Addressing the Accounting Talent Shortage: Five Strategies CFOs Can Adopt
The accounting talent shortage is not a short-term fluctuation but a long-term structural issue. If CFOs rely solely on salary competition, it will be ineffective. They need to build a stable team by reshaping career appeal, offering flexible work, supporting professional certifications, hiring for potential, and optimizing retention mechanisms.
This article is a guest post by John Dorer, CEO of Eb3.work. The views expressed in this article are solely those of the author.
To put it bluntly, the accounting talent shortage is not a temporary downturn but a long-term problem rooted not only in an insufficient talent pool but also in the appeal of the profession itself. Unless Chief Financial Officers (CFOs) begin adjusting their recruitment and retention strategies, companies will find themselves trapped in a cycle of constantly filling gaps. This, in turn, gives competitors an advantage—while your company is continually rebuilding its team, rivals can move ahead with leaner, more stable operations.
Experienced accountants are leaving the profession faster than new entrants can replace them. According to data from the U.S. Bureau of Labor Statistics, over the next decade, more than126,000accountant and auditor positions will open up each year, creating a severe shortfall.
This sets the stage for burnout unless companies change how they compete for talent. Mid-market CFOs, in particular, need to recognize that salary alone cannot compete with Fortune 500 companies, but they can surpass them by offering a better, more rewarding work experience. The key lies in rethinking the positioning of accounting roles and the career paths we are truly selling.
1. Sell a career path, not just a job
Most job postings read like a list of tools, tasks, and skills. This outdated approach to hiring overlooks a key demand of the new generation of employees—they are not just looking for a job but for a career trajectory that offers long-term growth and security.
If you are hiring entry-level accountants but cannot clearly articulate where the position could lead in three to five years, you are likely to lose top talent before they even submit their resumes. People want to join organizations that offer a promising future and expect to play a meaningful role within them.
To mitigate the negative impact of the accounting shortage on your business, you must ask yourself: Is this role merely a compliance position, or will it involve budgeting, strategy, or even ESG reporting in the future? Can they rise to leadership, or are they stuck in a spreadsheet nightmare day after day? These are the critical questions of today.
2. Flexibility is not a perk; it's the price of entry
Like other professions, the accounting industry underwent changes during the pandemic. But unlike tech or marketing, finance departments have been slower to abandon the notion of full-time, in-office work.
This is a mistake. Flexibility has become the default expectation, not an added bonus. Remote work, hybrid arrangements, and even compressed workweeks are no longer optional perks but conditions under which people choose alternatives to traditional jobs. If your company doesn't offer them, others will.
3. Re-examine the 150-credit-hour requirement
Frankly speaking, the150-credit-hour requirementis a significant barrier for many potential accountants. CFOs cannot rewrite this rule, but they can adjust how their companies support employees in meeting it.
Funding master's programs, offering CPA exam bonuses, and establishing structured pathways from internships to CPA certification with universities—these relatively low-cost measures send a clear signal:We invest in you, not just in your output。
4. Hire for potential, not just the resume
In great accounting teams, not everyone followed a textbook career path. Some come from operations or customer service, others have worked in data or run small businesses.
There is currently an overemphasis on accounting degrees while neglecting mindset. Returning to the basics is an often-overlooked focus: Is the candidate reliable? Are they detail-oriented? Are they good with numbers and processes? Do they strive for accuracy?
When you hire based on aptitude and provide systematic training and mentorship, you will build a team that is not only technically proficient but also engaged and loyal.
5. Retention should be a top priority
Many companies focus too much on hiring and forget to ask why employees are leaving.
Examine your onboarding process: Does it help new hires integrate and grow, or is it just a pile of forms and login credentials? Are you developing mid-level managers—the ones who shape daily culture? Are new employees building connections with colleagues and leaders, or do they feel isolated?
Honest feedback is crucial. The key lies in one-on-one conversations with managers, regular check-ins, and group discussions, rather than relying solely on exit interviews. By making feedback a regular part of the job, you can surface real insights and make employees feel seen and heard, thereby increasing the likelihood of retention.
Build a better environment and showcase future prospects
Signing bonuses andglossy LinkedIn postscannot eliminate the accounting shortage. This problem requires a deeper shift in how companies think about their finance teams.
This may sound daunting, but the good news is that winning this competition does not require a huge budget. We simply need to show people that they have a promising future within the company. Make room for flexibility, support team growth, and broaden the definition of who is suited for accounting.
CFOs who take this seriously will not only weather the shortage but will also build stronger teams in the process.