The Truth About the Shortage of Accountants in America: Why Are There So Few Accountants in the US

January 31, 2023
Wooden desk with calculator and paper, featuring text 'Why Are There So Few Accountants in the US'

Why are there so few accountants in the US today?

  1. A small percentage of CPA passers
  2. Early retirement and shifting of professions
  3. They face more demands for their time and skills
  4. The labor shortage encourages accountants to work harder
  5. There are wider choices of careers to choose from

Where have all the accountants in the US gone? For the past two years, many businesses have witnessed a lack of professionals in their own companies. It was reported that more than 300,000 US accountants have chosen to pursue careers in different industries like finance and technology. Aside from that, many Americans aged 45 - 54 have also chosen to file for either resignation or early retirement. To understand this shortage, this article digs deeper into the question: why are there few accountants in the US? Because of this, many companies have sought the help of offshore staffing companies like Atticus Solutions. Keep reading to learn more!

It started with a small percentage of CPA passers

Unfortunately, the US’s university enrollment for accounting courses fell short by 4% in 2016 and 2019. Each year, there are fewer than fewer university students who choose to get certified. There are less than 100,000 accounting students who take the Certified Public Accountant (CPA) examination.On top of having a few test-takers, more than half of them fail. This creates a domino effect with employment. Not many US accounting companies can add new certified public accountants to their current roster of employees.This is a different picture from what’s happening in the Philippines. During the 2022 Certified Public Accountant Licensure Exam (CPLE), there was a constant increase in the number of exam passers. 22.29% of examinees passed the CPLE in 2021. This is already 7.01% higher than the previous year, which just proves how dedicated Filipinos are to being part of the skilled, hardworking accountants in the industry.

Early retirement and shifting of professions

Early retirement and shifting of professions

Aside from the lack of new blood in the American accounting scene, there is also an issue with mid to senior-level accountants. In recent years, many American accountants have chosen to shift career paths or retire early. Although it is expected that the retirement of baby boomers will help produce passionate and skilled young accountants through mentoring, what they have overlooked is the fact that young Americans today are seeking balanced work and higher salaries. This is the reason why young professionals don’t hesitate to shift to other fields rather than working overtime with insufficient salaries.Fortunately, Filipino NetSuite accountants are hospitable, caring, and patient. They don’t only offer excellent service, but they truly know how important loyalty is and won’t ponder about being faithful to their clients.

They face more demands for their time and skills

Compared to before, US accountants are now expected to give more of their time and skills at work, which affects their physical, mental, and emotional health as they feel burned out from this taxing field. That’s why others search for jobs that won’t exhaust their time daily.At Atticus Solutions, our NetSuite accountants know how to work within the clock. Filipinos always show an excellent work ethic by showing their employers that they are equipped with the proper knowledge and experience that can provide the best output they need for their company.

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The labor shortage encourages accountants to work harder

The labor shortage encourages accountants to work harder

Due to the labor shortage in accounting industries in the US, the remaining accountants are obliged to work harder in difficult conditions. Most likely, they have to work alone under extreme pressure rather than enjoy the companionship of their team, which often leads to burnout. It’s hard to imagine that the entire accounting system rests on the shoulders of these overworked accountants, but it is happening in the US today.However, here in the Philippines, there’s a huge demand for Filipino Netsuite accountants because of their smart decisions, proficiency, good communication skills, and camaraderie with their team and clients.

There are wider choices of careers to choose from

Patience never knocks on our doors when there are numerous career choices to try — this is why American accountants shift. There was a time when accounting in the US was the ideal career for many college students. They believed they would be paid a good salary and offered incredible career opportunities for big-time firms in the industry.Plenty of them talked about accounting the way they talked about law or medicine. But today, there are many job opportunities to explore. For them, they no longer have to work for accounting companies when they could employ themselves in a tech company and earn big as an analyst.That’s why hiring a NetSuite accountant from the Philippines is a better option. Our NetSuite accountants have the exact skills that accountants in the US have, too, at an affordable rate yet with high-quality work like no other.

Key Takeaway

With the shortage of accountants in the United States, the solution that many have turned to is to hire offshore staffing companies like us here at Atticus Solutions. From us, you can get the talent you need especially when looking for those experienced with the NetSuite platform. So, don’t be the last one to partner with us and experience the best service we could provide you.You’ve just read some of the truths about why there are few accountants in the US. If you’re looking for the company that can offer you the best NetSuite accountants in the Philippines, look no further than Atticus Solutions! We have talented and certified accounting professionals ready to work with you. Contact Atticus Solutions here to know why we provide the best solutions today!

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