GITNUX MARKETDATA REPORT 2024

Accountants Statistics: Market Report & Data

Highlights: The Most Important Accountants Statistics

  • As of 2020, there are 1.28 million accountants and auditors employed in the United States.
  • Approximately 25% of accountants work more than 40 hours a week.
  • The global market size of outsourced accounting services was valued at $5.37 billion in 2020.
  • The growth rate of accounting industry in the US is projected to be 6.4% until year 2028.
  • As of 2019, McCombs School of Business was ranked first in undergraduate accounting programs.
  • Approximately 75% of accountants have reported using cloud-based accounting solutions.
  • Women account for 61.7% of all accountants and auditors in the U.S.
  • 54% of public accounting firms find recruiting skilled personnel is a major concern.
  • Artificial intelligence is expected to automate 25% of jobs in the accounting sector.
  • The average salary of accountants in the US is $71,550 as of 2020.
  • In 2019, Deloitte was the top-ranking accounting firm worldwide, with a revenue of $46.2 billion.
  • Approximately 5% of accountants in the U.S. are self-employed.
  • The Asia Pacific region is experiencing the highest growth in the accounting services market at 6.0%.
  • In 2021, 61% of UK accountants reported feeling overwhelmed by their workload.
  • There are approximately 654,375 Certified Public Accountants (CPAs) in the US as of July 2021.
  • The accounting services market was valued at $574.27 billion in 2020 globally.
  • Only 39% of businesses fully trusted their accountant as a key advisor as of 2019.
  • About 78% of accountants have a major concern about changes in accounting rules and standards in 2021.
  • 63% of accountants believe they will be changing their business models due to technology advancements.
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In today’s data-driven business landscape, a deep understanding of Accountants Statistics has become indispensable. This blog post will shed light on the essential role that statistics play in the field of accounting. From guiding a business’s important financial decisions to aiding in the execution of audit procedures, the application of statistical methods is instrumental. We will delve deeper into how accountants leverage different statistical tools and techniques to analyze financial data, predict trends, and provide insightful recommendations. Whether you’re a seasoned accountant, a student, or simply an enthusiast seeking to comprehend the connection between statistics and accounting, this blog post will offer you valuable insights.

The Latest Accountants Statistics Unveiled

As of 2020, there are 1.28 million accountants and auditors employed in the United States.

Shedding light on the sheer magnitude of the accounting industry, the assertion that, as of 2020, there are a significant 1.28 million accountants and auditors employed across the United States brilliantly underlines the potent influence and importance of this profession in the US economy. This statistic, with its breathtaking amplitude, emphatically communicates the vitality of this sector in bolstering fiscal order and driving economic growth. Moreover, it underscores the vast availability of career opportunities in this sector, making it a pivotally relevant figure for aspiring accountants, job market analysts, and economic planners.

Approximately 25% of accountants work more than 40 hours a week.

In exploring the realm of accountant statistics, the figure that approximately 25% of accountants work more than 40 hours a week, serves as a compelling glimpse into their dedication and work ethic. This quantifiable fact elaborates that a quarter of accountants are going beyond the standard work week, showcasing their commitment towards their profession. As such, this revelation may prove beneficial in enticing new prospective entrants into the field who are seeking career paths that may demand extra efforts and devotion, while also providing current practitioners a benchmark to gauge their input relative to their peers.

The global market size of outsourced accounting services was valued at $5.37 billion in 2020.

The unveiling of the $5.37 billion valuation for the global market of outsourced accounting services in 2020 serves as a concrete testament to the escalating demand for such services in today’s dynamic business setup. Its inclusion in a blog about Accountant Statistics paints a vivid picture of the substantial impact of accounting professionals, not just regionally but globally. The eagerness of businesses to outsource illuminates the trust placed on accountants, showcasing their proficiency and efficiency. This vital statistic gives prospective investors, stakeholders, and entrants important insights into the thriving and lucrative nature of the accounting industry.

The growth rate of accounting industry in the US is projected to be 6.4% until year 2028.

