2024 Top 100 People extra: AI, PE and other concerns

As part of this year's Top 100 Most Influential People survey, Accounting Today asked, "What is the most important issue currently facing the accounting profession?"

The full responses of all the candidates are below. The full T100 list is available here.

The declining pipeline of the accounting profession, including the lack of racially and ethnically diverse professionals, is clearly a critical issue in the accounting profession as discussed above in the transformative impacts created by MADE. There appears to be a set of interconnected themes driving the decline in accounting enrollment and CPA licensure that we have learned or validated through engagement with multiple stakeholder groups. Holistically, there is a lack of awareness for this amazing profession and the doors that can open when entering into it. I am committed to working with other organizations and our regulators to drive bold actions. I believe we will be able to make significant strides in these areas and bring more exposure and clout to our amazing profession.

Another prominent issue facing the accounting profession is the intersection of technology, human capabilities, and trust. The implementation of AI is inevitable. Organizations across industries and geographies are currently assessing how best to incorporate AI into their integrated strategy in a trustworthy and ethical manner. My role as Chair is to sustain the long-term trajectory of the organization. I do this by providing strategic leadership and ensuring effective governance—asking probing questions and bringing outside-in perspectives to inform consequential decision making for the organization. As an example, I leverage AI to help analyze vast amounts of financial, market, and operational data to make informed strategic decisions. I see great opportunity to leverage AI within the accounting profession. While these evolving technologies hold great promise for business, workers, and society at large, there remains potential for wrong-doing. As a result, technology ethics is also paramount to safeguard the future of the profession. The profession must commit itself to the use of technology in ways that are trustworthy and ethical – for ourselves and our stakeholders. 

— Lara Abrash, chair, Deloitte US

The decline of CPA's entering the workforce. It's creating a talent shortage, impacting accounting firms' ability to meet client demand and deliver high-quality services. It challenges succession planning, leaving firms without future leaders, while leaving existing CPAs with heavier workloads leading to burnout and retention issues. 

As the profession faces increased regulatory complexity and a shift toward tech-enabled services, the lack of skilled professionals limits growth and innovation. It also challenges. Moreover, existing CPAs face heavier workloads, leading to burnout and retention issues. Addressing this decline is essential for the long-term sustainability and success of the accounting industry. Modern technology is the most reliable way to close the gap between the outsized demand firms face and the decline of CPAs entering the workforce.

— Justin Adams, co-founder and CEO, Aiwyn  

The most important issue our profession is facing is the inability to drive change to  make our profession relevant. While there has been a great deal of talk about  change, far too many leaders are unwilling to go beyond talking about change and  to actually drive that change.  

This profession still has a far too strong compliance orientation. Pure compliance  services will dwindle as technology and AI improve and take on more of those  services. This compliance mindset is a roadblock because the output of compliance  services has little value. Compliance is a cost of doing business. It's not a value add, but it's the value-add services that make this profession more relevant and  also more lucrative because those are the services clients want. Everyone is willing  to pay more for services they want than for services they need. 

While many people talk about staffing as an important issue, I believe this is just a  symptom of a deeper illness. Staffing problems arise because not enough people  are entering the profession, which is a symptom that our profession is not  embracing change and is not trying to do things differently.  

People today want to work in an environment that's meaningful and important.  Everyone wants to feel they're making a difference, but it's hard to feel you're  making a difference when you're working 60 hours a week getting a bunch of  

1040s or audits or financial statements out the door because someone needs those  for compliance only.  

If we actually make our profession more relevant to the clients and to the  employers, the staffing issues will diminish. When people see this profession as  relevant, accounting will be much more attractive. 

— Alan Anderson, founder and president, Accountability Plus

The integrity of the CPA designation.  Or rather, its relevance.  The "CPA" is my father's accountant. The versatile, tech savvy, worldly, well-read, transformation ready, industry consultant is more in line with the next iteration of accountant and likely what will be "hired" to solve for x in the future.  We need to get ahead of this not only to make the profession more in line with the needs of the changing world around it, but also to make it sexy for future generations to choose it and want to be it. 

— Rachel Anevski, president and CEO, Matters of Management, LLC 

The most important issue currently facing the accounting profession is the urgent need to adapt to and harness the power of artificial intelligence and machine learning technologies. This technological revolution is reshaping the landscape of tax preparation, financial reporting, and advisory services at an unprecedented pace. 

Accountants who fail to embrace these technologies risk becoming obsolete, while those who adapt can dramatically enhance their efficiency, accuracy, and the value they provide to clients. The challenge lies not just in adopting new tools, but in fundamentally rethinking how accounting work is performed and services are delivered. 

This shift requires a significant investment in retraining, a willingness to overhaul long-standing practices, and the vision to reimagine the role of the accountant in an AI-augmented world. It's a pivotal moment that will define the future relevance and value of the accounting profession. 

