Why are there so few accountants in the US today?
- A small percentage of CPA passers
- Early retirement and shifting of professions
- They face more demands for their time and skills
- The labor shortage encourages accountants to work harder
- There are wider choices of careers to choose from
Where have all the accountants in the US gone? For the past two years, many businesses have witnessed a lack of professionals in their own companies. For the past two years, it was reported that more than 300,000 US accountants have chosen to pursue careers in different industries like finance and technology. Aside from that, many Americas aged 45 – 54 have also chosen to file for either resignation or early retirement.
To understand this shortage, this article digs deeper into the question: why are there few accountants in the US? Because of this, many companies have sought the help of offshore staffing companies like Atticus Solutions. Keep reading to learn more!
It started with a small percentage of CPA passers
Unfortunately, the US’s university enrollment for accounting courses fell short by 4% in 2016 and 2019. Each year, there are fewer and fewer university students who chose to get certified. There are less than 100,000 accounting students who take the Certified Public Accountant (CPA) examination.
On top of having a few test-takers, more than half of them failed. This creates a domino effect with employment since US accounting companies are not able to get as many recruits as they want since they have few recruits yearly.
This is a different picture from what’s happening in the Philippines. During the 2022 Certified Public Accountant Licensure Exam (CPLE), there was a constant increase in the number of exam passers. 22.29% of examinees passed the CPLE in 2022. This is already 7.01% higher than the previous year, which just proves how dedicated Filipinos are to being part of the skilled, hardworking accountants in the industry.
Early retirement and shifting of professions
Aside from the lack of new blood in the American accounting scene, there is also an issue with mid- to senior-level accountants. In recent years, many American accountants chose to shift career paths or retire early. Although it is expected that the retirement of baby boomers will help produce passionate and skilled young accountants through mentoring, what research has overlooked is the fact that young Americans today are seeking balanced work and higher salaries. This is the reason why young professionals don’t hesitate to shift to other fields rather than work overtime with insufficient salaries.
Fortunately, Filipino NetSuite accountants are hospitable, caring, and patient. Not only do they offer excellent service, but they truly know how important loyalty is and won’t ponder being faithful to their clients.
They face more demands for their time and skills
Compared to before, US accountants are now expected to give more of their time and skills at work, which affects their physical, mental, and emotional health as they feel burned out in this taxing field. That’s why others search for jobs that won’t exhaust their time daily.
At Atticus Solutions, our NetSuite accountants know how to work within the clock. Filipinos always show an excellent work ethic. They continue to show their employers that they are equipped with the proper knowledge and experience that can provide the best output you need for your company.
The labor shortage encourages accountants to work harder
Due to the labor shortage in accounting industries in the US, the remaining accountants are obliged to work harder in difficult conditions. Most likely, they have to work alone under extreme pressure rather than enjoy the companionship of their teams, which often burns them out. It’s hard to imagine that the entire accounting system rests on the shoulders of these overworked accountants, but it is happening in the US today.
However, here in the Philippines, there’s a huge demand for Filipino Netsuite accountants because of their smart decisions, proficiency, good communication skills, and camaraderie with their team and clients.
There are wider choices of careers to choose from
Patience never knocks on our doors when there is a wide array of careers to consider and try — this is why American accountants shift. There was a time when accounting in the US was the ideal career for many college students. They believed they would be paid a good salary and offered incredible career opportunities for big-time firms in the industry.
Plenty of them talked about accounting the way they talked about law or medicine. But today, there are more job opportunities to explore. For them, they no longer have to work for accounting companies when they could employ themselves in a tech company and earn big as an analyst.
That’s why hiring a NetSuite accountant from the Philippines is a better option. Our NetSuite accountants have the exact skills that accountants in the US have, too, at an affordable rate yet with high-quality work like no other.
With the shortage of accountants in the United States, the solution that many have turned to is to hire offshore staffing companies like us here at Atticus Solutions. From us, you can get the talent you need especially when looking for those experienced with the NetSuite platform. So, don’t be the last one to partner with us and experience the best service we could provide you.
You’ve just read some of the truths about why there are few accountants in the US. If you’re looking for the company that can offer you the best NetSuite accountants in the Philippines, look no further than Atticus Solutions! We have talented and certified accounting professionals ready to work with you. Contact Atticus Solutions here to know how we provide the best solutions today!