Accounting
How the accounting industry can fend off a talent crisis
Accounting has long been considered a space ruled by reliability and stability. The industry itself, driven by ceaseless consumer demand and dependable rhythms, promotes job security and often even attracts a certain personality type – creatures of habit who find comfort in familiar routines and steady surroundings.
Yet the accounting industry is currently in the midst of unprecedented volatility, at least in terms of staffing and maintaining a viable workforce balance. A generation of CPAs is at or nearing retirement age, and the number of new accounting professionals entering the field seemingly won’t be enough to keep up with future needs. Whether the talent crisis in the space is an existential one is up for debate, but this much is clear: Doing nothing isn’t an option.
The problem isn’t breaking news in the accounting field, but even among those who acknowledge the looming staffing shortfall, agreement on and action toward concrete solutions has been too slow or altogether absent. Change is necessary. Here are some practical steps that, if supported
across the field, could help shake the accounting industry out of its staffing slump.
Why the accounting industry is facing dwindling numbers
No surprise here: the Baby Boomers are again influencing the narrative. Many CPAs from this generation are aging out of the working world, as the AICPA indicates that
But in the accounting field, the candle is burning at both ends. At the same time that CPAs are entering retirement at unprecedented rates, far fewer young workers are falling in behind them to pick up the slack. The stability and security of entry-level accounting positions (and the promise of future growth) are no longer the draw they once were. The two trends have led to a rapidly shrinking talent pool that puts firms — and their clients — in an extremely precarious position.
Although certain accounting houses may be savvier or better equipped to take on the workforce shortage, everyone in the field is rowing against the tide. It won’t be a problem that is solved individually or even organizationally. Long term, industry-wide staffing is an entrenched, systemic issue that will require big ideas and likely sweeping changes that are embraced and implemented throughout the space. So how does the accounting industry, as a whole, close the labor gap?
Closing the talent gap in the accounting space
The current labor crisis in the accounting industry has been decades in the making. Any notion that a single adjustment or introduction could stem the tide, or even that a brilliant suite of solutions might instantly turn things around, is a naive hope.
Fortunately, this is the industry’s specialty. Starting with three pillars — but certainly not leaving it there — the accounting field can begin restocking its depleted ranks and building a new brand that will help sustain its numbers over time.
Better incentives: Accountants have always been attracted to the comparatively strong pay, solid upward mobility and relative job security in the field. But, as has been the case in other fields, those benefits don’t go as far as they once did. And because the demands of the tax calendar often shackle firms and their CPAs in many ways, accounting employers may need to get creative in their offerings — everything from first-class professional growth opportunities and a more flexible work schedule to a company car allowance and on-site daycare.
Adjusted job requirements: Accountants require extensive training and certification — CPA isn’t exactly a learn-on-the-job role. But there may be ways to create nontraditional paths into the industry, particularly in compartmentalized roles that do (or can) allow prospects to grow into more prominent positions. Talent assessment platforms and skills-based hiring can help firms identify quality candidates who can provide immediate workforce contributions while building toward greater long-term value for an organization.
Rebranding the industry: Admittedly, this is a biggie. Returning to one of our initial points, accounting has long been considered a buttoned-down, straight-arrow industry. And while wanderers and creatives and outside-the-box thinkers may seem incongruous with the industry, there is a space in the middle where accounting firms would find a larger and more diverse talent pool. The big players in the field don’t have to go full Silicon Valley — juice bars, massage rooms and sleep pods — to attract more quality prospects and begin changing what it means to be an accountant. By simply listening to the needs of workers currently in the space (and taking the occasional page from other competing industries), accounting firms can start wooing more and higher-caliber job candidates.
It’s unclear exactly how long it may take to undo the current accounting talent crisis. But given the trajectory of the numbers and the fact that most experts are bracing for the worst for at least the next calendar year, it seems that a focused, industry-wide strategy is in order. At the very least, accounting firms must begin treating every graduating class as an opportunity to welcome more candidates into the labor force. The young, eager workers who once showed up in droves on the doorstep of the accounting industry are far fewer than they once were. It’s time to boost their numbers — and make moves that will keep them in the field over the long haul.
Jody Padar, an author and speaker known as “The Radical CPA,” and Katie Tolin, a growth strategist for CPAs, together launched a training and technology platform called XcelLabs.
XcelLabs provides solutions to help accountants use artificial technology fluently and strategically. The Pennsylvania Institute of CPAs and CPA Crossings joined with Padar and Tolin as strategic partners and investors.
“To reinvent the profession, we must start by training the professional who can then transform their firms,” Padar said in a statement. “By equipping people with data and insights that help them see things differently, they can provide better advice to their clients and firm.”
The platform includes XcelLabs Academy, a series of educational online courses on the basics of AI, being a better advisor, leadership and practice management; Navi, a proprietary tool that uses AI to help accountants turn unstructured data like emails, phone calls and meetings into insights; and training and consulting services. These offerings are currently in beta testing.
“Accountants know they need to be more advisory, but not everyone can figure out how to do it,” Tolin said in a statement. “Couple that with the fact that AI will be doing a lot of the lower-level work accountants do today, and we need to create that next level advisor now. By showing accountants how to unlock patterns in their actions and turn client conversations into emotionally intelligent advice, we can create the accounting professional of the future.”
“AI is transforming how CPAs work, and XcelLabs is focused on helping the profession evolve with it,” PICPA CEO Jennifer Cryder said in a statement. “At PICPA, we’re proud to support a mission that aligns so closely with ours: empowering firms to use AI not just for efficiency, but to drive growth, value and long-term relevance.”
