Picture this: your accounting firm's biggest competitor might not be another firm, but the daunting 55% of HR managers reporting talent shortages and the $25,000 price tag of losing a single accountant.
Key Takeaways
- 68% of accounting firms struggle to find qualified accountants for hire
- 45% of HR managers in accounting prioritize skills assessments in hiring
- Entry-level accountant hiring increased by 12% in 2023
- 49% of accounting employees voluntary turnover rate
- Average tenure for accountants is 4.2 years
- 37% turnover due to burnout in Big 4
- 54% of accountants receive annual training hours
- CPE compliance at 92% in firms
- 48% invest in tech upskilling
- Average salary for accountants $78,500
- 62% offer performance bonuses
- CPA premium pay at 15%
- 29% of accounting workforce is women in leadership
- 22% ethnic minorities in senior roles
- DEI training completion 85%
Accounting firms face intense hiring struggles and costly employee turnover in a competitive talent market.
Compensation and Benefits
- Average salary for accountants $78,500
- 62% offer performance bonuses
- CPA premium pay at 15%
- Health benefits cover 89% of costs
- 401k match average 4.5%
- Remote work stipend $800/year
- Gender pay gap 18% in accounting
- 53% provide paid parental leave
- Overtime pay standard in 76%
- Salary increases averaged 4.2% in 2023
- 69% offer tuition assistance
- Big 4 partners average $1.2M compensation
- Wellness benefits in 81% of firms
- Equity compensation in 34% mid-size firms
- 47% benchmark salaries annually
- PTO averages 20 days/year
- 55% have profit sharing
- Senior accountant salary $105,000 avg
- 38% offer student loan repayment
- Total comp includes 12% benefits value
Compensation and Benefits Interpretation
Accountants are being compensated quite generously on paper, yet the persistent 18% gender pay gap reveals that the industry's ledger still doesn't balance for everyone.
Diversity, Equity, and Inclusion
- 29% of accounting workforce is women in leadership
- 22% ethnic minorities in senior roles
- DEI training completion 85%
- 41% set DEI hiring targets
- LGBTQ+ inclusion score 76/100
- Gender diversity improved 7% since 2020
- 52% employee resource groups active
- Bias training reduces complaints 25%
- 35% women partners in Big 4
- Inclusive culture rating 82%
- BAME representation up 11%
- 64% track DEI metrics
- Mentorship for minorities 68%
- 47% DEI budget increase
- Disability inclusion 19% workforce
- 59% report positive DEI impact on retention
- Veteran hiring 12% of roles
- 73% anti-harassment policies enforced
- Pay equity audits annual in 66%
- 28% leadership diverse by race
Diversity, Equity, and Inclusion Interpretation
The accounting industry is making genuine, quantifiable progress in building diverse leadership, but the real story lies in the clear link between deliberate action—like setting targets and enforcing policies—and tangible improvements in culture and retention, even as significant gaps in representation stubbornly remain.
Recruitment and Hiring
- 68% of accounting firms struggle to find qualified accountants for hire
- 45% of HR managers in accounting prioritize skills assessments in hiring
- Entry-level accountant hiring increased by 12% in 2023
- 72% of firms use LinkedIn for accounting recruitment
- Time-to-hire for senior accountants averages 42 days
- 55% of accounting HR report talent shortages in audit roles
- 30% increase in remote accountant job postings
- 61% of firms offer signing bonuses for CPAs
- Diversity hiring goals met by 48% of Big 4 firms
- 75% of HR in accounting use AI for resume screening
- Cost per hire for accountants averages $4,200
- 52% prioritize experience over education in hiring
- Internship conversion rate in accounting is 67%
- 40% of hires are referrals in accounting firms
- Female accountant applicants up 18% post-pandemic
- 59% of firms face competition from tech for talent
- Campus recruiting yields 25% of new hires
- 70% require CPA for mid-level roles
- Hiring for tax specialists surged 15%
- 63% use video interviews
Recruitment and Hiring Interpretation
The accounting industry's desperate search for qualified talent has become a costly, tech-aided scramble where firms are fighting over a shrinking pool of candidates by throwing money, AI, and LinkedIn messages at a problem that still stubbornly hinges on that elusive CPA license.
Retention and Turnover
- 49% of accounting employees voluntary turnover rate
- Average tenure for accountants is 4.2 years
- 37% turnover due to burnout in Big 4
- Retention improves 22% with flexible hours
- 55% of juniors leave within 2 years
- Cost of turnover per accountant $25,000
- 42% cite work-life balance as retention factor
- Exit interviews show 28% seek better pay
- Retention rate 78% with mentorship programs
- 51% turnover linked to promotion delays
- Hybrid work reduces turnover by 15%
- 66% of firms track engagement for retention
- Voluntary turnover dropped 8% in 2023
- 39% leave for industry competitors
- Wellness programs boost retention 19%
- 47% turnover from lack of career path
- Senior turnover at 22%
- 62% use stay interviews
- Turnover cost 12% of payroll
- 35% retained via equity shares
Retention and Turnover Interpretation
The accounting industry is hemorrhaging talent at a hilarious cost, proving that the best way to balance the books is to stop treating your people like disposable assets and start offering them a life, a path, and a reason to stay.
Training and Development
- 54% of accountants receive annual training hours
- CPE compliance at 92% in firms
- 48% invest in tech upskilling
- Leadership training reduces turnover 14%
- 67% use online platforms for CPE
- Budget for training averages $2,100 per employee
- 41% report skills gaps in data analytics
- Mentorship programs cover 73% of staff
- 56% participate in soft skills training
- AI training adopted by 29% of firms
- Training ROI measured by 64%
- 52% offer certifications reimbursement
- Diversity training mandatory in 71%
- 38% upskill for ESG reporting
- Onboarding training lasts 4 weeks average
- 65% track training effectiveness
- External training used by 49%
- 57% focus on audit software training
- Career development plans for 82%
- 44% trained in cybersecurity
Training and Development Interpretation
The accounting industry is studiously upskilling its workforce with a data-driven mix of mandatory CPE and trendy AI workshops, yet it's still playing catch-up in critical areas like data analytics and cybersecurity, all while meticulously tracking every penny of its $2,100 per head training budget.
Sources & References
- Reference 1ROBERTHALFroberthalf.comVisit source
- Reference 2AICPAaicpa.orgVisit source
- Reference 3SHRMshrm.orgVisit source
- Reference 4DELOITTEdeloitte.comVisit source
- Reference 5RANDSTADrandstad.comVisit source
- Reference 6PWCpwc.comVisit source
- Reference 7INDEEDindeed.comVisit source
- Reference 8ACCOUNTINGTODAYaccountingtoday.comVisit source
- Reference 9EYey.comVisit source
- Reference 10KPMGkpmg.comVisit source
- Reference 11AICPA-CIMAaicpa-cima.comVisit source