We previously explored the reasons behind the global accounting talent crisis , examining how the profession lost over 300,000 accountants in the US alone between 2019 and 2021, and how Australia faces a critical shortage of nearly 10,000 accountants annually. Now it's time to look forward and address the crucial question: what can the industry do to reverse this trend and make accounting an attractive career choice once again?

The accounting profession in Australia faces a critical crossroads. With vacancy fill rates below 67% for key accounting roles, the industry needs more than just quick fixes – it needs a complete reimagining of how it attracts and retains talent. While technology solutions offer temporary relief, long-term sustainability requires fundamental changes in how the profession operates and presents itself to potential candidates.

Enhancing the Employee Value Proposition (EVP)

The first step in addressing the talent crisis is creating a compelling EVP that speaks to modern workforce expectations. According to recently published reports , accounting professionals are primarily driven by salary, work-life balance, and career development opportunities.

Competitive remuneration is critical – with junior accountants in Australia now commanding starting salaries between $65,000 and $85,000, and experienced professionals earning well over $120,000 annually. However, money alone isn't enough. Modern accounting firms need to offer comprehensive benefits packages that reflect the underlying needs of an evolving workforce including:

• Flexible working arrangements: Millennials and Gen Z’s who make up an increasing percentage of accounting professionals view flexibility as a fundamental right rather than a perk. This shift was accelerated by the pandemic and the rapid development of technology, with 83% of surveyed employees now considering workplace flexibility as “very important” in job satisfaction. A 2023 survey by the Australian HR Institute (AHRI) found that work-life balance (77%), better retention rates (62%), and easier recruitment (61%) were the three most perceived benefits of hybrid work.
• Clear career progression: Today’s accounting professionals want transparency around their career trajectory and the specific steps needed to advance. Without clear progression pathways, firms risk losing talent to competitors or other industries entirely – surveys show that 15% of accountants who left their roles cited lack of career development as a primary factor. Among the Big Four accounting firms, concern over stagnated job roles has become increasingly prominent. Many professionals convey that senior positions are limited and progression is an unlikely reality for the majority. Severely competitive environments have led to frustration and scepticism about the viability of advancing within these firms.
• Professional development: According to the Illinois Certified Public Accountants Society (ICPAS) 2023 Retention Report, 27% of accounting professionals left their jobs because of lack of development opportunities . Continuous professional development isn’t just about maintaining certifications either – it’s about staying relevant. The concept of upskilling and reskilling has gained more prominence in an era of rapid technological innovation, AI, and evolving regulations. Young professionals, in particular, recognise the need to continuously learn and adapt to stay competitive in the market as they grow their career.
• Mental health support: The accounting profession has traditionally been associated with high stress levels, particularly during tax season and audit periods. The pandemic exacerbated this as accountants were under enormous pressure to help businesses pull through uncertain times. A 2022 survey of Chartered Accountants Australia & New Zealand (CA ANZ) members found that an alarming 59% were experiencing deteriorating mental health . The 2024 Work Outlook Report by the AHRI found the biggest drivers of employee stress are cost-of-living pressures (42%), excessive workload (32%), and poor work-life balance (28%).
• Additional leave: New research has suggested that 58% of employees value additional leave options over higher pay when accepting a promotion or choosing between similar job offers. This shift reflects a broader trend where professionals value the ability to take time off and manage their personal commitments alongside their work responsibilities. Firms that offer additional leave options may find themselves more attractive to potential hires, as work-life balance becomes a key factor in job satisfaction and retention.