CPA Firms Hiring Challenges and How to Overcome Them

The USA is facing a high accounting talent shortage these days. Amidst this, the demand for skilled accounting professionals is rising due to the need for the regulatory framework surrounding the accounting realm as well as the necessity of the clients. However, CPA firms do not pool from where they can hire skilled CPAs, which has led to a talent gap within the industry. This has increased CPA firms hiring challenges.

Furthermore, based on statistical analysis, the current market of accounting professionals in the USA shows that around 80% of accounting firms are facing a severe shortage in staffing and struggling to find qualified professionals for accounting. Additionally, there has been a smaller number of professionals choosing the accounting landscape. Thus, around 75% of practising CPAs are near their retirement age. In addition to that, almost 2/3rd of hiring managers in finance and accounting are looking for talent to fill new roles, and 32% are focused on staffing vacated roles. However, at the same time, 95% of them are facing difficulty in locating skilled talent available for hire.

Moreover, many authorised organisations have released data showing that along with the accounting talent shortage, there has been a significant decrease in talent quality as well. Furthermore, fewer people have been taking the CPA exam in recent years, which is also a primary reason for the scarcity of accountants.