Within the dynamic landscape of Accountants Statistics, the projection that the accounting industry in the US is slated to experience a growth rate of 6.4% until the year 2028 underscores several pertinent points. Not just signaling robust health in the sector, this statistic offers a beacon of optimism for current and aspiring accountants, pointing towards an environment rich with evolving opportunities and potential career growth. Furthermore, such a growth rate emphasizes the integral role the accounting industry plays in the broader economic narrative, serving as a key backbone in maintaining fiscal order, promoting transparency and ensuring healthy financial practices.

As of 2019, McCombs School of Business was ranked first in undergraduate accounting programs.

In the realm of Accountants Statistics, one cannot overlook the impressive accolade of McCombs School of Business. The school, as of 2019, held the pole position for its undergraduate accounting program globally. This distinction undoubtedly sheds light on the caliber of graduates the institution produces, making it a vital hunting ground for recruiters. Additionally, the ranking signifies the school’s commitment to providing top-tier education in accounting, enabling students to acquire exceptional knowledge, skills, and ethical disposition required in the profession. Hence, any aspiring accountant should consider this statistic when choosing a school if they aim for quality education recognized globally.

Approximately 75% of accountants have reported using cloud-based accounting solutions.

Heralding a seismic shift in the accounting landscape, the figure which states that roughly 75% of accountants have adopted cloud-based accounting solutions demonstrates the profession’s impressive adaptation to modern technology. This trend towards the clouds is a testament to how critical these digital tools are to contemporary accountants’ daily routines, illustrating their growing reliance on technology for efficient task management. This revelation, embedded within the heart of our blog post discussion on Accountants Statistics, brings into sharp focus the evolving role of accountants in a world increasingly intersected by tech innovations.

Women account for 61.7% of all accountants and auditors in the U.S.

Painting a picture of gender dynamics in the accounting field, we discover a compelling narrative where women hold a significant majority, making up 61.7% of all accountants and auditors in the U.S. Such a statistic alters the traditionally held perspective of male dominance in professional fields, shining a light on the changing landscape of labor distribution. When analyzing trends in accounting, this figure underscores the increasing influence of women in the industry, pointing to shifting societal norms, raised consciousness about gender inequity, and gains made in female education and professional advancement. Hence, any discourse about Accountants Statistics that doesn’t acknowledge this trend might seem incomplete and out of step with the current state of affairs.

54% of public accounting firms find recruiting skilled personnel is a major concern.

Unveiling a critical pain point within the accounting sector, the figure highlighting that 54% of public accounting firms grapple with the daunting task of acquiring skilled personnel, has the potential to profoundly influence the landscape of accountant stats-related discourse. In essence, this statistic illuminates the perceived shortage of qualified talent in the market, revealing not only the increasingly complex nature of the accounting profession, but also the urgency for industries to address this skills dearth. This dynamic concern feeds the narrative of our blog post, providing readers with an enhanced understanding on the evolving challenges faced by the field of accounting, and the imperative for continuous learning and adaptation.

Artificial intelligence is expected to automate 25% of jobs in the accounting sector.

Highlighting the projected automation rate in the accounting sector underscores the evolving landscape of this field largely due to advancements in Artificial Intelligence. In a blog post about Accountants Statistics, this number serves as a testament to the fact that technology is not merely supplementing but potentially reshaping the accountant role. While alarming for some, this shift also illustrates remarkable potential for productivity boosts, freeing accountants from repetitive tasks and catalyzing their transition towards more strategic, analytical roles. Therefore, being aware of this statistic allows current and aspiring accountants to better prepare for the future and encourages educational institutions and firms to adjust their training and practice standards accordingly.

The average salary of accountants in the US is $71,550 as of 2020.

In grasping the grand scheme of Accountants Statistics within the United States, the figure ‘$71,550’ stands as a beacon of understanding – signifying the average US accountant’s earnings as of 2020. This number not only offers a snapshot of the potential earning power in this profession, but also acts as a measuring stick against other sectors, illuminating the accounting field’s financial attractiveness. Moreover, it provides a financial benchmark for aspiring accountants to gauge their future income potential and for established accountants to assess their individual earnings relevance. Hence, this median salary figure is a crucial numeric strand in the mighty rope of our comprehension of the accountant profession’s economic texture in America today.

