Why the Accounting Talent Shortage Is Pushing Businesses Toward Outsourced Accounting

Summary 

• The accounting talent shortage is structural, not temporary—U.S. accounting degrees have fallen roughly 30% from their 2014–2015 peak, new CPA exam candidates hit a record low in 2024, and a retirement wave is pulling experienced professionals out of the workforce faster than the pipeline can replace them. 
• The shortage has direct operational consequences: 86% of finance and accounting leaders report difficulty hiring and retaining accountants, and nearly a third say staffing gaps have significantly increased their organization’s compliance risk. 
• Outsourced accounting gives businesses immediate access to experienced financial professionals—without the cost or timeline of a traditional hire—and offers built-in continuity, scalable support, and integrated tax and advisory services under one roof. 

Finding a qualified accountant has never been harder—and the numbers bear that out. The Bureau of Labor Statistics projects approximately 124,200 accounting and auditing job openings each year through 2034, yet the pipeline of professionals entering the field has been shrinking for years. The number of new CPA exam candidates in 2024 hit the lowest level since the National Association of State Boards of Accountancy (NASBA) began tracking the data in 2008, according to NASBA’s 2024 Candidate Performance Report. For businesses that depend on accurate, timely financial management, that gap isn’t an abstract workforce trend—it’s an operational problem sitting in your finance department right now. 

What’s driving the accounting talent shortage 

The accounting talent gap is structural, not cyclical. Several long-running trends are converging at once, and none of them is likely to reverse quickly. 

Fewer students are pursuing accounting degrees. According to the AICPA’s 2025 Trends Report, U.S. schools awarded 55,152 accounting bachelor’s and master’s degrees in the 2023–2024 academic year—a 20-year low, and down roughly 30% from the peak of approximately 79,000 degrees awarded in 2014–2015. Master’s-level completions fell approximately 15% year over year, and annual declines have compounded since the 2015–2016 academic year. There are encouraging early signs; accounting enrollment rose 12% in the 2024–25 school year, according to the National Student Clearinghouse Research Center. But those students are years away from becoming experienced professionals. 

At the same time, a significant portion of today’s accounting workforce is approaching retirement. The AICPA has estimated that roughly 75% of its members are at or near retirement age. As senior accountants and controllers exit the profession, they take decades of institutional knowledge with them—knowledge that cannot be replaced quickly by junior hires, regardless of hiring budgets. 

That gap between exits and entries is the core of the problem. Retirements are happening now. The recovery in student enrollment, while real, won’t produce experienced mid-level and senior professionals for years. Even if enrollment trends continue to improve, the professionals your business needs today finished their degrees years ago—and that pool is smaller than it’s been in two decades. Meanwhile, employment of accountants and auditors is projected to grow 5% from 2024 to 2034, according to the Bureau of Labor Statistics. This is faster than the average for all occupations, meaning demand is rising even as supply contracts. 

Compounding everything is the significant cost and time required to become a licensed CPA. Candidates must pass a rigorous four-part exam and, in most states, complete 150 college credit hours before sitting for it—one of the most commonly cited deterrents for students weighing whether to enter the profession. In 2024, only 27,994 new candidates entered the CPA exam pipeline. According to NASBA, this is the fewest on record, and only 13,070 candidates completed their final exam section, down from a peak of 26,911 in 2010. 

How the CPA shortage affects your finance team 

When accounting talent is scarce, the effects move quickly through the business. 86% of finance and accounting leaders report challenges hiring and retaining accountants, according to Robert Half’s research. Of those, 30% say the shortage has significantly increased compliance risks at their organizations, and another 27% report compliance delays tied directly to staffing gaps. 

Existing staff absorb the extra workload, raising the risk of burnout and error. Month-end close timelines slip. Compliance deadlines become stressful. And for businesses already running lean on accounting support, the margin for error is thin. 

The pressure isn’t limited to open roles. Even businesses with dedicated accounting staff are finding that keeping pace with evolving tax regulations, reporting requirements, and financial systems demands more than a small internal team can realistically deliver. 

Why businesses are turning to outsourced accounting 

Outsourced accounting addresses the talent shortage directly by giving businesses access to experienced accounting professionals without the burden of recruiting, hiring, or retaining them. 

Rather than spending months searching for a qualified hire, you gain immediate access to a team that can step in, stabilize your financials, and provide the kind of strategic support that an overburdened bookkeeper or a vacant controller seat simply cannot. The model is also scalable: as your business grows or your needs change, the level of support adjusts with you. 

For businesses that have lost a controller or CFO, outsourced accounting can fill that gap quickly and reliably. For businesses that have never had senior-level financial leadership, it offers something previously out of reach without the full-time cost. 

Beyond staffing, outsourced accounting teams bring structured processes, current technology, and built-in continuity. When an internal employee leaves, your financial processes leave with them. A well-run outsourced team maintains documented procedures that aren’t tied to any single person. 

Outsourced accounting services from KatzAbosch 

KatzAbosch’s outsourced accounting practice provides businesses with full-service financial support, from monthly close and accounts payable management to fractional CFO and controller services. Because our outsourced accounting team works directly alongside our tax and advisory professionals, clients receive integrated support under one roof. That integration eliminates the miscommunication that typically occurs when accounting and tax work are handled by separate firms—and it means your financials, tax strategy, and reporting are always based on the same information. 

Our team works with business owners, CEOs, and finance leaders across professional services, medical practices, property management, government contracting, and nonprofits. Whether you’re navigating a staffing gap, managing rapid growth, or struggling to keep pace with your financial reporting demands, we can help you build the financial infrastructure your business needs, without the overhead of a full internal accounting department. 

If you’re ready to explore whether outsourced accounting is the right fit for your business, contact us using the form below.