Navigating the New Era of Accounting
The accounting industry is facing a well-known challenge: a growing talent shortage that’s reshaping how firms attract and retain professionals. At the same time, the role of accountants is evolving—becoming more strategic, dynamic, and integral to business success. Firms are adapting by embracing flexible work, automation, and new pathways into the profession. If you’re curious about what’s driving these changes and how the future of accounting is taking shape, keep reading.
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The Accounting Shortage Persists but the Industry is Still Evolving
The accounting profession continues to face a growing talent shortage, according to a recent survey from Personiv. In 2020, just 63% of finance leaders reported a shortage; today, that number has jumped to 87%. On average, organizations now have five open finance or accounting positions, and half say it takes 60 days or more to fill them.
In response, many companies are automating processes, increasing pay and benefits, and offering more flexible work arrangements.
“I do think companies are doing a better job of valuing work-life balance. Since Covid, a lot of work arrangements have become flexible, which I think helps people balance their career with their life.”
-Megan Weis (Personiv’s VP and General Manager of FAO Services)
At the same time, accounting is undergoing a transformation in both perception and practice. Once considered a backward-looking profession, it’s now more focused on strategic planning and future-facing insights. Weis notes that the role of the CFO, in particular, has shifted toward business leadership and goal setting—not just reporting the numbers.
One remaining hurdle for the industry is the 150-hour rule required for CPA licensure, which many see as a costly and unnecessary barrier. But change is already in motion: Connecticut recently became one of the latest states to eliminate the requirement and create alternate paths to licensure.
As Weis puts it, “The reputation of accounting hasn’t caught up to what it is today.” But if trends continue, that may soon change.
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