The New Generation of CPAs: Shaping the Future of Accounting

Changing Demographics in the Accounting Profession

The accounting field is on the cusp of a generational turnover. As baby boomer CPAs retire en masse, a talent gap is emerging that the next generation must fill. In the past five years alone, roughly 340,000 U.S. accountants left the profession, and an estimated 75% of those remaining are expected to retire in the next decade. This wave of retirements, combined with fewer students pursuing accounting in recent years, has raised alarms about a pipeline shortage. In Canada, leaders have similarly noted a diminishing “lustre of the CPA badge” among young people entering college.

Yet amidst these concerns, there are signs of optimism. After a multi-year decline, new interest in accounting may be stirring. Undergraduate enrolment in accounting programs rose by 12% in Fall 2024 compared to the year prior. Professional bodies see an opportunity in this moment: the accounting profession can reinvent its image and show young people how their values and goals can be part of accounting’s future. In other words, rather than a crisis, the incoming wave of Gen Z and millennial accountants could spark a renaissance in the field.

Why Accounting is an Amazing Career for Young Professionals

Accounting has long offered what many young professionals seek: stability, good pay, and meaningful work. Despite stereotypes of accounting as “boring,” Gen Z is beginning to recognize its perks – including the potential for a six-figure salary and valuable professional experience right out of college. In fact, the median total pay for an accountant is around $87,000, and seasoned CPAs can earn upwards of $200,000 annually. Few careers provide such clear pathways to financial stability.

Beyond the paycheque, accounting delivers personal and community fulfillment. Many CPAs take pride in helping others through their expertise – for example, by volunteering to prepare taxes for low-income families. Programs like the IRS’s Volunteer Income Tax Assistance (VITA) give students a chance to use accounting skills to serve underserved communities, an experience that has made the profession more appealing to Gen Z. Through initiatives like VITA (which started over 50 years ago and continues strong today), young people see that accounting isn’t just about numbers; it’s about making a positive impact while solving real-world problems.

Crucially, accounting is a versatile launchpad for almost any business endeavour. Every industry needs accountants, so newly minted CPAs can build a career aligned with their personal interests – be it sports, tech, fashion, non-profits, or entrepreneurship. Top financial leaders often have an accounting background: nearly 45% of surveyed CFOs are CPAs, and accounting was the most common undergraduate major among CFOs. In other words, becoming a CPA can open doors to the C-suite. For ambitious young professionals, accounting is a springboard to leadership roles, business ownership, and beyond.

Finally, the profession’s job security is second to none. Even in volatile markets, accountants are in steady demand. A recent survey found 98% of one university’s accounting graduates secured jobs in the field, with starting salaries at record highs for the business school. Especially as Gen Z values job security increasingly highly (even more than job flexibility), the reliability of an accounting career is a major draw. It’s not an exaggeration to say that if you have a CPA, you can work anywhere – from Calgary to California – and enjoy a stable, respected profession.

Tackling the “Boring” Stereotype and Rebranding Accounting

One of the biggest hurdles in attracting the new generation is shattering the myth that accounting is a dull, number-crunching desk job. Accounting’s image problem has been called “the ultimate challenge” – getting students excited about taxes and audits can be tough when the field is seen as stodgy. However, this stereotype is increasingly outdated. As educators point out, there’s often a misconception among students about what the profession actually entails versus its reality. Far from locking you into a narrow routine, a CPA license can lead to roles in consulting, tech, forensics, finance, or launching a startup.

Technology is rapidly transforming accounting, making it more dynamic than ever. Gen Z has grown up with smartphones and AI assistants, and they expect modern tools in their work. In practice, today’s accountants leverage advanced software, data analytics, and even artificial intelligence – a far cry from the paper-ledgers of old. Highlighting accounting’s high-tech evolution can help dispel its paper-and-pencil image. For example, many firms now use cloud-based systems and automation to handle routine tasks, freeing accountants to focus on strategic analysis and problem-solving. This tech-driven shift means young accountants get to work on interesting projects rather than rote data entry. In fact, nearly two-thirds of Gen Z accounting students in one survey felt prepared to use emerging technologies (like AI) in their roles, expecting automation to take over the drudgery and let them concentrate on higher-value advisory work.

