Public accountants prepare and review tax documents, audit financial statements, and provide consulting services to help their clients optimize financial performance while staying in line with relevant regulatory compliance requirements. By working for various clients across diverse industries, public accountants gain a holistic understanding of business operations, making them invaluable resources for organizations and individuals navigating today’s complex financial landscape.Public accounting is not only an intellectually stimulating field, but also a rapidly evolving one. These are some of the top trends having an impact on the profession:The expanding use of AI, automation and advanced data analytics, which help streamline routine tasks like auditing and tax preparation and give public accountants more time and ability to provide clients with strategic advisory services and data-driven insights.Public accounting firms are offering more specialized services, like environmental, social and governance (ESG) reporting and financial data analysis (e.g., tax analytics), as their clients face new compliance and risk management challenges.More firms adopting flexible work models to attract and retain talent amid a shortage of professionals entering the field or earning a CPA (certified public accountant) designation.That latter point, in particular, underscores why now is a good time to consider building a career in public accounting. If this path is appealing to you, read on to learn more about what employers are looking for in today’s candidates and what type of starting salary you could potentially earn for various in-demand roles in the field.
The U.S. Bureau of Labor Statistics (BLS) projects employment of accountants and auditors will rise 6% from 2023 to 2033, which is faster than the average for all occupations. The steady demand for accounting talent reflects the ongoing need for auditing, tax compliance and advisory services by both businesses and individuals. The need is also increasing for public accountants who can provide specialized expertise in areas like ESG as firms expand their services offerings.However, despite the demand for public accountants, there is a shortage of skilled talent in the labor market. There are fewer accounting graduates, and many new accountants aren’t pursuing the CPA due to the costs and demanding workload expectations associated with earning this coveted credential. Meanwhile, a rising wave of retirements among current CPAs is exacerbating the shortfall of credentialed talent in the public accounting field.In response, many public accounting firms are stepping up their efforts to attract talent, including offering increased support for CPA preparation and competitive compensation packages.
While many accounting professionals are putting off earning the CPA, the credential remains the gold standard in public accounting. In fact, many employers require or strongly prefer CPAs for senior-level roles. So, if you want to build a long-term career and advance in public accounting, it is important to understand that earning the CPA and, potentially, other in-demand certifications will likely be a must.Other skills and knowledge in high demand in the public accounting field include:Data analytics: Employers are always on the lookout for candidates with strong tech skills who can keep pace with advancements in accounting software and financial automation platforms. However, the ability to work with more advanced tools, including AI-powered solutions, for analyzing data and generating business intelligence is becoming even more valuable.Auditing and assurance: Auditing is a core function in public accounting, and there is persistent demand for professionals with expertise in this area. As businesses continue to face more stringent regulations, auditing services play a crucial role in ensuring compliance.Risk management: Financial systems are growing more complex, which is why public accountants who specialize in risk management are becoming indispensable. They help organizations identify financial risks and develop strategies to mitigate them.
Public accounting is a fast-paced profession, and accountants often need to juggle multiple tasks and deadlines and work long hours, especially during busy periods like tax season. However, many professionals established in the field will tell you the workload demands are well worth it given the experience you can gain and the opportunities for career advancement you can earn.To help make sure you are choosing a work environment you are likely to thrive in, take care to consider an employer’s size and corporate culture when evaluating job opportunities in public accounting. For example, larger firms typically offer more structured career paths and exposure to high-profile clients, while smaller firms often provide a more intimate work environment with opportunities to take on more responsibility early in your career.While there is a shortage of skilled candidates for public accounting jobs, know that most employers are still discerning when recruiting talent for their teams. To help increase your chances of catching a hiring manager’s eye, focus on earning certifications like the CPA, developing expertise in emerging areas such as ESG reporting, and building skills in data analytics and AI. Continuous learning is also vital to success in public accounting, as regulations and technologies are always evolving.To start your search for job opportunities in public accounting that align with your skills, experience and interests, check out the current listings on Robert Half’s website.