In 2019, Deloitte was the top-ranking accounting firm worldwide, with a revenue of $46.2 billion.

Highlighting Deloitte’s accomplishment as the highest-grossing accounting firm globally in 2019, with a revenue mark of $46.2 billion, provides a tangible demonstration of the industry’s scope and potential. This key statistic, within a blog post about Accountant Statistics, not only adds a real-world comprehension of the scale at which top-tier accountancy firms operate but also emphasizes the significant role that accountancy plays in the global economy. It paints a vivid picture of the expansive opportunities and lucrative possibilities within this field, thus making the post more engaging and insightful for readers aspiring to become part of this profession.

Approximately 5% of accountants in the U.S. are self-employed.

Unraveling the tapestry of accountant statistics in the U.S, one intriguing strand emerges; close to 5% of accountants have chosen the path of self-employment. This nugget of insight paints a vibrant picture of the profession, illuminating the gallant spirit of entrepreneurialism alive amidst the accounting industry. The fact that a small, yet significant, portion of accountants follow an independent professional trajectory enriches our understanding of career dynamics within the field. Moreover, it provides a valuable benchmark for those with aspirations beyond traditional employment, offering perspective and potential motivation for the path less trodden in accounting.

The Asia Pacific region is experiencing the highest growth in the accounting services market at 6.0%.

In the vibrant landscape of the accounting industry, the Asia Pacific region proves to be a standout, boasting a robust growth rate of 6.0%. Such a statistic provides vital insights into emerging trends and market shifts in the realm of accounting services. The impressive upswing serves as a testament to the region’s relentless efforts towards economic advancement and its increasing gravitation towards technology-based accounting solutions. Consequently, this noteworthy fact plays a seminal role in shaping the narrative around Accounting Statistics, pointing to potentially lucrative opportunities and dynamic growth prospects in the Asia Pacific region.

In 2021, 61% of UK accountants reported feeling overwhelmed by their workload.

Diving into the deep waters of accountancy across the United Kingdom, the turbulence of the workload is no longer a silent struggle. A notable majority, with a staggering 61% of accountants as of 2021, declared they were swallowed by the tidal wave of their responsibilities. This threshold moment shreds the traditional facades of accountancy, reinforcing the profession’s incessant demand for precision, speed and relentless dedication. Hence, the statistic sits at the heart of discussions concerning work-life balance, mental health and the urgency to introduce supportive measures within the industry. It also underlines potential repercussions on quality of work, client relationships and overall business performance. Therefore, this is not just a number, it’s a call to action to navigate the profession towards smoother seas.

There are approximately 654,375 Certified Public Accountants (CPAs) in the US as of July 2021.

In the dynamic landscape of a blog post centered around Accountant Statistics, presenting the data that there are approximately 654,375 Certified Public Accountants (CPAs) in the US as of July 2021 is crucial. This figure not only highlights the magnitude of professionals occupying this significant role in the financial domain but also underscores the trends and changes in the accounting field. Knowledge about the size of this profession provides a meaningful context for discussing the broader implications of accountant-related statistics, such as demographic trends, education levels, job growth projections, and regional distributions. Ultimately, such vital numbers stimulate better understanding, discussion, and appreciation of the CPA profession’s importance, trends, challenges and opportunities.

The accounting services market was valued at $574.27 billion in 2020 globally.

Laying bare the immense scale and influence of accounting, the global valuation of the accounting services market stood staggeringly at $574.27 billion in 2020. This figure, feeding into the tale of growth and dynamism in our blog post, highlights the pivotal role accountants play in the very architecture of international commerce. The number tangibly illustrates the wide-reaching, impactful role of accountants across different organizations and sectors worldwide, underscoring the profession as not merely a background function, but a critical front-line facilitator of global business operations and strategies. This scale of market value substantiates the importance, relevance and resilience of accountants in an increasingly complex and fast-paced business environment.

