OSCPA Town Hall covers ways to address accounting talent shortage

By Jessica Salerno-Shumaker, OSCPA senior content manager  

While the accounting talent shortage remains a serious concern for the profession, OSCPA is taking action with a holistic, strategic plan.   

“We have a perfect storm brewing in Ohio's accounting talent arena, which is why significant action is needed,” said OSCPA President & CEO Scott Wiley, CAE.  

Wiley hosted a Dec. 14 OSCPA Town Hall covering the accounting talent shortage and the steps the Society is taking to address the shortage.  

“We recognize the profession is at a tipping point, with a dwindling supply of accountants and an increasing need for their services,” Wiley said. “The AICPA estimates that nearly 75% of the CPA workforce met the retirement age in 2020, almost four years ago.”  

More than 300,000 accountants and auditors left the profession over the last two years, and many of those were young and mid-career accountants. A study by Deloitte identifies a significant number of those individuals have decided to transition to jobs in finance in tech, where the hours are more reasonable in the pay is considerably higher.  

“These considerable impacts across every sector increase the urgency to address this talent gap,” Wiley said. “Grabbing onto a quick fix solution without considering the full impact could have a detrimental impact.”  

The accounting talent shortage is complex because it’s not just the result of one area. Therefore, a multi-layered solution needs to align accounting curriculum, update skills to meet evolving business needs, offer meaningful work experiences that attract students and update unnecessary barriers to entry for the profession.  

At an OSCPA Workforce Development Summit event in the fall, the Society shared a five-point plan focused on actionable steps to address the talent shortage.   

1. Form a coalition.  

2. Tell accounting’s story.   

3. Review and revise curriculum.   

4. Enhance the work experience.  

5. Establish multiple pathways.   

 
Along with a plan to help address the accounting talent shortage, Wiley shared the importance of remembering the impactful work the profession does every day and how necessary it is for the business environment.  

“At OSCPA we are advancing the state of business and finding a way forward for your clients, for the economy and for Ohio,” he said. “CPAs are Ohio and America's most trusted business advisors. CPAs not only know the language of business but are changing business for good.”  

Register today for the next Town Hall on Jan. 23!