— Andrew Argue, CEO and co-founder, Corvee

I continue to believe it is relevancy. Baruch Lev's work proves this, and in his book, The End of Accounting, he writes, "Today's financial reports provide a trifling 5 percent of the information relevant to investors." This is so because of what philosophers label a "deteriorating paradigm," which GAAP certainly suffers from—it gets more and more complex as it explains less and less. To collaborate this verdict, PCAOB claims there is a 26% deficiency among Big 4 audits. If a car company had this track record, the market would ruthlessly remove it from existence. Are audit firms too big to fail? This is a textbook example of regulatory capture, while being of scant benefit for the amount of resources our economy spends on the audit function. The very people we claim to be protecting do not use our product. For that reason, I believe the profession should relinquish (or be stripped of) its audit monopoly, which would allow competition to bring innovations to the market. Auditing firms are not independent, because you cannot be paid by the very companies you are auditing and remain independent. Insurance companies should be allowed to offer financial statement insurance to stakeholders who desire it, and the stock exchanges should select and pay the auditors on behalf of their listed companies, as part of their branding and value propositions. Sure, this reform would not be perfect. But it should be compared to the current dumpster fire, not some unobtainable utopian vision. It would surely be an improvement over the unacceptable current system.

— Ron Baker, founder, VeraSage Institute

Accounting firms working with multiple clients can spend an enormous amount of time paying invoices on behalf of their clients. The Melio platform makes this process more efficient and seamless since the entire payment process is on one platform, saving accountants time they can spend on more strategic initiatives. 

— Matan Bar, co-founder and CEO, Melio

The most pressing issue facing the accounting profession today is the need to adapt to rapidly evolving technology while maintaining the human element that is essential to our work. 

The emergence of generative and agentic artificial intelligence, machine learning, and automation is revolutionizing how tax professionals process data and perform routine tasks. While this technological shift offers immense potential for increased efficiency and accuracy, it also presents a significant challenge: redefining the role of accountants in this new landscape. As routine tasks become automated, tax professionals must pivot towards higher-value services that leverage our uniquely human capabilities. This involves developing stronger analytical skills, honing the ability to provide strategic insights, and focusing on advisory services that go beyond traditional number-crunching.

What's more, I believe that technology has a key role to play in overcoming the long-standing talent shortage affecting the industry, elevating the appeal of the profession to the next generation of accountants.  

Importantly, as we navigate this technological revolution, we must not lose sight of the human element that is core to our profession. Building client relationships, understanding complex business contexts, and providing nuanced judgment in ambiguous situations remain uniquely human skills that technology cannot replicate. 

In essence, the most important issue facing our profession is not just about adopting new technologies, but about redefining what it means to be an accountant in the digital age. It's about striking the right balance between leveraging technological advancements and preserving the human insight and ethical foundation that have always been the hallmarks of our profession. As a leader in the field, I have a responsibility to guide this transition, ensuring that we harness the power of technology to augment, rather than replace, the value tax professionals bring to businesses and society.

— Elizabeth Beastrom, president, tax & accounting professionals, Thomson Reuters

The accounting profession is grappling with two major challenges. First, the pace of business and the evolution of how commerce is conducted have changed dramatically in recent years, requiring accounting professionals to adapt to new models and complexities. Second, the shrinking workforce adds significant pressure to maintain the same level of support for businesses while ensuring the timely delivery of financial statements. Balancing these two demands is a critical issue as the profession continues to evolve.

— Michael Bernard, VP, chief tax officer, Vertex

The most important issue facing the profession is making it more attractive and accessible, especially to the next generation. We are working to strengthen and diversify the talent pipeline to ensure the profession continues to play a vital role in supporting businesses and our capital markets.  

Young people need to see their purpose and value within a professional service career. To help address this, BDO's recruitment and retention strategies are designed to meet people where they are in their careers. The firm also supports programs like the Center for Audit Quality and its Accounting+ initiative -. The program actively engages with high school and college students to build awareness about the possibilities of our profession and dispel misconceptions about the industry.  

— Wayne Berson, CEO, BDO USA

The opportunities provided by technology.  Financial information is already being consumed in a very different way and the rapid changes in technology will only continue to evolve that consumption.  As accountants, we need to take advantage of the opportunities afforded to us by the advancements in technology. While we do need to address the need for more accountants entering our profession, taking advantage of technology can mitigate some of the impacts we experience with profession-wide workforce shortages.  

— Joel Black, chair, Governmental Accounting Standards Board

I think there are several notable issues: accelerated digital transformation, AI, need for new competencies and skills, finding and retaining talent and maintaining culture in a hybrid environment. All equally as important and top of mind for most firm leadership today.   

— Kimberly Blascoem senior director, CAS professional services, CPA.com

An EY survey of 500 accounting and science, technology, engineering and math (STEM) students found that 79% of the student respondents believed a career in accounting would deliver long-term career benefits, but only 34% saw it as a steppingstone to leadership opportunities. This chasm is one of the most important issues facing our profession today: attracting and retaining the talent who will provide the diverse perspectives and high-quality financial reporting that capital markets depend on.  

At EY, we are taking innovative steps to enhance the CPA pipeline and develop future leaders to close that perception gap. As an example, the EY Career Path Accelerator presents students with a more cost-effective way to pursue their CPA license and meet the 150-hour education requirement to sit for the CPA exam. 

Earlier this year, we announced an innovative new "360 Careers" experience, outreach and support for college students, and enhanced wellbeing benefits as part of the $1 billion investment I mentioned earlier. Starting in 2025, this initiative will give campus recruits the essential skills they need to grow as leaders in the global EY organization. These initiatives, along with our continued investment in people and technology, make EY a destination to launch an audit or tax career with emphasis on building career experiences and creating future leaders. 