The next generation is also redefining what a successful accounting career looks like. Instead of the traditional “climb the ladder” from junior auditor to partner, young professionals envision more innovative, entrepreneurial paths. New research from Intuit found that 75% of Gen Z accounting students aspire to start their own business rather than follow a conventional firm trajectory. They see the CPA skillset as a toolkit for building something new – whether it’s launching a virtual consultancy, developing a fintech app, or being a financial strategist for startups. This entrepreneurial mindset is energizing the field and making it clear that accounting can be creative and forward-thinking. As one industry leader put it, “The accounting professional of tomorrow is part entrepreneur, part strategist, part tech leader… The future belongs to those who embrace the new, multifaceted role of the accountant.” In short, accounting is being rebranded from a static profession to one of innovation, strategy, and even excitement.

What the Next Generation of Accountants Wants

To attract young talent, it’s critical to understand Gen Z’s priorities and what they’re looking for in a career. Fortunately, recent surveys and industry insights shed light on the key factors that make accounting attractive (or not) to the new generation:

Job Security and Stability

Growing up amid economic uncertainty, many Gen Z workers prize a stable career. Accounting offers exactly that – stability and constant demand. Firms large and small need accounting expertise in good times and bad. With a projected 6% growth in accounting/auditing jobs through 2033 (even as older CPAs retire), young accountants can feel secure about their prospects. Indeed, the new generation appears to value this security: surveys note that Gen Zers are increasingly favouring job stability over job-hopping flexibility. The clear message is that a CPA license is a long-term asset that can weather economic ups and downs.

High Earning Potential

Competitive salary is a classic motivator, and accounting delivers here as well. As noted, entry-level accountants with a CPA can land impressive starting salaries (some right out of college are stepping into roles paying in the high five-figures or low six-figures). Over a career, CPAs have significant upside – often moving into senior management or partner positions with six-figure incomes. Gen Z, often saddled with student debt, is understandably drawn to fields where the return on education is strong. Accounting checks that box, offering one of the highest salary-to-education payoff ratios in business. Plus, the prestige of the CPA credential is linked to higher earning potential and faster career advancement, which resonates with ambitious young professionals.

Growth, Variety and Entrepreneurship

Unlike past generations who might have seen accounting as a narrow track, today’s young people want flexibility and variety in their careers. Accounting can actually fulfill that desire. With financial skills being universally needed, CPAs can work in virtually any sector – they can pivot from public practice to industry to nonprofit, or move geographically with ease. Many Gen Z accountants see the profession as a launchpad rather than a ladder.

For instance, a few years in auditing or finance can provide the experience to start an advisory firm or become a CFO of a startup. In the UK, 73% of female accounting students and 71% of international students said they plan to build their own firms or consultancies instead of sticking to a traditional employer. This hunger to “build something of my own” is a defining trait of the new generation.

The good news is that accounting knowledge is a perfect foundation for entrepreneurship – understanding cash flow, tax, and strategy is key to running any business. Forward-thinking firms are learning to encourage this entrepreneurial spirit (for example, by giving young staff leadership on new projects or innovation initiatives) rather than insisting on the old corporate ladder.

Meaningful Work and Impact

Purpose matters to young professionals. Many Gen Z and millennial workers want to know that their work contributes to society or aligns with their values. Accounting might not seem like the obvious path to social impact, but in truth, accountants play a crucial role in economic fairness and transparency. As noted earlier, volunteering experiences like helping low-income families with taxes have shown students the social good accountants can do. Even in day-to-day roles, accountants enable businesses to run honestly and efficiently, governments to properly use funds, and communities to thrive economically. Surveys find that about 23% of accounting students explicitly value the opportunity to contribute to society through their career.

Additionally, many are excited by roles in emerging areas like sustainability accounting and ESG reporting, which directly tie accounting work to environmental and social outcomes. The next generation wants to be proud of their profession, and highlighting how CPAs safeguard the public interest and help organizations succeed gives them that pride. Purpose matters to young professionals. Many Gen Z and millennial workers want to know that their work contributes to society or aligns with their values. Accounting might not seem like the obvious path to social impact, but in truth, accountants play a crucial role in economic fairness and transparency. As noted earlier, volunteering experiences like helping low-income families with taxes have shown students the social good accountants can do.