Only 39% of businesses fully trusted their accountant as a key advisor as of 2019.

The statistic ‘Only 39% of businesses fully trusted their accountant as a key advisor as of 2019’ adds essential color to the tapestry of accountancy’s shifting landscape. Unveiling a potential trust-deficit, this figure underscores an intriguing paradox: in an age where the accountant’s role as strategic counsel is growing, a significant chunk of businesses are yet to embrace their accountant as a key advisor fully. It not only poses critical questions about the evolving dynamics of the accountant-client relationship but also surfaces pertinent issues around trust, credibility and perceived value, offering a fertile context for discussions and strategic interventions in the field of accountancy.

About 78% of accountants have a major concern about changes in accounting rules and standards in 2021.

Drawing the curtain aside on nearly four-fifths of the accounting community, the statistic unfolds a telling tale. The high percentage, a striking 78%, confessing major concerns over 2021’s shifting accounting rules and standards paints an electric portrait of an industry poised on the brink of upheaval. This evolution, according to the figures, could influence an array of variables, from the professional learning curve to client trust and satisfaction. Moreover, it shines a spotlight on the professionals’ relentless commitment to stay ahead of industry transitions, as they guide businesses through the numeric labyrinth of balance sheets and financial reports. This statistic in essence, adds thunder to the story of an accountant’s 2021 journey, shaped by the pressing challenge of these rule modifications.

63% of accountants believe they will be changing their business models due to technology advancements.

In the kaleidoscope of Accountants Statistics, the vibrant shard reflecting 63% of accountants foreseeing a metamorphosis of their business models due to technology advancements is intriguing. It constructs an image of a profession on the cusp of change, no longer begrudgingly shackling itself to traditional archaic models, but embracing the winds of progress. This digit, 63%, is an emblem of upcoming transformation incited by technology, heralding a future where business models are agile, adaptable, and optimized for the digital era.

Conclusion

In summary, the field of accounting heavily relies upon the application of statistics, driving efficiency, accuracy, and insight in financial data analysis. Statistics provide accountants with an evidence-based approach to identify patterns, predict trends, manage risks, and ensure regulatory compliance, thereby significantly contributing to critical decision-making. As explored in this blog, enriching accounting proficiency with statistical knowledge will undoubtedly design a promising pathway towards an innovative, analytic, and strategic future in accounting.

References

0. – https://www.www.statista.com

1. – https://www.www.aicpa.org

2. – https://www.www.globenewswire.com

3. – https://www.www.businesswire.com

4. – https://www.www.accountancyage.com

5. – https://www.www.bls.gov

6. – https://www.www.freshbooks.com

7. – https://www.www.usnews.com

8. – https://www.www.forbes.com

9. – https://www.www.dol.gov

10. – https://www.www.grandviewresearch.com

FAQs

What are the primary duties of an accountant?

The primary duties of an accountant include preparing and examining financial records, ensuring accuracy of financial documents as well as their compliance with laws and regulations, computing taxes, preparing tax returns, and inspecting account books to keep them up to date.

What kind of education or skills are necessary for an accountant?

An Accountant usually requires at least a bachelor’s degree in accounting or a related field. Key skills include a strong mathematical foundation, attention to detail, understanding of laws and regulations, proficiency in accounting software and technology, and good organization and communication abilities.

How is the job outlook for accountants?

According to the Bureau of Labor Statistics, employment of accountants is projected to grow 6 percent from 2018 to 2028. Globalization and a growing economy are expected to lead to strong demand for accountants in the future.

Who hires accountants in the industry?

Accountants are hired across industries. This includes, but is not limited to public and private accounting firms, governmental agencies, corporations, non-profits, small businesses, and even individuals for personal financial management.

Is there a difference between an accountant and a CPA?

Yes, a Certified Public Accountant (CPA) is an accountant who has passed the CPA examination and fulfilled all the education and work experience requirements associated with it. In addition to handling basic tax management and bookkeeping duties, CPAs can also be licensed to audit accounts, provide consulting services, and represent clients before the IRS.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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