— Julie Boland, U.S. managing partner & Americas managing partner, Ernst & Young

The most important issue facing the accounting profession today is change leadership. As technology, client expectations, and regulatory landscapes evolve rapidly, firms must embrace change to stay relevant. Effective change leadership is crucial for guiding organizations through this transformation—whether it's adopting new technologies like AI and automation or shifting to advisory services. Leaders must not only implement these changes but also inspire their teams to embrace new ways of working, ensuring that firms remain agile, innovative, and future-ready.

— Jim Boomer, CEO, Boomer Consulting Inc.

Change management to sustain success and remain future-ready (relevant).

— L. Gary Boomer, founder, visionary & strategist, Boomer Consulting Inc.

I believe the most important issue facing the profession is proper succession planning. Many larger firms took the private equity path, some early, some late. Other firms of all sizes and specialties were absorbed into firms that secured a war chest of cash from private equity infusion, realizing higher multiples than ever before. Other firms are trying to figure out how to be competitive and achieve reasonable growth and pull off succession planning, the old fashioned way or in a way that does not include the sale of a portion of the firm to outside parties.

There lies the challenge currently facing the profession…which will be the best path forward for the firm and for the profession overall? 

Only time will tell!

— Jim Bourke, managing director, advisory services, WithumSmith+Brown

The ongoing conflict between work overload and staffing in the accounting industry is well-known.  Accounting professionals are keenly aware of the statistics concerning the accountant shortage versus market demand.  While this staffing shortage presents challenges, it also offers opportunities.  By automating our firms to minimize mundane tasks, we can focus on more strategic advisory work, allowing us to choose our clients selectively.

Consequently, there may be a shift in client distribution, where less lucrative clients might find fewer available accounting professionals.  Only firms willing to continue performing low-paying manual tasks could cater to them, eventually leading to such firms being acquired or absorbed.

This evolving landscape provides accounting professionals with the opportunity to properly monetize their advisory services.  High-caliber clients will appreciate and invest in the value of an accountant's advanced expertise.

— Dawn Brolin, CEO, Powerful Accounting

Human capital management continues to be the most critical issue facing the accounting profession. The current focus is on the incoming pipeline, but we know that it needs to be much broader than that. We are facing several cliffs that are going to significantly impact the profession over the next few years. Here is what we must contend with: 

A demographic cliff caused by approximately 17 years of declining birthrates in the United States is setting us up for a deficit of young people attending colleges and universities. 

The number of high school graduates is set to peak around 2025-2026, which will lead to a shrinking college-age population that's projected to last deep into the next decade.

Around 11,000 baby boomers turn 65 each day, with some 4.1 million Americans reaching that age this year (2024) alone. Since many organizations in this profession have mandatory retirement ages of 65 or 66, we're also facing a retirement cliff, which will only grow steeper as more elective retirements occur among the aging population.

While I am encouraged by the work that's gone into preparing to right our talent issues, I don't think we've paid enough attention to these cliffs! When you add them to the other human capital issues facing the profession, you can see how important it is to our future that we not only attract new talent to the profession but also retain it! 

We also need to increase our focus on how technological advancements are changing the way CPAs work. Those innovations are driving the push for upskilling and, in some cases, reskilling professionals to ensure they're prepared for the future. We also need to modernize our business models, cultures, and the related employee experiences to align with those offered in competing fields. If we want to be the employers of choice in the future, then we have to offer experiences that are relevant and compelling. 

— Geoffrey Brown, president and CEO, Illinois CPA Society

The use of artificial intelligence and how that impacts financial reporting and auditing.  The profession is quickly adapting, but there are many issues and challenges to be addressed.  

— Jennifer Burns, chief auditor, AICPA-CIMA

One of the most important issues currently facing the accounting profession is the talent shortage. We've seen a drop in the total number of accountants and auditors over the past few years with fewer CPAs entering the profession. That, combined with the increasing demand (a projected 6% by 2033) poses a real issue for the profession, businesses and the capital markets. These shifts mark a potentially pivotal turning point in the accounting profession and an opportunity to take bold action to continue cultivating a profession that attracts the top talent, provides ample opportunity for aspiring professionals and is prepared to solve tomorrow's challenges. The accounting profession remains steadfast in earning public trust. A recent Edelman report shows people trust businesses more than government or media and PwC's 2023 Trust Survey indicates that trust boosts profitability. Public accounting is crucial to enhance confidence in businesses' financial and nonfinancial information. 

A lack of CPAs could stall innovation and growth for companies, and given that CPAs support organizations across all sectors, a shortage affects the ability of these entities to operate efficiently and comply with regulations.

Efforts are being made to address this issue, such as opening new pathways and providing resources for those attempting to obtain CPA licensure, given that the extensive hours needed can be cost and time insensitive. It will take all of us—accounting firms, businesses, academia and more—to help address this challenge to support the future health and relevance of our profession. 

At PwC, I'm committed to these initiatives that will help and encourage more people to pursue a career in accounting. This includes programs like our While You Work – CPA Acceleration Programand Destination CPA Program. Our Student Loan Paydown benefit, CPA Review Course Program and Education Support Program help our people on their CPA journey. These initiatives are personal to me as someone that made her last student loan payment the year she made Partner! In addition, our firm has committed more than 140,000 hours (against our one-million-hour goal) to a multi-year campaign to raise awareness of careers in accounting and auditing. This includes outreach to high school and college students to identify talent earlier and prepare them for an accounting career path.   

— Deanna Byrne, U.S. assurance leader, PwC

The most pressing issue is a shortage of people entering the accounting profession, which is being addressed by National Pipeline Advisory Group (NPAG) at the AICPA level.

