Employment demand for accountants is expected to increase by four percent between 2022 and 2032 according to the Bureau of Labor Statistics. Yet current CPA firms currently face a dire talent shortage, resulting in firms turning down client work and/or relying on non-American labor forces for help completing audits and tax returns. The Wall Street Journal reported in January 2023 that:
“…more than 300,000 U.S. accountants and auditors have left their jobs in the past two years, a 17% decline, and the dwindling number of college students coming into the field can’t fill the gap…Young professionals in the 25- to 34-year-old range and mid career professionals between the ages of 45 and 54 also departed in high numbers starting in 2019, according to the Bureau of Labor Statistics. Recruiters who have been luring experienced accountants into new roles say they are often moving into jobs in finance and technology.”
In its 2021 Trends Report, the AICPA noted that “ the CPA pipeline is one of the AICPA’s 2022 primary strategic initiatives” and that promoting “K-12 and high school students’ interest in accounting” was a key priority to addressing the pipeline challenge.
The accounting industry is under pressure to both grow but also diversify its pipeline of aspiring CPAs so that the profession is “reflective of the local, regional, and global communities it serves, and is better positioned to innovate around the complex issues facing organizations of all kinds and the evolving public interest.” The AICPA further notes that “interest in professional careers starts with exposure and awareness” and it is undertaking efforts to increase that awareness within primary education settings.
This post is part of the Accounting Pipeline & CTE section of Civic Parent. The broader research examines how New Jersey’s Career and Technical Education system – including the Finance Career Cluster – connects to the accounting profession’s workforce development challenge.
Brigid D’Souza is a CPA, founder of Harborstead Advisory, and the author of Civic Parent. She serves as Vice President of the Hudson County Chapter of the NJ Society of CPAs and on the NJCPA Strategic Planning and Scholarships Committees. She was recognized as a 2026 Forbes Best-in-State CPA, New Jersey.