Even in day-to-day roles, accountants enable businesses to run honestly and efficiently, governments to properly use funds, and communities to thrive economically. Surveys find that about 23% of accounting students explicitly value the opportunity to contribute to society through their career. Additionally, many are excited by roles in emerging areas like sustainability accounting and ESG reporting, which directly tie accounting work to environmental and social outcomes. The next generation wants to be proud of their profession, and highlighting how CPAs safeguard the public interest and help organizations succeed gives them that pride.

Cutting-Edge Technology

As digital natives, Gen Z expects modern technology in the workplace. They are eager to use automation, analytics, and artificial intelligence to work smarter. In fact, a significant portion of young accountants feel well-prepared to adopt emerging tech tools (AI, cloud software, etc.) in their jobs. They don’t want to be stuck doing manual data entry or reconciling spreadsheets all day. By emphasizing how today’s accounting involves sophisticated software, data analysis, and strategic advising (with AI handling tedious tasks), the profession becomes far more appealing to tech-savvy talent. Talking about technology also helps break the stigma that accounting is old-fashioned. It signals that a CPA’s work is evolving and future-proof. Many firms now promote the message that accountants are innovators who use cutting-edge tools to uncover insights and solve business problems – a narrative that definitely attracts the next generation.

Work-Life Balance and Well-Being

While driven to succeed, Gen Z also places importance on mental health and balance. The demanding hours of traditional accounting (think crunching through audit season or tax deadlines) can be a turn-off if not managed. Employers are starting to address this by optimizing workloads and offering more flexibility. For instance, 90% of CFOs in one survey said they began outsourcing some accounting tasks in 2024 to reduce in-house workloads and prevent burnout among their teams. This kind of strategy ensures young staff aren’t drowning in 80-hour weeks of grunt work.

Additionally, flexible schedules, remote work options, and better project management are being implemented at many firms to modernize the work culture. When new graduates see that accounting can offer a rewarding career that doesn’t consume their entire life, they’re far more inclined to join and stay.

Diversity and Values Alignment

The upcoming generation is the most diverse in history, and they want to see that reflected in their profession. Gen Z accountants are drawn to organizations that prioritize diversity, equity, and inclusion (DEI) and demonstrate a commitment to community. According to EY’s survey, today’s students want to work in diverse teams and feel good about their employer’s stance on issues like social responsibility and sustainability. They also appreciate when the profession actively welcomes underrepresented groups. For example, initiatives to lift up Black accountants and other minorities (such as mentoring programs, dedicated scholarships, and affinity networks) send a strong positive signal to young people of colour entering accounting. Many state CPA societies and firms have launched diversity programs, acknowledging that a more inclusive profession is not only right but also essential for bringing in fresh talent. By fostering a culture where all young professionals feel they belong and can advance, the accounting field becomes much more attractive to the new generation.

How the Profession Is Adapting to the Next Generation

Accounting firms, educators, and professional organizations are not sitting idle – they are actively evolving strategies to welcome and harness the talents of new CPAs. Here are some key ways the profession is adapting to ensure the next generation thrives in accounting:

Better Outreach and Education

From high school classrooms to college campuses, the profession is boosting its presence. In some regions, CPA ambassadors visit schools to share their passion and inspire students with real-world accounting stories. The goal is to engage teens early and dispel myths before misconceptions take root. Mentorship programs (like state CPA society “college mentor match” initiatives) pair accounting students with experienced CPAs to guide and encourage them. These efforts help young people envision themselves in the role and see successful, relatable role models. In Calgary and beyond, accounting organizations are also hosting events, career fairs, and case competitions to spark interest locally while keeping an eye on global trends in talent development.

Rebranding the CPA Image

Professional bodies are consciously shifting the narrative around accounting. Rather than emphasizing only technical rules and compliance, they are showcasing the exciting and broader side of accounting – how CPAs advise business strategy, leverage data, and even contribute to big-picture decisions. For example, senior executives wish more students knew that accountants have the potential for global impact and a deep understanding of all parts of a business. Messaging from firms now often highlights that a CPA isn’t just a “bean counter,” but a critical thinker and business leader who provides trust and insight in the marketplace. By publicly celebrating accountants as innovative problem-solvers (think of all the startups founded by people with finance backgrounds, or the forensic accountants catching fraud that makes headlines), the profession is shedding its old skin. Campaigns on social media, slick recruitment videos, and even popular accounting blogs are all driving home the point: accounting today is dynamic, diverse, and anything but boring.