— Jeff Call, managing Partner, Bennett Thrasher

What is the most important issue currently facing the accounting profession?

The biggest challenge facing the accounting profession today is the reluctance of many firms to evolve their business models. With technology advancing and clients expecting more real-time insights and strategic advice, sticking to traditional methods is holding firms back. This hesitation often stems from a fear of disrupting current revenue or reliance on legacy systems, but this mindset leads to missed opportunities.

Firms that are slow to adopt tools like AI and automation risk falling behind—not just in efficiency but also in delivering the value clients now expect. To stay competitive, firms must embrace change by adopting AI and automation in meaningful ways while continuing to invest in their people. By shifting routine tasks to technology, firms can free up talent to focus on building relationships and providing higher-value advisory services.

The decisions firms make today—whether to invest in technology, expand services, or prioritize developing their teams—are shaping their future. Those willing to act now will be better positioned for long-term success, while those that resist risk falling behind as the industry evolves.

— Arianna Campbell, shareholder and COO, Boomer Consulting Inc.

The most pressing issue for the accounting profession is the widespread talent crisis, which I deeply care about given my experience at EY. As a practitioner, I experienced first-hand the painful manual processes of CPA services, and I was able to identify several universal pain points that make advisory and audit work less attractive to top talent. I still hear these same pain points from our customers today, and I'm excited to be tackling these issues, such as the lack of technological innovation within the profession, long hours from repetitive manual processes, and a growing talent deficit. My goal is to give audit and advisory professionals back time by starting with a solution that delivers up to 50% efficiency gains. Our customers often praise Fieldguide for improving quality of life for their teams while simultaneously increasing capacity and margins. 

— Jin Chang, CEO, Fieldguide 

While the talent shortage and 150-hr rule continue to dramatically challenge the profession, I believe the successful adoption and integration of artificial intelligence throughout critical processes in all organizations, will be the most impactful over the next few years.  Practical application of this transformative technology is poised to fundamentally reshape all facets of what we do.  

— David Cieslak, EVP, chief cloud officer, RKL eSolutions LLC

Firms of all sizes report that attracting and retaining qualified staff, along with developing future leaders, are their top challenges. To address these, accounting firms should build a strong employer brand that emphasizes flexibility, career growth, and DEI initiatives. By developing clear career pathways, offering training and mentorship, and focusing on succession planning, firms can build effective internal leadership pipelines. Embracing hybrid work, leveraging technology for efficiency, and fostering a culture of feedback and recognition further enhance job satisfaction and engagement. 

— Rhonda Clark, executive director, Association for Accounting Marketing

It's twofold – talent and artificial intelligence. We're in an era of increasing business complexity, data overload and global turmoil, and CPAs have never been more in demand to serve as trusted advisors and protectors of the public. We're going to be called upon to do even more in the future – sustainability reporting and assurance is just one example – so we need durable solutions to attract and retain talent and leverage technology, especially generative artificial intelligence.  As part of this, we need to broaden the appeal of a CPA career to underrepresented communities so the profession is as vibrant, respected and future-focused as it can be. 

— Susan Coffey, CEO, public accounting, Association of International Certified Professional Accountants

Of course, the pipeline, and the diversity of the pipeline. 

The most important issue facing the profession is having enough people from diverse backgrounds to support the growing needs of the profession. 

— Crystal Cooke, director, diversity and inclusion, AICPA & CIMA

One of the most critical issues currently facing the accounting profession is  complacency and an aversion to change. With the financial success this profession  can bring, it is too easy for firms to resist the adoption of new technologies,  innovative methodologies, and progressive cultural shifts. This reluctance not only  can restrict growth and adaptability but also passes the burden of necessary  transformation onto the next generation. By deferring change, we risk stagnation  and disenchantment among emerging professionals who crave a dynamic and  responsive work environment. To truly elevate our profession, we must proactively  embrace change today by fostering a culture that values continuous improvement,  encourages adaptability, and doesn't shy away from challenging the status quo.  This shift is essential not just for attracting and retaining talent and enhancing  employee satisfaction, but also for ensuring the long-term relevance and success of  the accounting industry.  

— Randy Crabtree, partner, co-founder, Tri-Merit Specialty Tax Professionals

Complexity – plus unpredictability and speed of change, in a professional used to a more simple, measured, predictable environment. 

— Gale Crosley, CEO and founder, Crosley+Co.

Building our future relevance.  

Over the past few years, I defined that as building relevance with students – sharing with them the truth about how interesting and engaging this profession can be, and helping them see why choosing a career as a CPA can be a path to limitless opportunities.  While I don't think that is any less important, I think great work is being done here.  

Today, I think our profession has to shift focus quickly to understand where CPAs will be most valuable in the future, taking the steps to ensure that we win in those categories.  In the same way that our profession won the right to be the trusted tax advisor, I think we have the same once-in-a-generation opportunities on the horizon in trust as it relates to nonfinancial reporting and strategic insights.  

On the corporate side, our Insights research clearly shows that CPAs need to upskill quickly to become the driving force behind strategic insights for the business.  CEOs are looking for their CFO partner to be an internal management consultant, and so it follows that the finance function needs to leverage all the technology available to shift time and energy into analysis.  If CPAs in the CFO seat don't add those forward-looking, strategic skills, the business will go elsewhere to find them, and the accountants will risk obsolescence.  

