{"id":134244,"date":"2024-10-27t17:30:31","date_gmt":"2024-10-27t21:30:31","guid":{"rendered":"\/\/www.g005e.com\/?p=134244"},"modified":"2024-10-27t17:33:03","modified_gmt":"2024-10-27t21:33:03","slug":"six-years-and-out-now-even-experienced-accountants-are-quitting-the-profession","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/10\/27\/six-years-and-out-now-even-experienced-accountants-are-quitting-the-profession\/","title":{"rendered":"twelve years and out: seasoned accountants join the exodus"},"content":{"rendered":"

no longer a problem confined to just new talent or middle managers.<\/strong><\/p>\n

\"\"
mid-life career changes:<\/strong> the average tenure of an accountant quitting the profession is surging to almost 12 years of experience, up from six years in 2000. (via live data)<\/figcaption><\/figure>\n

by 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n

in a startling shift, thousands of highly experienced top-level accountants are leaving the field mid-career, challenging the long-held view that the staffing crisis is limited to new graduates or middle managers.<\/p>\n

related<\/strong>: middle managers getting squeezed<\/a> | explaining the talent shortage in one big chart<\/a> |\u00a0salary and compensation outlook for small cpa firms<\/a> | gen ai in accounting: epic transformation, or overheated hype?<\/a> | more<\/strong>: the talent crisis<\/a><\/p><\/blockquote>\n

for many accountants on the edge of transition, the coming years will determine whether the profession can reinvent itself to retain the trust of its workforce or continue to lose ground as one of america\u2019s fundamental professions.<\/p>\n

<\/p>\n

\"\"
where they go:<\/strong> the biggest slice, 19 percent, goes into finance, followed by business and operations. (via live data)<\/figcaption><\/figure>\n

 <\/p>\n

more than 82 percent of accountants who are leaving the profession have at least six years of experience, up from 77 percent in 2022 and 71 percent in 2021, according to live data technologies.<\/p>\n

the field has seen a mass exodus in recent years, with over 300,000 accountants leaving between 2019 and 2021. the departures are creating a pronounced shortage of qualified accountants, with vacancy periods lengthening as the pipeline for new entrants weakens.<\/p>\n

key drivers behind the trend include stagnant salaries, high stress, and repetitive accounting tasks, which many professionals find uninspiring.<\/p>\n

some are also wary of the impending influence of generative ai, which could automate a substantial portion of accounting\u2019s core functions.<\/p>\n

\"\"
from endemic to epidemic:<\/strong> the number of accountants leaving the profession has long exceeded the number entering the profession, but hardly with the catastrophic repercussions of today. (via live data)<\/figcaption><\/figure>\n

 <\/p>\n

for former accountant omer khokhar, the field\u2019s financial promise initially drew him in. however, the \u201cmonotonous\u201d work and limited growth opportunities ultimately led him to transition into commercial real estate banking with jpmorgan chase, he told the wall street journal. like khokhar, many in the field are opting for finance, business operations, and technology roles, where growth and innovation are more pronounced.<\/p>\n

dwindling interest in accounting degrees exacerbates the shortage, which is further strained by stringent certification requirements. as retirements rise and fewer new accountants enter the workforce, the strain on remaining professionals is mounting.<\/p>\n

the profession is ramping up efforts to attract younger talent, but retention has been a losing battle. high burnout rates reflect accountants\u2019 growing discontent, with many seeking work-life balance and meaningful contributions\u2014qualities some feel the profession increasingly lacks.<\/p>\n

ey, for instance, is investing $2 billion in added compensation and benefits.<\/p>\n

meanwhile, accounting firms are also implementing measures like allowing managers to remain in place without mandatory promotion requirements to prevent further attrition. additionally, ai is prompting mixed reactions, with some viewing it as a relief for mundane tasks, while others worry it signals a threat to job security.<\/p>\n

the accounting profession is desperately seeking solutions to address the staffing shortage through various strategies, including:<\/p>\n

    \n
  1. removing barriers: the removal of the 150-hour rule, which is seen as a barrier to students entering the profession.<\/li>\n
  2. non-traditional hiring: firms are hiring individuals who may not have a traditional accounting background.<\/li>\n
  3. process improvement: there is a push for existing staff to improve their processes to reduce time spent on repetitive tasks, thereby increasing efficiency.<\/li>\n
  4. remote specialists: utilizing remote specialists to help firms manage workloads without hiring additional full-time staff.<\/li>\n
  5. client selection: some firms are becoming more selective about the clients they take on, focusing on higher-value work and disengaging from less profitable clients.<\/li>\n
  6. compensation adjustments: increasing fees and better compensation may be the long-term solution to attract and retain talent.<\/li>\n
  7. private equity and mergers: firms are exploring merger and acquisition opportunities to cope with staffing challenges, including a new rush to private equity.<\/li>\n<\/ol>\n

    the statistics are sobering.<\/p>\n