Yes, CPAs are in high demand due to a severe, ongoing talent shortage, a high volume of retirements, and increasing regulatory complexity. The U.S. Bureau of Labor Statistics projects solid job growth through 2034, with roughly 124,200 openings annually. Despite a shrinking pipeline of new professionals, the demand for experienced CPAs remains strong, often leading to longer hiring times for employers.
About 124,200 new jobs per year are expected to open up for accountants and auditors through 2034, according to the U.S. Bureau of Labor Statistics. But a rise in retiring accountants along with a drop in the number of incoming individuals means a shortage of incoming CPAs.
The CPA credential remains a cornerstone of the profession, but new data indicate its prominence is steadily declining. Between 2020 and 2024, the average percentage of staff holding CPA licenses across all firms dropped from 56.0 percent to 48.4 percent.
The short answer is yes – there continues to be a limited supply of candidates in finance and accounting in Canada, leading to 87 per cent of hiring managers facing challenges to find skilled talent.
Will CPAs become obsolete? No, CPAs will not become obsolete. While AI can handle routine tasks like data entry and invoice processing, CPAs offer strategic decision making, regulatory compliance, and personalized client support, skills that AI can't replicate.
CPAs are quitting due to intense burnout from long hours, heavy workloads, and poor work-life balance, compounded by low salaries relative to other fields, monotonous tasks, and limited growth opportunities, with younger professionals also concerned about AI's future impact and a lack of purpose, creating a significant industry-wide talent shortage.
Comparison between CA and CPA
It is difficult to determine which of these professions offers a higher salary, as the salary of a CA or CPA can vary greatly based on several factors. However, in general, CAs tend to earn slightly more than CPAs in India.
A CPA license is considered very prestigious: The CPA license is the most widely recognized professional credential in the accounting industry.
Which “boring” jobs are being revived by Gen-Z? No offense at all to the accountants in the room, but when I saw a headline indicating that Gen Z is reviving “boring” jobs, my head went straight to accounting. Sure enough, that's the job Gen-Zers are eyeing the most.
With the right amount of experience, being a certified public accountant can mean an eventual position as a chief financial officer (CFO) or a highly paid tax accountant. A CPA's salary usually reaches the high five figures, while senior CPAs in management can earn a six-figure salary.
What Makes the CPA Exam So Challenging? The CPA Exam is so difficult because it tests everything students have learned for college. It also requires students to be proficient in all four areas (auditing and attestation, financial accounting, management and leadership, and taxation) in a short amount of time.
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over 2 million in the United States.
Key Takeaways
Lawyers typically earn more than accountants, especially right out of school. Both professions offer opportunities in public and private sectors. Becoming a CPA involves specialized study and a state exam, but it's not always required.
Con: Accounting Can Be Stressful at Times
Accountants are under high “stress during busy seasons, especially during tax season, when the hours can be very long,” says Dr. Machuca. Despite the benefits, an accounting career often brings tight deadlines, long hours, and high volumes of work during the annual tax season.
Will AI replace accountants? Not entirely—but it will change accounting. Firms that embrace AI and technology will attract forward-thinking clients and top talent. Accountants who pair their expertise with AI tools will stay ahead of the curve.
Small CPA firms can be quite profitable, especially if they have a loyal client base and efficient operations. Typically, profitability depends on factors such as client diversity, service offerings, geographic location, overhead costs, and billing rates.