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Jobs
Published December 28, 2022 5:21pm EST


WHY SO MANY ACCOUNTANTS ARE QUITTING


EVEN SOME ACCOUNTING MAJORS DON’T WANT ACCOUNTING JOBS

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By Lindsay Ellis The Wall Street Journal
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More than 300,000 U.S. accountants and auditors have left their jobs in the past
two years, a 17% decline, and the dwindling number of college students coming
into the field can’t fill the gap. 




The exodus is driven by deeper workplace shifts than baby-boomer retirements.
Young professionals in the 25- to 34-year-old range and midcareer professionals
between the ages of 45 and 54 also departed in high numbers starting in 2019,
according to the Bureau of Labor Statistics. Recruiters who have been luring
experienced accountants into new roles say they are often moving into jobs in
finance and technology.

The huge gap between companies that need accountants and trained professionals
has led to salary bumps and more temporary workers joining the sector. Still,
neither development will fix the fundamental talent pipeline problem: Many
college students don’t want to work in accounting. Even those who majored in it.

KPMG employees volunteer packing food boxes at the Los Angeles Regional Food
Bank in City of Industry, Calif., on the accounting consulting firm's 125th
anniversary on Aug. 2, 2022. (Sarah Reingewirtz/MediaNews Group/Los Angeles
Daily News via Getty Images / Getty Images)

Jordan Pixley put his attention to detail and love of numbers into his Clemson
University accounting classes. But in internships, he felt bogged down by the
repetitive tasks of accounting — such as balancing cash sheets — and the work
proved less interesting than the college class he enjoyed most: data analysis.



91% OF CEOS SEE TOUGHER RECESSION: KPMG

The 22-year-old accounting major attended a KPMG LLP recruiting event in
Orlando, Fla., but ultimately chose not to apply. He graduated last week without
a job lined up and is exploring opportunities with the U.S. military.
Accounting’s grueling hours —70- and 80-hour weeks are common at the biggest
public firms before tax and audit deadlines — were part of the turnoff, he
said. 

"I was a little scared of it, not going to lie," Pixley said. "I don’t know if I
want to do all that."



KPMG said it is considering ways to reduce overtime hours and workloads during
busy seasons. While salaries vary by market and position, most entry-level
workers across audit, tax and advisory services at KPMG in 2023 will earn
salaries that are 5% to 15% higher than for those who graduated and joined in
2022, the firm said. One entry-level tax associate job based in New York City,
which requires firms to disclose pay, has a posted range of $71,000 to $82,000.



In the past 12 months, most KPMG employees have received three successive pay
increases, a company spokeswoman said. CEO Paul Knopp spent several days this
fall on college campuses, including the University of Texas at Austin and the
University of Illinois, pitching the company and meeting with students. He said
the profession hasn’t done enough to help students understand the career options
in accounting. 

KPMG is one of the Big Four accounting organizations. (iStock)

"The accounting degree is an incredible, powerful tool to help you succeed
longer term in the business world," he said. 



LAID OFF TECH WORKERS QUICKLY FIND NEW JOBS

It isn’t an easy sell, said Steven Kachelmeier, who leads UT-Austin’s accounting
department. As the number of accounting majors has dropped, the bidding war to
recruit students has intensified. 

Firms promise higher salaries after a few years on staff, Prof. Kachelmeier
said, but "when you’re 19 years old, you don’t think about 10 years from now or
even five years from now. You think about right now."



Students want to make more money up front than many accounting firms are paying
— and they are finding it in other industries, according to professors. The
expanded opportunities have come during a decadelong economic boom that has
created new roles in sectors from banking to tech. Top students straight out of
college can make significantly more going to work for consulting outfits and
banks, rival fields that are drawing quantitatively minded students, according
to recruiters.

"I don’t know who we’re not competing with, quite honestly," said Rod Adams, who
leads PricewaterhouseCoopers LLP’s hiring in the U.S. and Mexico.



MOST 'RECESSION-PROOF' JOBS IN 2022



The firm, which needs to recruit 4,200 entry-level associates for fall 2023, has
prospects in its hiring pipeline as early as their sophomore years. Students do
an internship after their sophomore year, and many of those interns are funneled
into a second internship after their junior year, Adams said. Many go on to
receive full-time offers. 

One significant barrier to entry remains for many newly minted accounting
graduates. To earn a certified professional accountant license, a professional
needs 150 credit hours, or 30 college credits beyond the typical 120-hour
bachelor’s degree requirement. The 10 extra classes can add up to a fifth year
of college, which can cost tens of thousands of dollars in additional tuition
and fees. 

While some mathematically inclined students are drawn to accounting, the field
still suffers from a stigma that it is unappealing, with tedious work and
daunting hours. (iStock / iStock)

PwC has joined with Saint Peter’s University, based in Jersey City, N.J., so
that some students can get the 30 extra college credits by working at the firm.
The company is paying tuition and paying the students for the year of work.
Company leadership hopes the pilot project that allows work for credit will
result in more young professionals sticking with accounting and becoming
full-fledged CPAs. 



The number of U.S. students who completed a bachelor’s degree in accounting
declined by nearly 9% to about 52,500 in 2020, down from almost 57,500 in 2012,
according to the Association of International Certified Professional
Accountants. The slump has continued over the past two years, according to the
group, though it hasn’t published final numbers for 2021 and 2022. Fewer
students are also sitting for the four-part examination to become a CPA.

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While some mathematically inclined students are drawn to accounting, the field
still suffers from a stigma that it is unappealing, with tedious work and
daunting hours, said Keith Wolf, managing director at the Houston-based
recruiting firm Murray Resources. Companies are sending young professionals into
high-school classrooms to try to change that perception, and an industry group
has drawn millions of views with a TikTok campaign to show the field in a fresh
light.




Accounting is a reliable path to stable, steady work, Wolf said, but there are
easier ways to enter the business world.

"There’s so many options," he said. "Why pursue a much more difficult path?" 




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