Between a wave of retirees and a drop in the number of people pursuing accounting degrees, the entire industry is struggling to staff up , putting additional strain on the professionals who remain.
In the past two years, more than 300,000 U.S. accountants and auditors have left their jobs, a 17% decline, the Wall Street Journal reports.
The mass departure is driven by more than just baby-boomer retirements. As the Journal reports, younger accountants between the ages of 25 and 34 and mid-career professionals in the 45-to-54 age range are also leaving the profession in high numbers.
Many accountants resign due to inadequate pay and limited opportunities for career advancement, according to a recent report from The Institute of Management Accountants (IMA) and Robert Half, which surveyed over 1,200 current and former accounting and finance professionals.
To alleviate the talent shortage, more companies are increasing entry-level salaries for finance and accounting roles, offering referral bonuses and hiring temporary workers, the IMA and Robert Half report found.
In a tough job market , the accounting crisis presents a unique opportunity for mathematically inclined professionals to secure stable, six-figure jobs — many of which are hybrid or remote.
While the average mean salary for accountants in the U.S. is about $68,000, according to ZipRecruiter data , more experienced accountants stand to earn anywhere from $150,000 to upwards of $200,000 a year.
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