accountants can earn anywhere from $150,000 to over $200,000 per year.
The increased demand for accountants means that even entry-level candidates can get higher salaries, says Britton, who notes that at some firms, even those new to accounting can expect to earn at least $85,000.
Here are some of the most in-demand accounting roles that companies are hiring for right now, according to Robert Half data:
1. Corporate Controller
Wage scale: $111,000 – $210,750
2. Finance Director
Wage scale: $121,750 – $178,500
3. Tax Manager
Wage scale: $133,000 – $207,500
4. Accounting manager
Wage scale: $82,250 – $117,750
5. Senior Accountant
Wage scale: $71,500 – $101,750
Most jobs require a bachelor’s degree in accounting or a related field, as well as certification in a specific area of accounting, such as becoming a certified public accountant, according to the BLS.
Many of these jobs offer remote or hybrid options, Robert Half found. Britton predicts that the percentage of remote or hybrid accounting jobs will likely increase in the coming months as employers adjust their recruiting strategies to attract more talent.
Even with higher salaries and more flexibility options for retaining accountants, employers still need to find ways to reduce overtime and workload during busy seasons, Britton says, and chart clear pathways to advancement.
“It’s not because managers don’t want to support their accountants’ career development,” says Britton. “More often than not, they’re just busy and don’t even think about it. But you need to make sure that you are meeting the needs of your employees just as much as you are meeting the needs of the employees. role you hired them for.
This could look like setting up regular check-ins with accountants, introducing them to different teams within the organization and encouraging them to take on projects that interest them outside of their normal job responsibilities – all strategies for retention that IMA and Robert Half recommend in their report.
Accountants take the top spot in FlexJobs 2024 rankings of the best remote jobs in the United States, thanks to growing demand for these skilled professionals across several industries, including finance, healthcare, and government.
Although Bloomberg reports that the Big Four accounting firms — KPMG, PWC, EY and Deloitte — have collectively cut thousands of jobs in 2023, such layoffs are rare, ZipRecruiter chief economist Julia Pollak recently told CNBC Make It.
“As an accountant, you are a highly valued employee, so the risk of being fired is pretty low,” she said. “You are a trusted member of the inner circle, you see all the dirt and you get the company out of trouble – it’s a very important and stable job.”
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