CPA Staffing Issues

Millennials make up a growing segment of the workforce, but they’re hard to come by in the accounting industry

Year - 2020

According to the Pew Research Center, people born between 1981 and 1996 surpassed Gen-Xers as the largest segment of the U.S. workforce in 2016. The latest data estimates that more than one in three workers, or about 35%, fall into the millennial age group.

The influx of fresh talent should be a good thing for firms looking to attract new candidates, right? But not so fast—in the accounting field, millennials on the younger end of the spectrum actually account for one of the smallest segments of the workforce. According to Bureau of Labor Statistics data, workers age 24 and under account for only about 5.5% of accountants and auditors nationwide. In the workforce as a whole, this number is about 12% (for reference, on the opposite end of the spectrum is convention and event planning, a field where about 16% of the workforce is under 25).
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Millennials make up a growing segment of the workforce

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The earning potential of BC CPAs (Infographic)

Year – 2020

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The earning potential of BC CPAs

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Staffing Remains Top Concern for CPA Firms, AICPA Survey Finds

Year - 2019

Staff recruitment remains the top issue for most CPA firms, while growing tax complexity and risk management regarding privacy and data security are rising challenges, new research by the American Institute of CPAs shows.
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WINNING THE TALENT WARS

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Canadian Accounting Demographics: Who will succeed today’s CPA practitioners?

Canadian Accounting Demographics: Who will succeed today’s CPA practitioners?

 

TORONTO, Nov. 20, 2017 – Nowhere is the greying of the Canadian accounting profession more acutely felt than in public practice, where practitioners say they are struggling with exit strategies. In our series on the demographic crisis in small to medium-size firms, we’ve reported that two-thirds of the profession are over the age of 40, and practitioners are wondering just who will fill their shoes. 

 

According to the American Institute of Certified Public Accountants, 70 per cent of CPA firm owners will be 65 years or older in just eight years — 2025. There is no reason to believe that Canadian practitioners are any different. The vast majority of practitioners will therefore face the same four options all at once: wind down their firm, sell externally, merge “upstream,” or groom a successor internally. 
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Canadian Accounting Demographics

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No.1 Concern for CPA Firms

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