CPA Industry Leaders:
Our Profession
Is at a Crossroads:
Will We Adapt or Fall Behind?
Challenge #1:
The Shrinking Talent Pipeline
The Problem:
The CPA profession is experiencing a dual crisis: Fewer new professionals are entering the field, and a wave of retirements is shrinking the talent pool. The industry has warned about declining CPA exam candidates and an aging workforce, but efforts to reverse the trend haven’t been enough.
What’s Missing:
Adjusting education requirements alone is not enough—it’s about making the profession attractive. Young professionals seek more than technical training; they want mentorship, leadership development, and personal growth. Firms that fail to invest in these areas risk losing the next generation of CPAs before they even start.
- Retirement Wave: Approximately 75% of current CPAs are nearing retirement age, creating a massive talent gap. (org)
- Declining Interest: From 2016 to 2021, there was a 33% drop in first-time CPA exam candidates, highlighting waning interest in the profession. (org)
- Perceived Barriers: The 150-hour educational requirement is a significant obstacle for prospective CPAs. (com)
Challenge #2:
Overreliance on Technical Skills
The Problem:
The profession has historically prioritized technical expertise over leadership development. This has led to a workforce where many CPAs are skilled in accounting but struggle with managing people, leading teams, and making strategic decisions.
What’s Missing:
Leadership isn’t just about promotions—it’s about developing people into well-rounded professionals who can lead, think critically, and engage teams effectively. Newer CPAs aren’t just looking for jobs; they’re looking for careers where they are developed as individuals.
Challenge #3:
Work Culture is Driving CPAs Away
The Problem:
CPA firms are struggling with high turnover, disengagement, and burnout. Many firms assume professionals leave for salary or work-life balance, but research suggests a deeper issue: employees go when they don’t see career development and leadership opportunities.
What’s Missing:
Retention isn’t just about keeping people—it’s about creating workplaces where people want to stay. That means fostering a culture of growth, leadership development, and engagement.
- Turnover Rates: Many CPA firms face annual turnover rates upward of 25%, significantly higher than the national average of 11.6%. (org)
- Workload Concerns: Time commitments related to workload and exam preparation are top challenges deterring prospective CPAs. (com)
- Perception Issues: The profession’s image, coupled with lower compensation compared to fields like finance and technology, deters potential entrants. (com)
A Fresh Approach
The CPA profession won’t fix its pipeline overnight. We must adapt. While some view this as a crisis, we see it as an opportunity to build a stronger, more future-ready profession with engaged, better-equipped CPAs ready to lead.
We have developed effective programs at the Soft Skills Academy that enhance engagement, leadership, and decision-making across various industries and organizations. As a CPA, I want to customize these programs to address the unique needs of our profession.Â
To achieve this, I want to share insights with firm leaders, state societies, industry experts, and current and future CPAs. I’d like to understand better:
- Firm Leaders:Â What leadership and engagement challenges are present in your firm today?
- State Societies & Influencers:Â What feedback are you receiving from your members regarding the attraction and retention of CPAs?
- New CPAs and Accounting Students:Â What would make the CPA profession more appealing to you? What is lacking?
"85% of job success comes from having well-developed soft and people skills,
and only 15% comes from technical skills and knowledge."
—A Study of Engineering Education,1918
Harvard University, the Carnegie Foundation, and Stanford Research CenterÂ
Three Ways to Get Involved
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Let's Build What's NextÂ
The challenges facing the CPA profession are real.
But so is the opportunity to lead differently, engage better, and develop the people we already have.
Just as important, we must reshape the profession's experience so that future CPAs want to be part of it.
Let’s start the conversation — and see what we can build together.
