Ok, so that title sounds a bit grim.
Truth be told, it is an interesting situation we're in as a society with such a high-demand role losing valuable talent in increasingly large numbers.
Why is it SO hard to find an Accountant?
This is what we hear from clients all the time.
I'm not complaining, this challenge keeps the industry I'm in growing but a happy medium would be acceptable.
Accounting jobs are being added to the job market every year yet, fewer and fewer are entering (or staying in) the profession.
A few stats you may find interesting:
- According to the AICPA, there is a 33% decline in first-time candidates taking the CPA exam.
- According to the U.S. Department of Labor, despite the heavy layoffs in 2023, Accountants and Auditors unemployment rate remained at 1.3%
- In 2022, there were 1.6 million Accountants/Auditors in the profession.
- Of the 1.6 million, 300,000 left the profession and only 47,000 entered it. Jobs are increasing, Accountants are decreasing.
The bottom line, high-caliber candidates have options.
With the collapse of the CPA pipeline, boomers retiring, and fewer Accountants entering and staying in the profession, organizations that are competitive in their offerings will attract more candidates.
Top 3 requirements for an Accountant to consider a move:
1)Competitive compensation and benefits
2) Opportunity for advancement or title upgrade
3)Hybrid or Remote work schedules
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Interestingly, we’ve noticed that many are often already working fully in the office and only entertaining a move for a hybrid position. That gives companies with a hybrid model a HUGE competitive advantage to attract high-caliber candidates.
Something to think about...
If a company has a fully in-office work model, half the talent sourced will not be open to hearing about that role.
The good news…companies still have a good 50% who WILL entertain the position.
Unless...the company is offering average compensation rates AND expect them to come into the office every day.
That's another 15-20% of the candidate pool gone.
Lastly, if the company doesn’t have a “carrot” to dangle (the reason a highly sought-after candidate would WANT to join their firm) it gets even more challenging.
Let’s add this up…
Fully in-office + average compensation + no clear carrot = fewer candidates/options
Don’t get me wrong, a company can offer hybrid, above-average compensation, a title increase, and, and, and (fill your perk in the blank)
and…they will STILL need a great deal of super sleuthing skills to locate those hard-to-find Accounting professionals.
This is what makes my job so much fun! No sarcasm, I truly love my job.
It will be interesting to see how we shift to accommodate this trend of declining talent in a high-demand profession in years to come.
Perhaps AI will save the day!
Until then, you have outstanding recruiting partners to help. That's me! If you are in the market looking for your next opportunity OR looking to add to your team, I'd love to help. We place Sr. Accountants to CFO and all C-level roles.
kshapiro@theexecutivemovement.com
