Why accountants (and tax pros) continue to leave the profession

The Great Resignation officially ended in July, but if you were hoping for a big rebound in the availability of accounting talent, here comes a Wall Street Journal article that may prove otherwise. Auditors and tax accountants are quitting in droves, the Journal reports. Job security and a stable career path just aren’t enough to keep them in the profession, and many are looking for other options amid a widening shortage that’s also challenging tax departments. 

Why is this happening? The career experiences and decisions shared by accounting pros quoted in the article make for some interesting reading. Dissatisfaction with salary levels, especially when compared to what’s available in tech and banking, is one big reason for change. Burnout caused by stress and long hours is another. But the key motivator seems to be a desire for less routine, more creative and personally rewarding work. The article shares that one professional is considering going back to school for nursing in the hope of achieving more meaningful employment and a better work-life balance. Another is considering a switch to a career in counselling, working with people who are struggling with substance abuse or mental health issues. 

Also, while some professionals worry that generative AI may take over some of their work, others hope that it will take on more of the mundane tasks and allow them to tackle more complex projects earlier in their careers.  

As I reported in this post, some States are exploring ways to accelerate CPA certifications to encourage new college grads to enter the profession. That’s unlikely to do much to ease the talent shortage in the short term. Yet, there are actions that tax and finance leaders can take. As Larry Mellon, Vertex’s Tax Director in the Chief Tax Office, pointed out in this post, automation can help by creating roles that are more fulfilling and less intensively manual to improve the employee experience. You may also want to check out my blog that looks at how advanced tax automation provides recruiting and retention benefits.