What can be done about the accounting talent shortage?

As demand for accountants continues to outpace supply across the Asia-Pacific region, the industry is rethinking how its talent pipeline can be built and sustained. With fewer accounting graduates and persistent retention problems, it is a multifaceted issue that requires a system-wide response.

While the challenge varies across markets, the underlying trend is consistent. In Malaysia, for example, an estimated 60,000 accountants will be required by 2030, yet only about 40 per cent of accounting graduates enter the profession. In neighbouring Singapore, a decline in enrolment and fewer graduates entering the field have raised concerns about long-term sustainability.

Increasing demand for accountants is adding to the pressure. Bruce Vivian, head of education, member monitoring and development at the International Federation of Accountants (IFAC), says an uptick in corporate reporting requirements is a contributing factor.

“However, that is only one example,” he says. “We are also seeing accountants play new roles in areas such as artificial intelligence (AI) governance and assurance. Cybersecurity is another area where accountants are becoming more involved, and we expect that trend to continue.”

Perception problems

IFAC’s research includes exploring how global trends are shaping perceptions of the accounting profession among educators, career counsellors, academics, professional accounting organisations and employers.

“The typical perception is that accounting is boring — it is just about numbers and you sit behind a computer all day,” says Vivian. “That does not reflect reality.”

Negative perceptions of the profession are also being shaped by concerns about the impact of AI. Talk of technology taking over the work of accountants is proving difficult to tune out.

“We have not seen that come through in the numbers in a meaningful way yet, but we are anticipating that it may start to have an impact,” says Vivian. “From our perspective, AI should make the profession more compelling than ever because it can take care of some of the routine tasks that people find less engaging.

 

"Graduate salaries do not always compare favourably with alternative careers, and the traditional promise of future rewards is not as compelling as it once was. When I entered the profession, the message was that if you worked hard and stayed the course, you could become a partner one day. That long-term career ladder was a powerful incentive."

 

“The challenge is that this is not the dominant narrative at the moment,” he adds.

“That is not what people are reading in the media and it is something that the profession continues to grapple with.”

Vivian believes another challenge is outdated accounting curricula.

“You might think that only matters once students have already chosen accounting, but often their first exposure comes through a university business degree or even a high school accounting class,” he says. “If that first experience is focused solely on bookkeeping, debits and credits and the mechanics of accounting, many students will conclude that it is not for them.

“That is not a full picture of why accounting matters to organisations and economies, or the incredible opportunities the profession offers.”

The pathway challenge

Accounting is often associated with long working hours, inflexible workplaces and burnout — especially in the early years of a career. However, research from Deloitte shows maintaining work–life balance is a key primary career goal for younger generations.

Rebecca Keppel-Jones FCPA, chief member operations officer at CPA Australia, notes compensation is also part of the challenge.

“Graduate salaries do not always compare favourably with alternative careers, and the traditional promise of future rewards is not as compelling as it once was,” she says. “When I entered the profession, the message was that if you worked hard and stayed the course, you could become a partner one day. That long-term career ladder was a powerful incentive.

Today, people do not expect to stay in one organisation for decades. They do not necessarily see the value in accepting lower pay now for rewards that may come much later. Retention and attraction are increasingly linked.”

Keppel-Jones adds that pathways into the profession present another challenge.

“Students finish high school, complete a university degree and are then generally expected to undertake a professional qualification, but we need to look at more flexible pathways,” she says. “It is not about lowering standards — it is about lowering barriers. We need pathways that are more accessible and more flexible, while still maintaining professional quality.”

Responses to the accounting talent shortage vary across the APAC region. India is positioning itself as a regional talent pool and growth in accounting recruitment is boosting enrolment in specialised commerce courses across the country.

In Singapore, the Accounting and Corporate Regulatory Authority, supported by Singapore’s Ministry of Finance, recently established the Accountancy Workforce Review Committee to create a talent roadmap for the accounting sector. Its recommendations include reviewing compensation structures for accountancy roles.

Edwin Ang FCPA, regional finance director for Asia at project solutions and recruitment firm Brunel in Singapore, believes the profession would also benefit from an overhaul of accounting education.

“Students engage much more with real-world case studies, short-form content and practical examples,” he says. “I also think universities should make industry exposure mandatory. It helps students understand what the work is actually like, and it also gives them something meaningful to put on their CV. Structured programs such as scholarships or rotational internships are incredibly valuable. They set people up for employment straight away.”

