People are leaving the accounting profession primarily due to intense burnout from excessive workloads,, uncompetitive compensation relative to other finance roles, and a lack of work-life balance. A 17% reduction in the workforce was reported between 2022-2024, with many professionals seeking better career advancement, flexibility, and less stressful environments outside public accounting.
A large segment of experienced accountants are reaching retirement age, and younger generations often prioritize work-life balance, purpose-driven work, and flexible career paths. This causes organizations with more traditional accounting roles to struggle to appeal to emerging talent.
Change in Curriculum & Tough Examination: Extended education requirements for CPAs and unattractive salary packages can make accounting less appealing. Accountants moving to other roles: Experienced accountants are leaving the field to work in finance and technology.
We find that, while there has been an overall decline in accounting graduates, this decline seems to be most heavily impacting employment in tax and other non-audit and non-financial professions, such as valuation and forensics.
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.
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.
Accountants are one of the least happy careers in the United States. At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, accountants rate their career happiness 2.6 out of 5 stars which puts them in the bottom 6% of careers.
Accountants tend to be predominantly conventional individuals, meaning that they are usually detail-oriented and organized, and like working in a structured environment. They also tend to be enterprising, which means that they are usually quite natural leaders who thrive at influencing and persuading others.
Accountants, who maintain and analyze financial records and data, earn a median annual salary of $81,680. Salaries vary considerably, however. For instance, the bottom 10% earn less than $52,780 annually, while the top 10% earn $141,420 or more, according to the U.S. Bureau of Labor Statistics (BLS).
The 150-hour requirement is seen as a barrier to entry. Accounting is perceived as boring. Compensation is lower than for other majors such as finance and technology. A lack of diversity seems apparent.
Not all accountants are CPAs (certified public accountants), but all CPAs are in the accounting profession. Typically, an accountant has achieved a bachelor's degree in accounting. A certified public accountant earns this designation after completing specific educational and work requirements and passing a CPA exam.
They're complementary professional credentials.
These designations provide different benefits and signify different qualities to a prospective employer. While a CPA shows mastery in foundational accounting skills, a master's degree shows you're driven to gain new skills that will directly benefit an organization.
It's never too late to become a CPA. In fact, you may find the process more manageable at this stage in life.
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.
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.
According to the Bureau of Labor Statistics (BLS), the highest-paying states for CPAs in the U.S. are the District of Columbia, New York, New Jersey, Virginia, and California, with average salaries ranging from $89,000 to $105,000 per year.