Accountants vanished, where did they go?

TLDR:

Accounting firms and academic institutions are facing a shortage of accountants, leading to increased workloads and higher costs. The industry has seen a decline in practicing accountants and auditors over the past decade, with many leaving the field. The rigorous requirements of the profession, lower starting salaries, and long hours are deterring prospective students from pursuing accounting careers. To address the workforce shortage, organizations are implementing changes in curriculum and licensure requirements.

Where Did All the Accountants Go?

The accounting profession is undergoing significant changes, with a shortage of accountants impacting firms and academic institutions. Tax season now extends into May due to the lack of accounting staff.

Enestvedt & Christensen, a local firm, has had to increase rates and communicate with clients about the challenges they face with staffing constraints. The industry has seen a decline in practicing accountants and auditors over the past decade, leading to higher workloads and costs. The University of Minnesota’s Carlson School of Management has also witnessed a decline in accounting majors and course offerings, attributing it to the profession’s rigorous requirements and lower starting salaries.

To attract more students to the accounting major, the Carlson School is increasing the number of electives and lowering required courses. The Minnesota Society of Certified Public Accountants is also working to broaden pathways to CPA licensure to address the worker pipeline crisis in the industry.