Within firms, there is a clear trend toward engagement teams including both CPAs and non-CPAs.  To stay relevant to the clients and capital markets we serve, we must move beyond traditional compliance work to bring strategic insights.  In a world devoid of trust, I think this presents a generational opportunity for CPAs to bring trust to systems, technologies and non-financial reporting.  There is no reason we shouldn't be winning now in these emerging areas, and PICPA stands ready to advocate for the regulations to keep pace with the change in the profession.

— Jen Cryder, CEO, Pennsylvania Institute of CPAs

I believe the most pressing issue facing the accounting profession today is the need to appropriately leverage AI and automation while managing the significant change that comes with it. As AI continues to evolve, its potential to handle routine tasks, streamline workflows, and provide real-time insights is unprecedented. However, many firms struggle to fully harness these technologies in a way that drives profitability and enhances client service. The challenge lies not just in adopting AI but integrating it into daily operations without losing the human element that is critical to advisory services.

Equally important is effective change management. Implementing new technologies, shifting from traditional compliance work to advisory services, and evolving internal processes all require a clear and deliberate strategy. Change management needs to address both the technological and human aspects of transformation, ensuring that teams are not only equipped with the right tools but also prepared for the cultural shift that comes with the evolution of their roles. Without a strong focus on change management, the risk of resistance and inefficiencies increases, which can stifle growth and innovation.

Finally, one of the key gaps I see in the profession is the lack of clear, actionable 'how-to' directions for firms looking to improve their Client Advisory Services (CAS) practices. While many understand the value of CAS, they often struggle with the practical steps to scale these services effectively, from setting pricing models and creating value propositions to leveraging offshore resources and maximizing the use of cloud-based platforms. Without concrete guidelines on how to structure and implement these changes, firms risk missing out on the enormous potential for growth and profitability that CAS represents.

In summary, the accounting profession's greatest challenge today is not just adopting AI and technology but doing so with a focus on effective change management and providing clear, practical steps to build profitable and sustainable CAS practices. Firms that can navigate these areas successfully will be well-positioned for long-term growth and success in an increasingly competitive market.

— Deborah Defer, director of CAS Consulting, Woodard

Sustaining audit quality in the context of increasing complexity, risk and emerging technologies is certainly one of the most important issues facing our profession today. We recognize the enormous trust that is placed in us as independent auditors and we embrace the responsibility to perform audits that promote confidence in financial reporting, helping to make the US capital markets the most trusted in the world. 

At EY, we are laser-focused on audit quality, and we continue to strengthen the cornerstones of the audit profession: professional skepticism, objectivity and independence. At the same time, we are investing to drive transformation and continuous improvement by integrating AI and other cutting-edge technologies into our work, advancing our teaming model, standardizing our audit approach and delivering high impact insights and perspectives to our clients. To achieve these goals, we are investing so we can train and upskill our people to leverage technology while maintaining a strong commitment to positioning professional judgement at the center of the audit. We believe the accounting profession can and will play a critical role in the future in providing other expanded assurance services over an increasingly complex landscape of issues related to things like emerging technologies, sustainability reporting and regulatory compliance to name a few.

— Dante D'Egidio, vice chair, Americas assurance, Ernst & Young

The profession is at an inflection point. The acceleration of new technology has fundamentally changed the role of the accountant and the way work is getting done in organizations. Enabling organizations and practitioners to navigate these changes, to lead digital transformation and innovation in their finance and accounting teams, is a key priority for an organization like IMA. The accountant of today need not worry much about traditional bookkeeping and manual tasks; rather, they need to be proficient and skilled in the areas of data analysis, decision-support, business partnership, and strategic advisement. This evolution in competency and skills needed means the traditional pathways to an accounting career have changed, providing new opportunities to individuals who have the requisite will and skill to succeed. 

— Mike DePrisco, president & CEO, IMA

How its position and the attractiveness to the talent in the marketplace. Without talent that wants to work in the profession, there is no profession.

— Sarah Dobek, president and founder, Inovautus Consulting

The most important issue currently facing the accounting profession is the decreasing population of high school graduates who will be choosing their career path. The shrinking pool of graduates raises the need to focus on attracting students to the public accounting profession earlier in their educational journey.

— Daniel Dustin, president & CEO, NASBA

The most important issue facing the profession is cultivating and maintaining Trust across the stakeholder environment of the public, customers, employees, regulators, and investors.  In a world where trust is constantly under construction, it is even more critical that we continue our trusted business advisor roles. 

Trust is connected to who we attract, how long they stay, what they work on, who they work with, and the emerging technologies that are top topics in conference rooms around the country and world. Why? Because the rapidly changing business environment means that change is happening increasingly at a pace that is more and more uncomfortable. However, if people trust their leaders to consistently do the right things and they trust that the organization is vested in their success, trust that with changes due to automation in streamlined processes and greater efficiency that the organization cares about their upskilling and reskilling and trust that their personal information is safeguarded, not only can we achieve profession agility and transformation but we can also bring our hard working team members with us on the journey.  Trust, Talent, and Technology are connected. Talent and Technology are tied for the number spot on the most pressing issue facing our profession but without trust nothing else matters. 

Our profession's success sits upon a foundation of trust—our viability, relevance, and influence are at stake if trust isn't reinforced over and over again. There is no resting on past laurels. We must earn trust every day. 

