You would think projecting employment prospects for the accounting field would be a no-brainer and research shows for the most part the outlook for the accounting profession is expected to be good.
Many Americans wonder where their tax dollars go, a small part proportionately goes to the Bureau of Labor Statistics. (BLS). Predictably, they do studies and most recently The Job Outlook for Accountants and Auditors, found in the Occupational Outlook Handbook is worth reading in its entirely.
In 2016, the government counted 1,397,700 people working in the field as auditors and accountants. By 2026 they anticipate a growth of 10 percent or 139,900 jobs, bringing total employment to 1,537,600.
Over the next eight years many CPAs will retire, which is significant growth because it’s growth over and above filling jobs as CPAs retire. Also worth noting, for the first time the number of partners over 50 declined from 69.9 percent to 65.6 percent, due to retirements. The national average is about 55.7 percent in smaller firms.
Why is the Profession Growing?
The BLS report gives four reasons for growth:
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Bryce Sanders is president of Perceptive Business Solutions Inc. in New Hope, Pennsylvania. He provides high-net-worth client acquisition training for the financial services industry. His book, Captivating the Wealthy Investor, can be found on Amazon.com.