Although accounting, financial planning, and tax software tools have helped streamline the process of organizing both corporate and personal financial records, there is still a shortage of Certified Public Accountants (CPAs). Given a rigorous licensing process, the promise of long-working hours and modest pay expectations, fewer people are entering the profession. For example, in the US, according to the American Institute of Certified Public Accountants’ most recent data, just over 67,000 candidates sat for the CPA exam in 2022, down from 72,000 in 2021. Nevertheless, in the US, the number of people employed within the accounting, tax, bookkeeping, and payroll services industry has risen by 19% over the last ten years to 1.1 million. During the same time period, total private sector employment grew by 13%.
Source: US Bureau of Labor Statistics, February 2025