If you’re wondering whether or not becoming a CPA is a smart move in the long-term, fear not.
The Bureau of Labor Statistics predicts employment of accountants and auditors will grow by 11 percent between 2014 and 2024. The profession is expected to grow for a number of reasons: more businesses, for one, means the world will need more accountants. Increased scrutiny of companies’ finances will also create a need for CPAs in particular. And finally, the increasingly globalized economy will lead to greater demand for CPAs who can handle international accounting rules, mergers and acquisitions.
Also, according to the AICPA's 2015 Trends in Supply of Accounting Graduates and the Demand for Public Accounting Recruits report, the number of 2013-14 accounting graduates has remained steady, while demand for them has increased 7% since 2012.
Another reason young CPAs are and will be in demand is the great exodus of soon-to-be-retired CPAs.
“As we look at the needs for the future, we definitely have a population where we're going to have a lot of baby boomers retiring, and we need to have the younger generation ready for that next move,” says Denny Reigle, former director of academic and career development for the AICPA.
Reigle says this demand also includes accounting faculty. According to data presented by Jim Young at Northern Illinois University, the average age of tenured accounting faculty in the United States is 60 years old. So, "those retirements are going to happen sooner or later,” Reigle says.
Moral of the story: the accounting profession is making room for you. So get in while the getting’s good.
Peruse the Industries & Specializations you can choose from once you become a CPA.