The job market for accountants and auditors is up-and-coming at the moment. Not only are these jobs highly valued by individuals and organizations seeking financial and tax guidance, but more jobs than usual are becoming available due to a large number of certified public accountants (CPAs) retiring.
Future accountants and auditors can prepare for these incredible opportunities by undergoing training quickly through an online Master of Accountancy (MAcc) program, such as the one offered by Texas A&M University – Corpus Christi (TAMU-CC). An online program allows for greater flexibility for studying while working, plus the hours spent in this program can be applied toward the hours required to sit for the Uniform Certified Public Accountant Examination. This means students can streamline the study and accreditation process.
Furthermore, applicants do not need previous accounting experience to apply. This, along with the range of foundational knowledge offered, makes it a great program for those new to accounting and auditing careers.
How Is the Job Market for Accounting?
In a world where individuals and organizations face financial risk, navigate tax systems, and have other financial needs, there is never a shortage of demand for professionals, such as accountants and auditors, who are equipped to “prepare and examine financial records, identify potential areas of opportunity and risk, and provide solutions for businesses and individuals,” according to the U.S. Bureau of Labor Statistics (BLS). In addition to earning a median annual salary of $81,680, accountants and auditors are benefiting from an above-average job growth rate.
As BLS explains, “About 130,800 openings for accountants and auditors are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.” Therefore, new accountants available to take on businesses’ and individuals’ needs are crucial.
What Kind of Accountancy Is Most in Demand?
BLS also makes clear that individuals equipped to offer accountancy are part of the overall health of a growing economy. As businesses grow, more accountants are needed to ensure correct protocols in the filing of taxes, receiving rebates and managing other financial concerns for organizations.
Globalization is also a factor that contributes to the type of accountancy knowledge currently in demand. The more businesses work on an international scale, the more they need accountants who understand international tax law to ensure they are employing best practices when it comes to topics like “international trade and international mergers and acquisitions.”
Why Complete a Master of Accountancy Now?
Graduates from TAMU-CC’s online accountancy program can qualify for a range of in-demand roles including CPA, auditor, financial analyst, corporate controller or chief financial officer (CFO). Since demand for skilled professionals in this field is high, these jobs offer better than average income potential.
According to the Society for Human Resource Management (SHRM), there has been an exodus of qualified accountants from the Baby Boomer generation. More than 300,000 U.S. accountants and auditors left their jobs between 2021 and 2023, and many more continue to retire or shift to other opportunities in finance and tech.
More specifically, nearly 75% of certified public accountants (CPAs) reached retirement age by 2020. With fewer recruits entering the market, 35% of organizations are struggling to hire finance professionals, according to jobs outlook columnist Michael Page. The time is ripe for new accountants to enter the job market. In the online MAcc program, students can acquire the skills and knowledge they need to thrive in a rewarding, high growth field.
Learn more about Texas A&M University – Corpus Christi’s online Master of Accountancy program.
