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Starting in the late 2010s and accelerating into the early 2020s, the accounting field has been going through a difficult period. Several factors have contributed to this, chief among them fewer students pursuing accounting degrees and a wave of retirements.

The good news is that the fog surrounding student enrollment is beginning to clear. Data from the National Student Clearinghouse Research Center shows an increase in student volume in the most recent years.

Read on to learn more about the accountant shortage, the outlook for the coming years, and how a master’s in accounting or a graduate certificate from Kent State University can kickstart a successful career in the field.

A Brief Overview of the Accounting Job Shortage

The accountant shortage did not appear overnight. Understanding what caused it, who it affects, and how the profession is responding puts the current outlook in context.

What Are the Main Causes of the Accountant Shortage in the U.S.?

Various factors have contributed to the shortage of accountants – and the related CPA shortage – in the United States, with the main reasons including:

• The current accounting workforce is aging – A significant portion of practicing CPAs are Baby Boomers now reaching retirement age ()
• Overall enrollment in accounting programs has decreased in recent years – Since 2010, the total number of accounting graduates has decreased by 20% ()
• Licensing and regulatory changes are reshaping the pipeline – The Uniform Accountancy Act (UAA) was updated in 2025 to introduce new pathways to CPA licensure and ease long-standing barriers to entry
• Compensation has not always kept pace – Research over the last decade shows a stark difference in how different generations value salary and employee benefits ()

How Is the Accountant Shortage Affecting American Businesses?

The accountant shortage affects not only the profession itself but also businesses, investments, and the broader economy. CPAs and accounting professionals play a crucial role in financial reporting and tax preparation, among other fundamental tasks. Key aspects of the field have been directly affected by the shortage, leading to:

• Delays in report preparation
• Compliance and accuracy issues
• Errors in financial statements

As a result of the ongoing issues, businesses, as well as the broader economy, have faced significant consequences, which include decreased investor trust and even regulatory and legal repercussions.

What Are Organizations Doing to Address the U.S. Accountant Shortage?

In response to the ongoing shortage, many companies are working to restructure internal priorities and improve employment incentives for in-demand accounting jobs. This includes:

• Increasing base salaries to account for long hours – From 2020 to 2024, the median salary for accountants in the United States rose by approximately $8,000 ()
• Allowing for flexible working environments – Employees are being given the opportunity to set their own working location through hybrid or remote options
• Reducing burnout – This is being accomplished by improving job satisfaction for existing staff and newly graduated students stepping into the professional world
• Offering university incentives – Scholarships for accounting students are rapidly becoming commonplace benefits
• Expanding training – Apprenticeships and other development programs are growing in popularity for the real-world skills they provide

Outlook on the Shortage of Accountants

As the 2020s find their stride and the economy further distances itself from the effects of the COVID-19 pandemic, market specialists continue to offer insights on the current shortage and where things are headed.

Many professionals cite the need for educated graduates with a strong set of skills tailored to the current market. Technical expertise is no longer the sole factor in whether a young professional lands a position. Pairing technical knowledge with ethical decision-making, strong interpersonal communication, and a firm grasp of how to use AI to automate manual tasks is what sets strong accounting candidates apart.

Turning the Corner on the Accountant Shortage

Though enrollment increases are not yet staggering, the shortage has slowed significantly over the last few years. While bachelor’s degree completions dropped by 10.3% from 2021 to 2023, that decline slowed to 3.3% in 2025, according to the . This gradual recovery shows that the tactics employed by businesses, combined with higher-education incentives, are proving effective.

Stronger salary increases to match inflation and a greater focus on hiring talented workers to close the retirement gap have helped position accounting as a favorable profession once again.

Another factor supporting the steady recovery is licensure reform. Many regions across the country are considering, or have already adopted, a reduction in credit-hour requirements from 150 to 120 – a requirement long known to discourage entrants to the profession.

In-Demand Accounting Jobs with a Kent State Degree

Kent State is committed to preparing you for your future career, regardless of the professional field you are pursuing. A wide range of positions is available to you; however, they differ depending on whether you have passed the CPA exam.