CPA Talent Shortage: Why Fewer Accountants Are Entering the Profession and How Firms Can Adapt
The Decline in Accounting Graduates and CPA Candidates
Recent data from the American Institute of CPAs (AICPA) reveals a sharp decline in accounting graduates and CPA exam candidates, posing a major challenge for firms.
- Bachelor’s Degrees: In 2021–2022, only 47,000 students earned a bachelor’s degree in accounting—a 7.8% decrease from the prior year.
- Master’s Degrees: The number of master’s degree recipients also fell by 6.4% during the same period.
- CPA Exam Candidates: Only 67,355 people took the CPA exam in 2022, compared to 72,271 in 2021—a downward trend over the past decade.
With fewer young professionals entering the field, CPA firms are finding it increasingly difficult to recruit and retain top accounting talent.
Why Are CPA Firms Struggling to Find Talent?
Several factors contribute to this shortage:
- Higher Educational Barriers – The 150-hour CPA requirement discourages students from pursuing licensure due to the extra time and cost.
- Competition from Other Fields – Finance and tech-related careers often offer higher salaries and more flexibility, making them more attractive.
- Perceived Lack of Work-Life Balance – Many young professionals prioritize work-life balance, while traditional accounting roles are known for long hours and tax season burnout.
- Aging Workforce – Many senior accountants are retiring, with fewer young professionals replacing them.
These challenges leave CPA firms overwhelmed with workload, struggling with retention, and unable to scale effectively.
How HeyApril Helps CPA Firms Find Top-Tier Accountants Remotely
To address this crisis, many firms are turning to outsourcing—and HeyApril is leading the way in helping CPA firms scale efficiently with high-quality, remote accountants from the Philippines.
✅ Access to Top Talent – The Philippines has a strong pool of highly skilled CPAs who are trained in U.S. GAAP, IFRS, tax regulations, and compliance standards.
✅ Cost-Effective Solution – Hiring offshore accountants can reduce overhead costs by up to 70%, allowing firms to allocate resources toward growth and advisory services.
✅ Seamless Integration with U.S. CPA Firms – HeyApril’s accountants are tech-savvy and proficient in QuickBooks, Xero, NetSuite, and cloud-based accounting platforms, ensuring a smooth workflow with U.S. firms.
✅ AI-Powered Efficiency – HeyApril leverages AI-driven tools to enhance accuracy, streamline bookkeeping, and improve financial reporting—allowing firms to focus on high-value advisory work.
✅ Scalability Without Hiring Hassles – CPA firms no longer need to spend months searching for talent. HeyApril provides pre-vetted, highly qualified accountants ready to step in and support your team.
The result? More time, less stress, and the ability to focus on growing your firm instead of scrambling to fill positions.
The Future of CPA Hiring: Adapting to a Changing Landscape
To stay competitive in the face of this talent shortage, CPA firms need to:
📌 Embrace Remote Talent – Offshore accounting teams provide a scalable and reliable solution for staffing gaps.
📌 Leverage Technology & AI – Automating routine tasks allows accountants to focus on strategic decision-making.
📌 Rethink Work Culture – Offering flexibility, competitive salaries, and career growth opportunities will attract more professionals.
HeyApril is here to help CPA firms navigate these challenges, ensuring they stay ahead in an evolving industry.
📢 Is your firm struggling with hiring? Let’s chat! Schedule a free consultation today and discover how HeyApril can connect you with top-tier accounting talent from the Philippines. 💙
#CPAShortage #RemoteAccounting #AccountingTalent #HeyApril
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