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Transforming finance amid the accounting talent shortage
Tackling the Talent Gap: Strategic Solutions for Chief Accounting Officers and Controllers
Businesses are facing a critical shortage of skilled accounting and reporting professionals, driven by factors such as a declining CPA pipeline, shifting workforce expectations, and technological disruptions. With fewer graduate-level accounting students entering the field and impending retirements, the gap between talent demand and supply continues to widen. This shortage poses risks to financial reporting and increases workloads, requiring controllers to adopt innovative strategies. Explore the driving forces behind the talent shortage and discover strategic guidance to help controllers navigate these challenges effectively. See how KPMG can help.
Key drivers
The shortage of accounting and reporting talent is driven by a convergence of demographic, educational, and technological factors:
Declining CPA Pipeline: A significant drop in CPA exam candidates and accounting graduates has created a bottleneck in the talent pipeline. Controllers have been ranked as the most difficult role to recruit for three years in a row.1
Accounting students entering the employment pool: Although we are finally seeing an uptick in undergraduate accounting enrollment after years of decline, in Fall 2024 the graduate level fell 2.8% from the previous year. That continued a downward trend in graduate enrollment in accounting seen for the past five years.2
Retirement Wave: The Bureau of Labor Statistics projects 130,800 annual openings for accountants and auditors due to retirements and career changes, with employment expected to grow 6% from 2023 to 2033.3
Workforce Expectations: Younger professionals are seeking flexible work environments and purpose-driven roles, which traditional accounting departments often struggle to offer.
Technology Disruption: The rise of GenAI and automation has increased the complexity of controller roles, requiring new skill sets that are not widely available in the current workforce. Further, this disruption contributes to young professionals avoiding roles they believe will be replaced by GenAI.
Cost and burden of becoming a CPA: The 150-hour CPA licensure requirement deters many students due to its financial burden, including tuition for additional credits and the opportunity cost of an extra year in school.4 Additionally, the CPA exam can be costly and quite burdensome for those needing to balance their early professional career with a challenging exam.
Strategic takeaways
Controllers must take proactive steps to mitigate the impact of the talent shortage with.
Invest in Technology
Leverage GenAI and automation to reduce reliance on manual processes.
Upskill existing staff to handle tech-enabled workflows.
Strengthen Governance
Monitor talent-related risks as part of financial reporting oversight.
Engage with board leadership to ensure strategic alignment.
The accounting talent shortage represents both a critical challenge and an opportunity for controllers to transform their organizations. KPMG can help companies address immediate staffing challenges and build more resilient, efficient, and attractive finance functions that can thrive in the future.
How KPMG can help
Whether you are struggling to manage the current accounting and financial reporting workload or looking for alternative solutions to tackle issues arising from your talent gap, KPMG can help.
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Footnotes
1 CFO Dive, “6 out of 10 firms expect to hold finance staffing steady, study finds” (August 2024)
2 AICPA & CIMA, “Undergraduate Accounting Enrollment Rose 12% in Fall 2024” (February 2025)
3 Bureau of Labor Statistics, “Occupational Outlook Handbook” (April 2025)
4 Center for Audit Quality, “Diversifying the Accounting Talent Pipeline: What Does the Research Say?” (August 2023)
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Meet our team
We help navigate the complex challenges of technical accounting, financial reporting, financial integration, and leadership, empowering organizations to thrive.
Michael Nesta
Partner, Accounting Advisory Services, KPMG US
Joseph Dineen
Advisory Principal, Accounting Advisory Services, KPMG US
Michael Nesta
Partner, Accounting Advisory Services, KPMG US
Joseph Dineen
Advisory Principal, Accounting Advisory Services, KPMG US