With the April 15 filing deadline approaching, tax season is nearly done, but the workload for U.S. accountants remains heavy. A shortage of staff persists due to a surge in retirements and a decline in accounting graduates, straining those who remain in the industry.
Over the past two years, more than 300,000 U.S. accountants and auditors have left their positions, a 17% decrease, as reported by the Wall Street Journal. This exodus is not solely driven by baby-boomer retirements; younger accountants aged 25 to 34 and mid-career professionals aged 45 to 54 are also leaving in significant numbers.
According to a recent study by The Institute of Management Accountants (IMA) and Robert Half, many accountants cite low pay and limited career advancement opportunities as reasons for resigning. Additionally, the demanding work hours, often exceeding 70 to 80 hours per week at major firms during tax and audit deadlines, contribute to the attrition.
Brandi Britton, a finance and accounting expert at Robert Half, notes that departing accountants are frequently transitioning to roles in finance and technology. To address the talent shortage, companies are raising entry-level salaries for finance and accounting positions, offering referral bonuses, and hiring temporary workers.
Despite the average mean salary for accountants in the U.S. hovering around $68,000, experienced accountants can earn between $150,000 and $200,000 annually. Britton highlights that entry-level candidates are also commanding higher salaries, with some firms offering at least $85,000 even to newcomers in the field.
The current job market presents a unique opportunity for mathematically inclined professionals to secure stable, six-figure jobs, many of which offer hybrid or remote work options. Robert Half’s data identifies several high-demand accounting roles that companies are actively seeking to fill.
Here are some sought-after accounting roles along with their salary ranges:
- Corporate Controller
- Salary range: $111,000 – $210,750
- Director of Finance
- Salary range: $121,750 – $178,500
- Tax Manager
- Salary range: $133,000 – $207,500
- Accounting Manager
- Salary range: $82,250 – $117,750
- Senior Accountant
- Salary range: $71,500 – $101,750
According to the Bureau of Labor Statistics (BLS), most accounting positions require a bachelor’s degree in accounting or a related field, along with certification in a specific area such as becoming a Certified Public Accountant (CPA).
Robert Half’s research indicates that many of these roles now offer remote or hybrid work arrangements. Brandi Britton from Robert Half predicts that the proportion of accounting jobs offering remote or hybrid options will likely increase as companies adjust their hiring strategies to attract top talent.
Despite higher salaries and increased flexibility, Britton emphasizes the importance of reducing overtime and managing workloads during peak periods to retain accounting professionals. Clear career advancement pathways are also crucial for retaining talent.
Britton explains that managers often overlook career growth opportunities due to their busy schedules. She underscores the importance of addressing employees’ needs alongside fulfilling job requirements.
Effective retention strategies, recommended by the Institute of Management Accountants (IMA) and Robert Half, include regular check-ins with accountants, introducing them to different teams, and encouraging them to pursue projects beyond their usual responsibilities.
FlexJobs’ 2024 ranking identified accountants as the top remote job category in the U.S., reflecting growing demand across industries like finance, healthcare, and government.
Despite reports of layoffs at major firms like KPMG, PwC, EY, and Deloitte in 2023, ZipRecruiter’s chief economist Julia Pollak reassures that accountants are highly valued and generally enjoy stable employment due to their critical role in managing company finances and compliance.
In summary, accounting remains a stable and essential profession with increasing opportunities for remote work, emphasizing the need for ongoing support and career development to retain top talent in the field.
Credits: cnbc.com