— Kimberly Ellison-Taylor, founder and CEO, KET Solutions LLC 

The most important issue currently facing the accounting profession is the industry's risk aversion to adopting new technologies. In 2023, Xero conducted a survey to understand the state of the industry, which revealed that, on average, practices are using a cloud accounting platform to service only 49% of their clients. While many may believe that the challenge lies in the technology itself, the real concern is the hesitation to embrace change. Accountants need to become proactive agents of technology adoption, ensuring they keep pace with their clients rather than allowing clients to outpace them.

This situation calls for a significant paradigm shift in how professionals view their roles in relation to accounting technology. A passive, laissez-faire attitude can jeopardize client relationships, as clients may seek out firms that are more forward-thinking and adaptive. To remain relevant and competitive, accountants must embrace a proactive approach to technology, fostering innovation and enhancing their service offerings.

— David Emmerman, head of enterprise, US, Xero

The most important issue, in my opinion, is the future of the profession.  Fewer people are taking the CPA exam.  Of those who attain the CPA credential, fewer still are gong into the aspect of tax and accounting.  They want to do the higher-end work - audits, forensics, for example. The AICPA is trying to bridge that gap. The 150 hour requirement to get the CPA credential, which many advocated for before it became the norm, is now being reviewed, and for many it is now being seen as a detriment, discouraging people from going into the profession.  When I have had the opportunity to talk about it, I try to inform people that there is a great opportunity to do this aspect of the profession (taxes & accounting for small businesses) as many of those who are in this field are getting older, and replacing them can be a great benefit to those going into it.

— Neil Fishman, president, National Conference of CPA Practitioners 

I think the influx of private equity is a huge one. While it clearly validates the value large, mid-size, and small firms provide and has lots of positives, without intention and willingness to really understand the culture and modus operandi of boutique firms, a lot of the foundational things that make the category great – relationships, community, local control – could be lost. I hope independent firms, when they look to sell or merge, are really weighing which firms believe in the category and are invested in the industry's long-term success. And I hope consolidators are being intentional with the technology and processes they introduce, because the work we do should enhance and evolve what makes boutique firms great, and we shouldn't be disrupting just for disruption's sake.  

— Reyes Florez, CEO and founder, Platform Accounting Group 

I believe it's maintaining relevancy—both in terms of attracting the younger generation and adapting the profession's business models to a rapidly changing marketplace.

To remain relevant to younger generations, we must shift perceptions and demonstrate that accounting is not simply a traditional or outdated career path. It's crucial to convey that today's accountant is a modern professional at the heart of business, playing a vital role in every transaction and shaping future conversations. Accounting is, after all, the "language of business," and CPAs bring essential professional skepticism that builds trust in financial markets. For the profession to thrive, we need to tell this story clearly, highlighting the exciting, innovative, and impactful aspects of accounting careers.

At the same time, the profession faces the urgent need to modernize its business models. With technological advancements such as Gen AI, automation, and blockchain reshaping industries, accountants must embrace these tools as opportunities to enhance efficiency, improve advisory roles, and provide more strategic insights. Research indicates that firms integrating AI and digital technologies are seeing improved client engagement and service delivery, reflecting the profession's shift from compliance-based work to more value-driven Client Advisory Services.

Ensuring the profession's relevancy hinges on embracing these changes, showing up as trusted, forward-thinking advisers, and fostering relationships that reflect a modernized approach to business and client needs. The future of accounting hinges on our ability to embrace these changes while staying true to the core principles that define the profession's value. Through adaptation and innovation, I'm confident the profession will endure and thrive.

— Denise LeDuc Froemming, president and CEO, California Society of CPAs

The accounting profession is fundamental to the functioning of capital  markets, ensuring transparency, accuracy, and trust in financial reporting.  As these markets evolve and become more complex, the profession must  adapt to meet new demands while upholding its core values of trust,  integrity, and ethics—principles that are incredibly important to our role in 

serving capital markets and central to our organization. One of the most  important issues currently facing the accounting profession is the rapid  pace of technological change, particularly the integration of automation, AI,  and blockchain, which necessitates continuous adaptation and skill  development. Additionally, maintaining data security, navigating regulatory  changes, and upholding ethical standards are critical challenges that  accountants must address to ensure trust and compliance in a globalized  and increasingly digital landscape. 

— Jason Girzadas, CEO, Deloitte US 

An important issue for the accounting profession today is to effectively embrace, integrate and adapt to technological advancements such as Generative AI while maintaining the profession's core values of keen judgement, accuracy, integrity, trust and transparency. This involves continuous learning, staying current with a dynamic regulatory environment, and evolving and upskilling to meet the demands of a rapidly changing global business environment. Deloitte recognizes getting comfortable and proficient with advanced technologies such as Generative AI provides an incredible opportunity for our professionals and is committed to increasing AI fluency and educating the next generation of accounting professionals on leveraging advanced technology such as AI. Accountants and auditors who can navigate these challenges will be well-positioned to provide significant value to their clients, the capital markets and the broader financial ecosystem. 

— Dipti Gulati, chair and CEO, Deloitte & Touche LLP 

The relevance of the profession continues to grow rapidly, especially as stakeholders need investor-grade data and reporting in new areas like cyber, AI and sustainability. While the demand for our services is increasing, there are pockets of talent (including the CPA talent pool) which haven't kept pace. That's part of why, nearly three years ago, we introduced My+—our people strategy. It was designed to fundamentally rethink the work experience—to attract, retain and develop top talent to serve our clients, drive growth and set a new standard in the business community. This is important as, at PwC, we strive to be the world's leading developer of talent.

