TaxProfBlog – WSJ: Why So Many Accountants Are Quitting (January 3, 2023)

Paul Caron has published an article on the TaxProf Blog, titled “WSJ: Why So Many Accountants Are Quitting,” which discusses reasons as to why the job market for accounting has become increasingly less desirable, and upcoming initiatives meant to reinvent the field’s image. The article begins as follows:

More than 300,000 U.S. accountants and auditors have left their jobs in the past two years, a 17% decline, and the dwindling number of college students coming into the field can’t fill the gap. …

The huge gap between companies that need accountants and trained professionals has led to salary bumps and more temporary workers joining the sector. Still, neither development will fix the fundamental talent pipeline problem: Many college students don’t want to work in accounting. Even those who majored in it. …

KPMG said it is considering ways to reduce overtime hours and workloads during busy seasons. While salaries vary by market and position, most entry-level workers across audit, tax and advisory services at KPMG in 2023 will earn salaries that are 5% to 15% higher than those who graduated and joined in 2022, the firm said. One entry-level tax associate job based in New York City, which requires firms to disclose pay, has a posted range of between $71,000 and $82,000. …


Click here to see the full article, “WSJ: Why So Many Accountants Are Quitting” 

Posted by Melissa Zheng, Associate Editor, Wealth Strategies Journal.

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