The accounting profession is facing a critical challenge: a significant talent shortage that’s reshaping how organizations hire and how individuals approach careers in this vital field. With 83% of senior leaders reporting an accounting talent shortage—a stark increase from 70% just a year ago—the problem is accelerating rapidly, impacting businesses and the broader economy. If you’ve read the news recently, you’ve seen evidence of how the shortage is impacting major brands like Tupperware, who in the last year, delayed filing annual results due to the shortage. According to an article in the Wall Street Journal, the company reported that its “accounting department is experiencing “significant attrition,” which has left the company with strained resources and gaps in skill sets.” 
And they aren’t the only ones dealing with negative implications of the accounting shortage. The lack of accountants is making it harder for organizations to attract and retain top talent.
With the grim news, how can businesses navigate these changes effectively?
Understanding the Roots of the Accounting Shortage
Before we can try and solve for the shortage, we should first understand the many factors contributing to the current shortage of accounting professionals,
Declining CPA Exam Participation
In 2022, just over 67,000 candidates sat for the CPA exam, a 17-year low and a sharp decline from previous years. This trend stems from several issues:
- Perceived Lack of ROI: Many students don’t see the return on investment for the significant time and financial costs required to pursue accounting.
- 150-Credit Hour Requirement: This mandate for CPA eligibility makes accounting less appealing compared to other fields like IT or finance, which offer quicker entry into lucrative careers.
Retirement of Seasoned Professionals
The AICPA estimates that 75% of today’s public accounting CPAs will retire within the next 15 years. This wave of retirements creates a skills gap that’s difficult to fill, given the dwindling pipeline of new accountants entering the field.
Shifting Career Preferences
Emerging professionals are drawn to fields like IT, data analytics, and Fintech, which offer faster growth trajectories and opportunities to work with cutting-edge technology. As a result, fewer students are choosing accounting as a long-term career path.
Complex Job Requirements
The accounting profession has evolved significantly, with increasing demands for specialized knowledge in areas such as tax law, financial reporting, and compliance. This complexity can deter entry-level candidates who perceive the field as daunting and overly rigid.
Why the Accounting Shortage Matters for Businesses
The talent shortage in accounting has far-reaching implications for organizations. A lack of skilled accountants can lead to:
- Increased Workloads: Remaining team members face heavier workloads, leading to burnout and disengagement. In a race for talent, it’s a zero-sum game if you must worry about the lack of qualified people to do the work, and the burnout of those who are absorbing the strain.
- Higher Costs: Actively disengaged employees cost U.S. businesses between $450 billion to $550 billion annually in lost productivity.
**Risk of Financial reporting errors can have severe consequences, from compliance issues to reputational damage.
Organizations that fail to address this shortage risk falling behind competitors who prioritize strategic hiring.
How Morgan Hunter Supports Businesses in Overcoming the Accounting Shortage
Morgan Hunter specializes in connecting businesses with top tier accounting talent, helping organizations navigate today’s complex hiring landscape. Here’s how we make a difference:
Better Placement for Long-Term Success
We focus on more than just filling positions; we aim to match candidates with roles that align with their skills, aspirations, and values. This ensures a better cultural fit and longer appointments, reducing turnover and fostering team stability.
Harry Brewer, Managing Director of Accounting and Finance at Morgan Hunter, understands firsthand the nuances of placing individuals in accounting roles, and the downfalls from the accounting shortage. Brewer gained experience in the accounting and finance industry before becoming a division director for one of the nation’s largest recruiting firms. Over 30+ years of experience have provided him with a level of expertise unrivaled in the staffing industry. From chief financial officers to staff-level accountants, Harry continues to positively impact the lives of those with whom he works.
Having individuals like Brewer at Morgan Hunter provide specialized recruitment and industry knowledge for clients and candidates alike. 
Access to a Wider Talent Pool
Morgan Hunter’s extensive network and industry expertise enable us to identify candidates that other hiring methods might miss. Whether you need a CPA, controller, or CFO, we can connect you with professionals who meet your unique requirements.
Strategic Advisory Services
We help businesses refine their hiring strategies, ensuring they’re equipped to compete for top talent in a tight labor market.
Streamlined Hiring Process
Recruiting accounting professionals can be time-intensive, but Morgan Hunter simplifies the process by handling candidate sourcing, screening, and vetting. This allows your team to focus on core business operations.
Opportunities for Talent in Accounting Careers
For individuals with an accounting degree or experience in the field, now is the perfect time to explore new opportunities. The current demand for skilled professionals opens doors to diverse and rewarding career paths.
Diverse Career Options
An accounting degree can lead to roles far beyond traditional bookkeeping. From controllers to CFOs, accountants are in demand across industries, including finance, healthcare, and technology. These positions offer excellent growth potential and competitive salaries. 
Enhanced Earning Potential
The shortage of qualified accountants means businesses are willing to offer higher salaries and better benefits to attract top talent. Now is a great time to access opportunities that maximize your earning potential.
Improved Work-Life Balance
Many organizations are rethinking how they structure accounting roles, offering flexible work arrangements and remote options. As a candidate, you have more power than ever to negotiate terms that fit your lifestyle.
Tailored Career Placement
Morgan Hunter helps candidates identify roles that align with their career goals and personal values. Whether you’re seeking a fast-paced environment in corporate accounting or a more strategic role as a financial analyst, we can connect you with the right opportunity.
Why Work with Morgan Hunter?
“Morgan Hunter began recruiting accounting and finance professionals when our agency opened in 1986,” says Brewer. 
“Since then, we’ve built one of the most tenured teams in the industry and have established relationships with the most sought-after accounting and finance talent in the area.”
For Businesses
- Targeted Recruiting: We understand the unique challenges of hiring in today’s competitive market and provide customized solutions.
- Cultural Alignment: Our rigorous vetting process ensures candidates not only meet technical requirements but also fit seamlessly into your team.
- Proven Results: We’ve helped countless organizations build high-performing accounting teams that drive business success.
For Job Seekers
- Exclusive Opportunities: Our connections give you access to positions that may not be publicly advertised.
- Personalized Support: We take the time to understand your goals and preferences, guiding you toward roles that match your vision.
- Career Growth: From entry-level positions to executive roles, we help you advance at every stage of your career.
Looking Ahead: Addressing the Accounting Shortage Together 
The accounting shortage presents challenges, but it also creates opportunities for those willing to adapt. By prioritizing strategic hiring and investing in talent development, businesses can stay ahead of the curve. For job seekers, the current demand for accountants offers unparalleled opportunities to shape your career path.
The accounting shortage is reshaping the profession, but it doesn’t have to be a roadblock. With the right strategies and partnerships, businesses and professionals alike can thrive in this evolving landscape. At Morgan Hunter, we’re ready to guide you every step of the way. Let’s tackle this challenge together—and come out stronger on the other side. Contact us to learn more about how we work.