My+ centers on supporting our people's growth and development at every stage of their careers. This year, we launched a new career development experience powered by AI, real-time data and personalization, making it easier for our people to learn and engage in the vast opportunities at PwC to drive trust and value for our clients and in the marketplace. For example, an audit associate passionate about sustainability can take on new work with clients focused on sustainability reporting—with our My Marketplace matching skills, interests and opportunities in a way that rapidly accelerates our delivery of high-quality resources to meet the demands of the market. Our approach has been powerful in attracting and retaining talent and opening new career opportunities to meet increasing demand.

— Paul Griggs, US senior partner, PwC

The most important issue is making sure we have the right people, the right capacity, skillset, and motivation to best serve clients. This is a complex issue requiring firms to create attractive work environments and appropriate expectations, technology, processes, and resources to empower and equip team members to be the best client servers and advisors as possible. It involves making sure this is an attractive profession to get into and stay in and maintaining the integrity and prestige of the profession, competitive pay and benefits, opportunities for advancement and career satisfaction through meaningful work where we tap into the gifts of the people. It involves allowing team members to contribute to leading firms and adding innovative ideas for best serving clients using technology to automate repetitive work and AI and machine learning to make aspects of the job easier all to allow team members to use their passions and talents and create innovative solutions to best solve client problems. Advisors are needed now more than ever, and this profession is a noble and extremely exciting one. We are in a people business. Our people are the service and the product serving people. This must stay top of mind. 

— Angie Grissom, owner, chief relationship officer, The Rainmaker Companies

Our challenge as a profession is to communicate better with each other and to those who might seek to join us to understand perspectives, move beyond unproductive quarreling in areas of inherently subjective judgment, and better promote the value of the work we do to the next generation.

— Thomas Groskopf, technical director, AICPA's Center for Plain English Accounting 

RELEVANCY. I strongly believe that for all the challenges we are working through, including licensing discussions (via AICPA/NASBA exposure drafts),  pipeline, mobility, sustainability, inclusion, and beyond, relevancy touches each of them. It won't matter how many adjustments we propose to these  areas if potential accountants don't see accounting as a relevant and viable  career. While we absolutely cannot afford to ease our focus on the other areas  mentioned above, we desperately need to do a better job in advocating for and  marketing the relevancy of the profession. 

— Calvin Harris Jr., CEO, New York State Society of CPAs

The most important issue facing the accounting profession today is achieving a sustainable work-life balance. As the demands on accounting professionals continue to increase, maintaining a healthy balance between work and personal life has become a critical concern. This challenge affects not only individual well-being but also the ability to attract and retain top talent in the industry.

By prioritizing work-life balance, we can address other key issues, like the difficulties in hiring and the transition of firm ownership as many leaders near retirement. Creating a more balanced, flexible work environment will make the profession more appealing to younger generations, ensuring its long-term success.

— Roger Harris, president, Padgett Business Services

The fusion of ESG criteria and sustainability within business and the accounting profession's opportunity in that space is tremendous. With the new ESG regulations around climate disclosures, from global EU rules to the federal SEC proposed rules to the currently pending state of California legislation SB 219, it's not a matter of if climate reporting on financial documents is going to happen, but when. It is an outstanding opportunity that the accounting profession can lose if we keep sitting on the sidelines. We need to train on skills like carbon accounting and learn the basics of sustainability in business to help our clients identify key risks and opportunities that are material to their businesses. A swelling number of non-accounting sustainability consulting firms are ready to take on the business if we let the ball drop.

— Jennifer Harrity, ESG & sustainability director, Sensiba 

The accounting shortage, increase of auditing issues, lack of transparency, and accountants still using spreadsheets and other archaic means in their profession rather than technology.

— Isaac Heller, CEO, Trullion

 I feel the most important issue facing our profession is at the individual level: capacity overload.  Most of the people I encounter are regularly working 60 to 80 hours with no end in sight.  It is not impossible to cure this ailment.  We have successfully coached practice owners to empower their practices to run as independently as possible through prioritization, automation, delegation, client curation, and other areas. These colleagues are optimizing their work/life synergy, and in some cases have reduced their time working IN their businesses to 10-15% of their bandwidth.  This allows them to focus ON their business and ON their lives while running a thriving practice. 

— Patricia Hendrix, executive vice president of communities, Woodard

Upskilling and reskilling.

— Tom Hood, EVP business engagement & growth, AICPA-CIMA

The most important issue currently facing the accounting profession is whether they will seize the opportunity to EVOLVE by broadening their service offerings,  and deepening their client relationships.  By implementing next gen technology, and expanding their pool of local and remote team members, the accounting profession is well positioned to thrive, and to capitalize on its unique position as "trusted advisor".  

— Michael Horwitz, executive director, BDO Alliance USA

Security.  The profession is behind on its understanding of cyber threats and client data privacy and protection.

