Firms turn to outsourcing as accounting talent crisis worsens: survey

MANILA, PHILIPPINES — The accounting industry faces a worsening talent shortage, with 87% of finance leaders reporting unfilled positions—up from 63% in 2020 according to a Personiv CFO Pulse survey of over 250 finance leaders.

Slower adaptation among firms to the changing demands of the roles, as well as slower hiring, is coupled with expert opinion that continued prejudice in the mindset of society regarding the nature of the job and inflexible barriers to entry are major contributors to the insurrection.

Firms respond with technology, flexibility, and outsourcing

Megan Weis, Personiv’s Vice President and General Manager of FAO services, attributes the gap to retiring professionals, declining certified public accountant (CPA) candidates, and the profession’s outdated stereotype.

Firms are responding with higher salaries, automation, and remote work options.“Since Covid, a lot of work arrangements have become flexible, which I think helps people balance their career with their life,” Weis noted, contrasting today’s norms with her 80-hour weeks as a 1998 auditor. 

Yet, despite these efforts, the 150-hour CPA rule—requiring extra college credits—still deters entrants by adding cost and time barriers.

Accounting’s evolving role demands new skills

Modern accounting roles now emphasize forecasting and strategy over backward-looking reporting, with Chief Financial Officers (CFOs) acting as key business advisors. 

“It’s really like the backbone of business,” Weis said, stressing the field’s evolution into a dynamic career path. However, industry reputation lags behind reality, dissuading potential talent.

Reform is emerging as Connecticut and other states are scrapping the 150-hour rule, signaling a push to widen entry pathways. 

Weis urges for a better promotion of accounting’s strategic impact to attract tech-savvy, analytical candidates.

Accounting industry at a crossroads

The talent crunch threatens firms’ ability to meet growing compliance and advisory demands. While automation and flexibility offer stopgaps, long-term solutions require rebranding accounting as innovative and reducing credentialing hurdles. As roles evolve, so must outreach—or shortages could stifle corporate growth.