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Resignation
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Accounting Practitioner Trends Picture is Bleak

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Several surveys and data-backed reports have demonstrated that many accounting practitioners have left the profession over the past few years, this is especially true in public accounting. In addition, fewer people are enrolling in college-level accounting programs in the first place. A smaller number of those who graduate with an accounting degree have pursued credentials like the CPA or CGMA than in previous years.

Nov 23rd 2021
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Despite the significant investment in time and money to pursue an accounting career or obtain an advanced accounting credential, accountants are quitting their jobs in alarming numbers. In short, the Great Resignation has indeed infected the accounting profession.

The reasons for the global accountant shortage are complex, ranging from retirements to issues with workplace culture. And the fields where these former accountants are flocking to are equally varied, as well.

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A Look at the Numbers

Historically, accounting has been considered a reasonably stable profession. That is, during recessions, unemployment rates for accountants were usually lower than unemployment rates for other workers. Nevertheless, that trend could change in the future.

As the U.S. Bureau of Labor Statistics (BLS) notes that demand for accountants and auditors, the demand for accountants and auditors is expected to grow 7 percent by 2030. This increase will be due to globalization and increasingly complex regulatory environments. For example, the globalization of business needs accounting services to carry out international mergers and acquisitions as well as trade. So if the global economy falls, it’s likely that the need for accounting practitioners will fall, too.

Although a 7 percent job growth sounds promising, the actual reality is a little more complicated. After all, the anticipated demand for accountants and auditors is less than the 8 percent growth expected for all occupations.

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By Ssfowler
Mar 26th 2022 00:34 EDT

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