The deadline for filing taxes looms close, marking the near-end of the tax season in the U.S. However, for accountants, the workload shows no sign of abating.
A combination of retiring professionals and a dwindling number of new graduates entering the field has created a staffing crisis within the industry. Recent reports indicate a staggering 17% decline, with over 300,000 accountants and auditors exiting their roles in the past two years.
This exodus isn’t solely fueled by retirements among baby boomers. Younger professionals aged 25 to 34 and those in mid-career stages (between 45 and 54) are also leaving in significant numbers.
Factors such as stagnant pay, limited growth prospects, and the demanding work hours, often extending to 70 or 80 hours per week, are cited as major reasons for the departure.
Many departing accountants are finding refuge in finance and technology sectors, drawn by better compensation packages and improved work-life balance.
To combat the talent shortage, companies are revising their hiring strategies, offering higher starting salaries, referral bonuses, and temporary employment opportunities.
Despite the challenges, this presents a golden opportunity for individuals adept in mathematics to secure lucrative, six-figure roles, many of which offer remote or hybrid work arrangements.
While the average salary for accountants hovers around $68,000, experienced professionals can command anywhere from $150,000 to over $200,000 annually. Even entry-level positions now offer significantly higher starting salaries, often starting at $85,000 or more.
Here are some of the top accounting roles currently in demand, along with their salary ranges:
- Corporate Controller: $111,000 – $210,750
- Director of Finance: $121,750 – $178,500
- Tax Manager: $133,000 – $207,500
- Accounting Manager: $82,250 – $117,750
- Senior Accountant: $71,500 – $101,750
While most roles require a bachelor’s degree in accounting or a related field and relevant certifications such as CPA, many now offer remote or hybrid work options. It’s anticipated that this trend will continue to grow as employers adapt their recruitment strategies to attract talent.
To retain accountants, employers must address concerns such as excessive overtime and workload during peak seasons. Offering clear career advancement paths, regular check-ins, exposure to different teams, and encouraging involvement in projects outside regular duties are recommended retention strategies.
Despite reports of layoffs in major firms, such occurrences are rare within the accounting profession. Accountants are highly valued for their role in navigating financial complexities and ensuring regulatory compliance, making their positions stable and secure in the job market.