Why are fewer college students electing to become Accounting majors? (When the opportunities are golden!)
Why are fewer college students electing to become Accounting majors?
(When the opportunities are golden!)
At CBIZ, we know that the demand for qualified accounting professionals remains high and yet many analysts have noticed and reported that fewer college students are electing to become Accounting majors.
What are a few of the reasons that some college students are not looking to become Accounting majors and therefore not becoming accountants as their careers?
* Perceived difficulty: To become a CPA, it is now required that a candidate have 150 credits rather than the historical 120 credits. Many consider Accounting to be a challenging subject: Students need to have strong analytical and mathematical skills. Students may find the subject too difficult or intimidating, leading them to choose other majors. Additionally, an extra year of study to meet the 150 credits increases the cost of achieving the accounting degree which may be a barrier. To this, one should note that entry level salaries in the Accounting industry have increased creating a greater the reward!
* Changing job market: We’ve witnessed that technology continues to evolve. Some traditional accounting jobs are becoming automated, reducing the demand for human labor. We’ve also noted that there is a shift towards data analytics and other related fields, which may be more appealing to students. These new technologies and industries have created new areas that need qualified accountants, increasing the demand for human labor in emerging vibrant areas.
* Lack of interest: Accounting may not be the most exciting or glamorous field, and some students may simply not be interested in pursuing a career in it. With a career in public accounting, the work can change from client to client, keeping the Accountants engaged, challenged and excited about creating new opportunities for their clients to flourish.
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* Lack of awareness: Some students may not be aware of the wide range of career opportunities available to accounting graduates. Accounting is a versatile field that offers many different career paths, including public accounting, management accounting, forensic accounting and a new area of servicing SPAC, special purpose acquisition companies as well as many other areas that an Accountant can grow into such as COOs or CEOs. A foundation of Accounting and Finance skills are critical to these type of higher level positions for some companies.
* Work-Life Balance Concerns: Many students are increasingly prioritizing work-life balance in their career choices. The accounting profession, particularly in public accounting, is known for its busy seasons and demanding workloads which can deter students who value a more balanced lifestyle. However, it's important to highlight that many accounting firms are recognizing this shift and are now offering more flexible work arrangements, remote work options, and better work-life balance initiatives to attract top talent. This evolving landscape can make the profession more appealing to prospective students.
Our career teams have studied these obstacles and benefits. In discussions, we’ve seen that the college academic advisory community has acknowledged: “Become an accountant and you will never be unemployed.” There will always be choices in front of you.
In fact, there are hundreds of accounting related roles on our website:
What more proof could one need?
CBIZ is a professional services company which includes talent solutions services providing search, staffing and recruiting for client companies around the nation. The team is made up of recruiting professionals, working collaboratively to service client companies. CBIZ has an array of professional service teams nationwide offering a wealth of opportunities for talented individuals.