The CPA credential is facing a decline in perceived value as the profession shifts, with the average percentage of staff holding CPA licenses in firms dropping from 56.0% to 48.4% between 2020 and 2024. While the number of new CPAs is falling and AI increases automation, the remaining, highly skilled CPAs may see higher wages due to a smaller, more specialized talent pool.
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 AICPA/CIMA 2022 Annual Report (https://tinyurl.com/2p8jzfsp) reveals a 7% decrease from 2021 to 2022 for the total number of candidates taking the CPA exam.
So, while AI is sure to impact the accounting profession, it's not likely to replace human accountants any time soon. Accountants who can embrace new technologies and use them to improve efficiency will be in an excellent position to succeed in the future.
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.
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.
It's never too late to become a CPA. In fact, you may find the process more manageable at this stage in life.
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.
In 2024, the U.S. Bureau of Labor Statistics reported that 300,000 auditors and accountants have quit their job in the last two years—this represents a 17% reduction in the profession's workforce.
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.
The Top 10 Cons of Being an Accountant
About 90% of millionaires build wealth through long-term investing, often focusing on real estate, starting their own businesses, and making consistent, disciplined financial choices like budgeting, saving, and continuous self-education, rather than flashy spending, with a strong belief in controlling their own financial destiny. They prioritize tangible assets and income streams, using strategies like leverage and tax benefits, and avoid excessive spending on depreciating assets like luxury cars.
A CPA license is considered very prestigious: The CPA license is the most widely recognized professional credential in the accounting industry.
Yes, tax attorneys generally earn more than CPAs because they handle complex legal issues, court representation, and high-stakes tax litigation, commanding higher fees than CPAs who focus more on accounting, financial planning, and return preparation, although both can earn high salaries, especially in senior roles at large firms. A tax attorney's specialization in law often leads to higher earning potential, with median lawyer pay significantly exceeding that of accountants, though specific salaries depend heavily on experience, firm size, and location.
Some candidates claim that it's easier to study for the LSAT than the CPA Exam and that the LSAT requires fewer study hours to get a good score. The CPA Exam requires a lot of memorization, and most candidates need to take several practice exams before they can pass.
Fast-forward a few years, and Erica now runs an accounting practice making over $200,000 yearly—on less than 15 hours of work per week.