Addressing Educational Barriers

One concrete hurdle for aspiring CPAs has been the extensive education and licensing requirements (e.g. the 150-credit hour rule and the challenging CPA exam). To ease this path, many stakeholders are creating alternative pathways and supports. More than 85% of finance executives surveyed support developing alternate routes to CPA licensure, such as integrating internships or allowing apprenticeships for some of the required hours. Some U.S. states have even proposed or passed legislation to lower the 150-hour requirement or give credit for work experience, aiming to remove what Gen Z sees as a costly and time-consuming barrier.

At the same time, firms and universities are offering solutions like accelerated master’s programs, exam prep resources, and financial assistance for CPA candidates. A notable example is EY’s Career Path Accelerator initiative, which provides an affordable way for students to obtain the extra college credits needed for CPA eligibility (over 500 students have used it since 2021). Likewise, many companies now cover CPA exam fees or give paid time off to study as part of their recruiting pitch. By tackling the cost and effort issues head-on, the profession is showing the next gen that “we hear you, and we’re making it easier to join us.”

Promoting Work-Life Balance and Modern Workplaces

As mentioned, firms are adapting to ensure young accountants have sustainable careers. This includes optimizing workloads (through better project planning or outsourcing peak-work crunches) and offering flexibility like remote work options or alternative schedules during the off-season. Some forward-thinking firms tout their “no burnout” culture and use team-based approaches to distribute work more evenly. The message to newcomers is that accounting does not have to mean sacrificing your personal life. Technology also plays a role here: automation of tedious tasks and use of AI for initial data processing can dramatically cut down the grunt work juniors used to do, allowing them to focus on more engaging assignments (and go home at a reasonable hour). By modernizing the work environment – think collaborative digital tools, less hierarchical office culture, and continuous learning opportunities – firms make themselves far more appealing to a generation that expects a 21st-century workplace.

Encouraging Purpose and Diversity Initiatives

To align with Gen Z’s values, the profession is doubling down on programs that give back and promote inclusion. Many accounting firms now organize or sponsor community service days, financial literacy workshops, and pro-bono consulting for nonprofits, giving young employees a chance to see the direct positive impact of their skills. National and local accounting bodies are funding scholarships targeting underrepresented groups; for instance, one state CPA society’s educational fund recently awarded $76,500 in scholarships to help aspiring CPAs complete their studies. Stories of trailblazing young CPAs from diverse backgrounds are being amplified in newsletters and blogs to show that anyone can succeed in this field. Firms are also establishing employee resource groups and mentorships to support women, minorities, and first-generation professionals in accounting, creating a more welcoming and empowering community. All these efforts signal to the incoming generation that accounting is a profession where you can make a difference and be yourself – something very important to today’s youth.

Conclusion

Embracing the Future of Accounting Is Amazing

Accounting is undergoing a renewal as the new generation of CPAs steps up to the plate. Far from fading, the profession is adapting and thriving by aligning with what young people want: opportunity, innovation, purpose, and yes – a bit of fun and excitement in the mix. The narrative is changing from “accounting is boring” to “accounting is empowering”. With competitive salaries, countless career pathways, and the chance to make a real impact on businesses and communities, accounting offers a value proposition that today’s graduates are increasingly finding hard to ignore.

As firms modernize workplaces, educators reduce entry barriers, and seasoned CPAs mentor newcomers, a supportive ecosystem is being built for the next era of accountants. The conversations trending in blogs and industry forums show an encouraging consensus: by embracing new perspectives and technologies, the profession is not just surviving the generational shift – it’s flourishing because of it. Whether in Calgary or anywhere around the globe, the message is clear to aspiring accountants: now is your time. The world of accounting is ready for fresh ideas and new leaders.

In the end, the upcoming cadre of CPAs will carry the profession forward, and all signs indicate they’ll do so with creativity, tech-savvy, and a sense of mission. It’s an exciting time to be an accountant. By inspiring and investing in this new generation, we let the world know that accounting is actually amazing – a dynamic career that’s critical to every industry and open to all who are bold enough to seize the opportunity.