Accounting

After declining in recent years, undergraduate enrollment in college accounting programs increased during the fall 2024 semester to its highest level in four years, according to the National Student Clearinghouse Research Center. Undergraduate accounting enrollment reached 267,278 students during the 2024 fall semester, an increase of nearly 29,000 students from the previous fall. "Strong accounting enrollment is heartening," said Sue Coffey, CPA, CGMA, the AICPA's CEO–Public Accounting, in a news release. "The larger undergraduate student body presents a bigger opportunity to demonstrate to students the dynamic, rewarding career opportunities accounting can deliver." On the other hand, graduate accounting enrollment declined by 2.8 percent from the previous fall to 25,472 students.

Employment for accountants and auditors is expected to grow by 5 percent from 2024 to 2034, according to the U.S. Department of Labor (DOL), or faster than the average for all careers. This growth is expected to translate into 72,800 job openings for accountants and auditors. The DOL says that “globalization, a growing economy, and a complex tax and regulatory environment are expected to continue leading the strong demand for accountants and auditors.”

Robert Half Finance and Accounting reports that "finance and accounting leaders continue to face challenges finding candidates with expertise in critical areas such as financial planning and analysis, financial reporting and technical accounting, business analytics, and tax. A shrinking pool of candidates for accounting roles is also heightening compliance risks, raising the stakes for businesses that need access to skilled talent to help them navigate complex regulatory and reporting demands. Robert Half also identifies the following careers as in-demand: accounting specialist, accounts payable specialist, accounts receivable specialist, bookkeeper, business analyst, controller, cost accountant, director of finance, financial analyst, payroll specialist/administrator, property accountant, senior accountant, and staff accountant.

Job opportunities with public accounting firms have increased in recent years—after a lull during the Great Recession and the height of the COVID pandemic. The top 100 public accounting firms employed 518,300 people in 2024, according to Accounting Today—up from 468,416 people in 2022. Robert Half says that "public accounting firms are offering more specialized services, like environmental, social and governance reporting and financial data analysis (e.g., tax analytics), as their clients face new compliance and risk management challenges. More firms are adopting flexible work models to attract and retain talent amid a shortage of professionals entering the field or earning a certified public accountant designation."

Corporate revenue and profits continue to grow, and accountants and auditors will be needed to verify financial transactions—especially in the wake of regulatory rule changes at the state and federal levels. The DOL reports that accountants and auditors "who have earned professional recognition, especially as certified public accountants, should have the best prospects. Job applicants who have a master’s degree in accounting or a master’s degree in business with a concentration in accounting also may have an advantage."

Specialists will enjoy better job prospects than generalists. “With increasing regulatory requirements, rapid technological advancements, and the growing importance of data-driven decision-making, accounting professionals with specialized expertise are in higher demand than ever before,” according to the University of Scranton, which offers a master of accountancy program. Additionally, management accountants, forensic accountants and auditors, as well as the aforementioned internal auditors, will increasingly be needed to discover and eliminate waste and fraud. There will be a shift away from tax preparation because of the increasing number of tax-preparation firms and software.

Job opportunities should also be good for accountants who want to become entrepreneurs. NerdWallet.com recently named accounting and bookkeeping services as one of the top 20 most profitable businesses right now. It reports that “bookkeeping, accounting, tax preparation, and payroll services have long been some of the most profitable businesses for entrepreneurs.”

Salaries remain strong for accounting professionals. The DOL reports that the mean annual wage of all workers in the accounting, tax preparation, bookkeeping, and payroll services industry was $87,110 in May 2023. The national average for all private sector workers was $65,470.

Along with these good prospects for growth, however, accountants can be expected to be held to higher standards. The industry has dealt with its fair share of scandal over the past two decades, resulting in intensified government scrutiny of accounting practices; as a result, accountants and auditors will be called on to display a great deal of transparency in reporting on a company’s financial activities. The credibility of accounting and business practices are less likely to be called into question. The growing trend towards the use of International Financial Reporting Standards, which use a judgment-based system to determine the fair-market value of assets and liabilities, will also result in a demand for accounting professionals.

Technology will continue to significantly change the industry, with the invention of complex computer systems, software, cloud computing, and artificial intelligence (including machine learning). Basic data collection and number crunching jobs will be replaced by technology, while those that require computer experience, and analytical, forecasting, and problem-solving skills should become more common. “Technological change is expected to affect the role of accountants over the projections decade [2024 to 2034],” according to the DOL. “Some routine accounting tasks may be automated as platforms such as cloud computing, artificial intelligence (AI), and blockchain become more widespread. Although it will increase accountants’ efficiency, this change is not expected to reduce overall demand. The automation of routine tasks, such as data entry, will instead make accountants' advisory and analytical duties more prominent.”

In addition, employers increasingly seek applicants with strong interpersonal and communication skills. The best positions will go to those with skill in accounting and auditing software or expertise in specialized areas such as international business, specific industries, or current legislation. Accountants who have graduate degrees in accounting or specialized business areas will have the strongest job prospects. “If you want a career with a lot of room for salary growth, it’s imperative you invest the extra time and money, and get a master’s degree,” advises Accountingweb.com. “Luckily with online programs, and flexible class scheduling, it’s becoming easier to pursue advanced education while working. Some places will even help subsidize your education.”

Firms will continue to merge to remain competitive, and they will specialize to find their niche in the marketplace. Accounting firms will find themselves competing against other non-CPA companies for the same business and will continue to seek alliances to build a stronger business.

The outlook for accounting will be good despite a radically changed banking industry and the continuing increase in the number and complexity of financial transactions. Expect the accounting industry to grow in the following four key areas:

• International accounting. Accounting firms are expanding rapidly into Eastern Europe, China, East Asia, and Latin America. Future expansion is predicted to occur in Mexico, Chile, Argentina, and Brazil. Accountants will also be needed to assist with international mergers and acquisitions.
• Investigative accounting. This will be a large growth area given the scope of fraud committed in recent years and the likelihood of future fraud as business transactions become more complex.
• Financial/estate planning. The number of Americans aged 65 or older is rising, and many members of this group will seek accounting assistance to make investment decisions and manage their finances.
• Environmental accounting. This specialty is emerging as accountants consult with corporations to ensure compliance with rapidly evolving environmental policies and avoid lawsuits.