Last updated: 14 Apr 2025 09:00 Posted in: AIA
Dr Tim V. Eaton and Anastasija Mladenovska review the benefits of the profession and why it’s a great time to be an accountant.
The predicted downfall of accounting careers has been a recurring theme over the past decade, with various projections foreseeing significant declines in the profession. These apocalyptic predictions have ranged from criticisms of accountants’ use of outdated methods to measure company performance in 2016, to recent reports from the World Economic Forum’s Future of Jobs Report, which could prompt some students to question the value of pursuing an accounting degree.
These grim forecasts are partly due to the misleading portrayal of the accountant’s role in the modern corporate world and the widespread confusion surrounding the question, ‘What does an accountant actually do?’ Many have attempted to clarify the profession, debunk myths and gauge public understanding. However, one often overlooked approach to improving the public perception of accounting is to highlight its resilience as a discipline. When facing tough economic times, accounting has and remains a resilient career choice.
The slowing down of job growth is expected to continue until late 2025; however, the employment of accountants and auditors between 2022 and 2032 is expected to grow by 4%. Even during Covid-19 and the pandemic’s significant impact on the economy, the demand for accountants remained steady, and firms continued to hire throughout the crisis.
Now is an excellent time to be an accountant, and here are the reasons why.
Historical resilience of the accounting profession
History shows that even though the accounting profession has weathered numerous economic challenges, accountants have maintained their crucial role in financial stability and have adapted with the times.
In the 1990s, accounting saw a win for diversity with PwC hiring Woody Brittan as its Vice Chairman and women began to enter the profession. Achieving diversity is a work in progress for many executive leadership positions across different industries but data has shown inspiring results from the accounting profession.
As many as 39% of women hold partnership positions at US CPA firms and 39% of students graduating from bachelor’s and master’s accounting programmes identify as non-white. Research has shown that diversity leads to greater innovation and creativity, as well as 35% of improved performance.
Another shift that occurred in the 1990s was the emergence of forensic accounting as a distinct form of accounting when more responsibility was placed on CPAs to detect fraud and serve as exemplary citizens in the prevention of
financial scandals. Today, forensic accounting has become an indisputable cornerstone of society in preventing fraud through detecting money embezzlement, bribery, identity theft, trademark, patent infringements and compensation disputes. It is also a high paying field with salaries currently in the range of $59,500 to $85,000 with high earners making around $135,000 a year.
Forensic accounting, however, is only one field of the profession. Whether one chooses to become an auditor, controller, forensic, tax, managerial or an IT accountant, the need of companies and individuals for strategic planning, growth and compliance is never going to disappear.
The biggest concern for accounting’s usefulness in the future is technology and the emergence of artificial intelligence. This is mostly based on the idea that accounting has been a client non-facing profession. But this presumption is simply false because it has for years disregarded the ethical considerations involved in replacing accountants with bots and the ability of CPAs to adapt with the times and become the face of many businesses.
Moving into the 2000s, the accounting profession was once again tested by several significant slowdowns, prominently including the burst of the dot-com bubble, which had widespread repercussions across various sectors. The collapse of the dot.com bubble led to substantial declines in technology stock values and investor confidence, triggering a broader economic downturn, foreshadowing the 2001 recession, the 9/11 terrorist attacks and the Enron Scandal.
During this turbulent period, accountants played a pivotal role. They adapted to the changing economic landscape by focusing on financial restructuring and audits. Financial restructuring helped companies to realign their operations to manage debt and improve profitability amidst market upheavals. Auditors ensured financial transparency and compliance amid heightened scrutiny. The accounting profession demonstrated its resilience by meeting the evolving needs of businesses and maintaining a stable job market.
Despite the economic turmoil, the demand for accounting services remained robust, highlighting the profession’s crucial role in guiding businesses through financial instability and ensuring regulatory adherence.
Two other important global events also allude to the bullet-proof face of the accounting profession: the great recession of 2007 to 2009 and the Covid-19 pandemic.
The role of accounting in the financial crisis of 2008 is indisputable. The inconsistent application of fair value accounting standards at the time contributed to the financial crisis. Case studies from this period show how accountants were instrumental in addressing issues related to mortgage-backed securities, corporate governance and regulatory changes. For instance, firms like Lehman Brothers faced scrutiny over their financial practices, and accountants were at the forefront of ensuring transparency and accountability.