In countries like Malaysia, cross-sector collaboration is proving an effective approach. Evelyn Teoh FCPA, head of APAC finance operations centre at Motorola Solutions, explains that organisations are engaging with local university students about the career opportunities in accounting.

“In Penang, organisations work together to develop the future talent pipeline,” she says. “We spend a lot of time engaging with students, because awareness starts early. We explain that an accounting qualification can lead to many different career paths — it is no longer just about audit. There are opportunities in commercial finance, business partnering, analytics, technology, transformation and many other areas.

 

"Often [a student's] first exposure comes through a university business degree or even a high school accounting class. If that first experience is focused solely on bookkeeping, debits and credits and the mechanics of accounting, many students will conclude that it is not for them."

 

“Many students tell us that what we are describing is very different from what they have learned in the classroom,” she adds. “That is why it is important for the industry to share what organisations actually need from graduates today.”

Teoh says collaborations also include competitions and industry projects that expose students to real business challenges.

“We encourage them to use technology, think creatively and develop practical solutions,” says Teoh, who also works with local universities to review curriculum content and provide feedback on emerging skill requirements.

“Some universities are very open to industry collaboration,” she says. “In some cases, we have suggested updating content that has not changed for many years so that students graduate with skills that are more relevant to today’s workplace.”

Teoh adds that internships are also effective in exposing young talent to the accounting profession.

“When interns complete their placements, they often tell me that they have learned things they never encountered at university. They gain a much clearer understanding of what employers are looking for and how accounting operates in practice.”

Early engagement

IFAC’s research shows that early exposure to accounting makes a significant difference to career perceptions.

“Young people need to understand the opportunities the profession offers and the fact that every industry relies on accounting,” says Vivian. “Whatever someone is passionate about, there is likely a role for accountants within that field.

“Early exposure should not focus on the technical and manual elements that are increasingly being automated. Instead, it should focus on why accounting matters.”

CPA Australia is working to help rebuild the talent pipeline. Reaching students earlier is a key priority.

“CPA Australia staff and student ambassadors attend high school expos and careers events, and we are investing in new ways of engaging students,” says Keppel-Jones. “For example, we have developed virtual reality experiences and interactive activities that demonstrate concepts like entrepreneurship, profit and decision-making in a way that is engaging and relevant.”

Early engagement may also make the profession more appealing to younger generations interested in technology, problem-solving and innovation.

“Modern accountants increasingly work with innovative technologies, analyse business performance, identify trends and provide strategic insights that support decision-making,” says Dr Dimitrios Salampasis, associate professor in emerging technologies and fintech at Swinburne University of Technology and a member of CPA Australia’s Digital Transformation Centre of Excellence. “This makes the profession more dynamic and intellectually stimulating than it has traditionally been viewed.”

Universities are making efforts to rethink accounting education across “multiple lenses”, Salampasis notes. This includes integrating data analytics, AI, sustainability reporting, forensic accounting and crypto accounting alongside traditional accounting principles, as well as forging partnerships with professional organisations to enable mentoring and accreditation programs.

“Collectively, these efforts aim to reposition accounting as a strategic, technology-driven profession, addressing both recruitment challenges and the long-term retention of skilled graduates,” he says.

Creating new pathways

CPA Australia is also redesigning pathways into the profession.

“There are now multiple routes available, including traditional pathways, experience-based pathways, executive pathways and academic pathways,” says Keppel-Jones. “The aim is to create a system that is more flexible, more modular and more responsive to different backgrounds and experiences, while maintaining professional quality.”

Keppel-Jones adds that recognition of prior learning and professional experience is becoming increasingly important in bringing new ideas, skills and perspectives into the profession for the benefit of employers and clients.

“We also need to recognise that the profession itself requires a diverse range of skills,” she says. “We should not be looking only for people who fit one traditional profile.”

Vivian believes flexible career pathways are just one way of opening doors to future accounting talent.

“The idea is simple,” he says. “We know that there is talent out there, but sometimes people are blocked by systems we have created ourselves. This is not about reducing standards. It is about removing unnecessary barriers. That includes creating more flexible qualification pathways, recognising that university is not the only route and acknowledging that people can come from a wider range of educational backgrounds.

“If we are encouraging people to join the profession, we need to make sure the door is actually open when they arrive.”

 

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