The accountant the world urgently needs has evolved far beyond the traditional role we recognized just a few years ago.
The transformation of the accounting profession is not merely an anticipated change; it is a pressing reality that is currently shaping business decisions, academic programs and the expected contributions of professionals. Yet, in many areas, accounting education stubbornly clings to outdated, overly technical models that fail to connect with the actual demands of the market. We must confront a critical question: If we continue to train accountants solely to file tax reports, are we truly equipping them for the challenges of today’s world?
This shift in mindset extends beyond individual countries or educational systems; it is a global movement. The recent announcement of the
The CIMA/CGMA proposal for 2026 is not just a curriculum update; it is a powerful manifesto. This new program positions analytical thinking, strategic business partnering and technology application at the core of accounting education. It unequivocally highlights sustainability, aligning with IFRS S1 and S2, and expands the accountant’s responsibilities beyond mere numbers to encompass conscious leadership, environmental impact and corporate governance.
The current changes in the accounting profession underscore an urgent shift in expectations from both educators and employers. Today, companies of all sizes and industries demand accountants who can do far more than interpret balance sheets. They expect professionals who grasp the deeper context behind the numbers, identify inconsistencies, anticipate potential issues before they escalate into losses, and act decisively as a bridge between data and decision making.
To meet these expectations, a radical mindset shift is essential. There are firms still operating on autopilot, mindlessly repeating tasks with minimal critical analysis. Likewise, many academic programs continue to treat accounting as purely a technical discipline, disregarding the vital elements of reflection, strategy and behavioral insight. This outdated approach creates a significant mismatch. While the world forges ahead, parts of the accounting profession remain stuck in the past.
The consequences of this shift are already becoming evident. The demand for compliance, transparency and sustainability now applies not only to large corporations but also to small and mid-sized businesses. Many of these organizations rely on professionals ill-equipped to drive the necessary changes, putting both business performance and the reputation of the profession at risk.
The positive news is that accountants who are ready to thrive in this new era do not necessarily need additional degrees. What they truly need is a commitment to awareness, a dedication to continuous learning, and the courage to step beyond their comfort zones. The future of accounting is here, and it is firmly rooted in analytical, strategic and human-oriented perspectives. The 2026 curriculum is a clear indication of the changes underway. Those who fail to think critically and holistically will be left behind.
In contrast, accountants who see the big picture, understand the ripple effects of their decisions, and actively contribute to the financial and ethical health of organizations will undeniably remain indispensable, anywhere in the world.
Congressional Republicans are siding with Donald Trump in the messy divorce between the president and Elon Musk, an optimistic sign for eventual passage of a tax cut bill at the root of the two billionaires’ public feud.
Lawmakers are largely taking their cues from Trump and sticking by the $3 trillion bill at the center of the White House’s economic agenda. Musk, the biggest political donor of the 2024 cycle, has threatened to help primary anyone who votes for the legislation, but lawmakers are betting that staying in the president’s good graces is the safer path to political survival.
“The tax bill is not in jeopardy. We are going to deliver on that,” House Speaker Mike Johnson told reporters on Friday.
“I’ll tell you what — do not doubt, don’t second guess and do not challenge the President of the United States Donald Trump,” he added. “He is the leader of the party. He’s the most consequential political figure of our time.”
A fight between Trump and Musk exploded into public view this week. The sparring started with the tech titan calling the president’s tax bill a “disgusting abomination,” but quickly escalated to more personal attacks and Trump threatening to cancel all federal contracts and subsidies to Musk’s companies, such as Tesla Inc. and SpaceX which have benefitted from government ties.
Republicans on Capitol Hill, who had — until recently — publicly embraced Musk, said they weren’t swayed by the billionaire’s criticism that the bill cost too much. Lawmakers have refuted official estimates of the package, saying that the tax cuts for households, small businesses and politically important groups — including hospitality and hourly workers — will generate enough economic growth to offset the price tag.
“I don’t tell my friend Elon, I don’t argue with him about how to build rockets, and I wish he wouldn’t argue with me about how to craft legislation and pass it,” Johnson told CNBC earlier Friday.
House Budget Committee Chair Jodey Arrington told reporters that House lawmakers are focused on working with the Senate as it revises the bill to make sure the legislation has the political support in both chambers to make it to Trump’s desk for his signature.
“We move past the drama and we get the substance of what is needed to make the modest improvements that can be made,” he said.
House fiscal hawks said that they hadn’t changed their prior positions on the legislation based on Musk’s statements. They also said they agree with GOP leaders that there will be other chances to make further spending cuts outside the tax bill.
Representative Tom McClintock, a fiscal conservative, said “the bill will pass because it has to pass,” adding that both Musk and Trump needed to calm down. “They both need to take a nap,” he said.
Even some of the House bill’s most vociferous critics appeared resigned to its passage. Kentucky Representative Thomas Massie, who voted against the House version, predicted that despite Musk’s objections, the Senate will make only small changes.
“The speaker is right about one thing. This barely passed the House. If they muck with it too much in the Senate, it may not pass the House again,” he said.
Trump is pressuring lawmakers to move at breakneck speed to pass the tax-cut bill, demanding they vote on the bill before the July 4 holiday. The president has been quick to blast critics of the bill — including calling Senator Rand Paul
As the legislation worked its way through the House last month, Trump took to social media to criticize holdouts and invited undecided members to the White House to compel them to support the package. It passed by one vote.
Senate Majority Leader John Thune — who is planning to unveil his chamber’s version of the bill as soon as next week — said his timeline is unmoved by Musk.
“We are already pretty far down the trail,” he said.
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