The 2008 financial crisis further developed the accounting profession, expanded its roles in society and positioned ethics and integrity as the top sought skill in every accountant.
During the pandemic on the other hand, the Journal of Accountancy reports how CPAs were instrumental in saving businesses. They offered critical strategic advice, managed financial restructuring and helped to secure government assistance programmes. By conducting in-depth financial analyses, implementing innovative solutions and leveraging technology, CPAs enabled businesses to adapt to changing conditions and maintain stability.
The pandemic intensified stress and work-life balance issues due to extended busy seasons, increased reliance on virtual meetings, and challenges in hiring and mentoring for accountants. Despite these difficulties, however, many accountants successfully embraced technology and flexibility, leading to positive changes such as accelerated digitalisation and better emergency planning, underscoring the evolving role of CPAs as essential business consultants in a post-pandemic world.
Overall, accountants have consistently adapted to changing economic conditions by evolving from routine tasks to offering strategic advice, financial restructuring and crisis management. Their ability to navigate complex financial landscapes while upholding ethical standards has reinforced their stability and importance in the financial sector. This resilience highlights their crucial role in maintaining financial integrity and stability during economic challenges.
Current job market for accountants
One post-pandemic issue that has creeped into the accounting profession is the CPA shortage. Currently, many firms are struggling to find qualified accountants to handle increasing workloads. Experienced professionals are transitioning into finance and technology roles, driven by a demand for skills in artificial intelligence, robotic process automation and machine learning. Additionally, 2023 saw a 7.8% decrease in accounting graduates than the year before.
Knowing this, many vacancies in the profession in the upcoming years will result from retirement and profession shift. New accounting graduates are crucial in this moment in history when demand for accountants is high – 63% of employers reported accounting as a top degree in demand according to the National Association of Colleges and Employers (NACE)’s salary survey.
Compared to other professions, accounting shows robust employment rates and job security. Accounting qualifications often cover a wide range of topics, including financial reporting, tax, audit and management accounting, providing a comprehensive understanding of business operations and financial management.
Skills from an accounting degree, such as attention to detail, analytical thinking and proficiency in financial software, are highly transferable and valued across various roles.
Accountants play a key role in business decision-making, providing insights for strategic planning, budgeting and resource allocation, which can lead to influential positions. Global accounting standards open doors to international opportunities, while expertise in financial analysis, risk management and taxation allows for transitions into consulting and advisory roles.
The field’s rapid technological advancements, including data analytics and AI, enhance efficiency and strategic insights. Additionally, the structured career path in accounting, from junior roles to positions like CFO, offers substantial long-term growth and higher salaries.
Skills and expertise for future accountants
The future of accounting increasingly demands skills in data analytics, environmental, social and governance (ESG) reporting, and forensic accounting. Technological proficiency is essential, with an emphasis on understanding advanced software, data analysis tools and AI applications.
Analytical skills and specialised knowledge, such as expertise in ESG reporting and forensic investigations, are becoming increasingly valuable.
Students preparing for a career in accounting should focus on gaining expertise in these trending areas. Pursuing certifications can enhance credibility and career prospects. Additionally, practical experiences such as internships and hands-on projects are crucial for developing real-world skills. Networking and professional development are vital for career success in accounting.
Building a strong professional network, staying informed about industry trends, and engaging in continuous learning are key strategies. Students and professionals should set clear career goals and plan for long-term success by leveraging internships, mentorships and continuing education opportunities.
Conclusion
The accounting profession has demonstrated remarkable resilience and adaptability throughout its history, evolving to meet the demands of a changing world. Today, the profession continues to thrive amidst technological advancements and economic challenges. For students and professionals alike, embracing adaptability and continuous learning is essential for success.
Staying informed and proactive will ensure that accounting remains a dynamic and rewarding field with promising future opportunities.
Author bio
Dr. Tim V. Eaton is an Arthur Andersen Alumni Professor, an EY Teaching Scholar and Professor of Accountancy at Farmer School of Business, Miami University.
Anastasija Mladenovska is an EY Student Scholar at Farmer School of Business, Miami University.