— Joel Hughes, CEO, Rightworks

Keeping the accounting profession open and accessible to the next generation of young professionals is a top priority. Providing students with a sensible alternative pathway to obtain their CPA licensure in addition to work-for-credit programs is extremely beneficial to the accounting profession. At the NJCPA, we work to inform and educate students — some as young as the middle school — about the benefits of having a career in accounting. Individuals still lack the resources necessary to pursue this field and many students in underprivileged areas are not aware of the steps involved to make such a career a reality. At the NJCPA, we are working with several organizations along with partner firms and colleges who have work-for-credit programs like Withum and Seton Hall and PwC and St. Peter's University and encouraging others to step up. Last June, the NJCPA attended an event held at Barringer High School in Newark hosted by the Center for Audit Quality (CAQ) and Everfi, a web-based learning management company, to discuss accounting careers. I am working to encourage more discussions like this. 

Licensure changes will impact the entire profession and change is already happening. At NJCPA, we want to ensure that we remove/reduce barriers to licensure and engage future talent. Engaging with and retaining those talented individuals who have already stepped foot in the profession, and for whatever reason, do not see themselves advancing in it, is also important. We hear from many young professionals that they were not mentored or motivated enough by peers or accounting leadership in workplaces. That needs to be addressed. Encouraging those young professionals to continue in their accounting journey is crucial. And seeing themselves in leadership positions is half the battle. 

— Aiysha Johnson, CEO and executive director, New Jersey Society of CPAs

The most important issue currently facing the accounting profession is the integration and effective use of artificial intelligence. AI has the potential to automate routine, time-consuming tasks, allowing practitioners to focus on higher-value work. This not only helps to address the current talent shortage by freeing up capacity, but also has the potential to improve job satisfaction among staff, as they can engage in more meaningful and strategic activities.

— Kacee Johnson, VP, strategy & innovation, CPA.com

The most prominent issue is managing private equity (PE) transitions. PE money is coming into firms and software publishers alike. PE's performance metrics and expectations affect those involved in the transactions and all their competitors. The impact can be good and bad at the same time. While the talent pipeline remains tight, automation and artificial intelligence assist with these issues. PE is investing in these initiatives, forcing others to invest, too. Many new startups are challenging the traditional providers of tools and applications. Vetting investments is challenging, and frequently, claims are not truthful.

Further, client expectations are increasing. Clients expect a modern, efficient, and effective way to deal with the firm, regardless of the service area. While we still have concerns that Client Accounting Services (CAS) can become commoditized, Advisory Services will remain valuable to clients of all sizes. PE deals are causing audit groups to be spun off while tax is automated more. The services, platforms, and teams used to care for clients will continue to go through a heavy transition over the next five years, making change management a continuing challenge.

— Randy Johnston, CEO and founder, EVP, NMGI and K2 Enterprises

The pace of change.  We're now in a space where the profession is rapidly evolving due to changes in the regulatory environment, the capital markets, and advances in technology.

— Richard Jones, chair, Financial Accounting Standards Board 

The accounting profession is at a pivotal crossroad, where trust, transparency and the rapid evolution of  technology are reshaping the landscape. The need for trust and transparency in corporate America is  more pressing than ever, but the tools and expectations around how we deliver trust have changed. AI  and sustainability are two transformative forces that are increasingly vital to how CPAs will provide value  in the future. 

As businesses adopt emerging technologies like generative AI, CPAs have a unique opportunity to lead  the way in integrating these tools to enhance decision-making, improve efficiency and strengthen the  integrity of financial reporting. AI is transforming how we analyze data and make informed, real-time  decisions, but it also introduces new challenges around responsible use and governance. The profession  should stay ahead of these changes by investing in continuous learning and upskilling our workforce. 

At the same time, sustainability is no longer a peripheral issue; it's central to the long-term success of  every business. As ESG reporting standards evolve, CPAs are uniquely positioned to bring accountability  and rigor to sustainability metrics, making sure that businesses not only meet regulatory requirements but  also build trust with stakeholders through transparent, reliable reporting. 

But to realize these opportunities, we need to address our talent pipeline. The relevance of the profession  is growing rapidly, and we need CPAs who are equipped with the skills to navigate these challenges.  Upskilling our current workforce and making the profession attractive to diverse, tech-savvy talent will be  critical to maintaining our relevance and influence. 

— Kathryn Kaminsky, chief commercial officer, PwC

I believe staffing continues to be the most important issue. Firms spend a significant amount of time trying to figure out how to get all the work done like how to use outsourcing, technological automation, firing "non-ideal" clients and proactively transitioning "rote" work to expanded administrative staffing.

— Roman Kepczyk, director of firm technology strategy, Right Networks

I think right now it's unity.  At times we seem to lose the focus that we are truly all in this together.  We are so much stronger when we work together, have open honest dialogue and compromise towards a solution.

— Lexy Kessler, mid-Atlantic leader, Aprio, and vice-chair and board member, AICPA

Staying relevant to the next generation of could-be accountants. As everyone knows, there is a talent shortage for a variety of reasons, and industry leaders like those who have been a part of the National Pipeline Advisory Group have identified many intertwined solutions to combat this problem. What seems to be the common theme in their strong recommendations is that we must be relevant; the next generation has to want these jobs — so, they need to pay well, they need to be influential, they need to have excitement and opportunity associated with them, and they need to have a reasonable workload. The services that accountants offer are likely going to be delivered differently as technology rapidly evolves, but needing financial support, stability, and assurance will not change — we need to sell the appeal of being part of that incredibly important contribution of society. 

— Courtney Kiss, president, Association for Accounting Marketing 

Talent shortage by far!

— Ed Kless, meta consultant, Sage

Ensuring we garner the trust of our stakeholders will always be crucial for the profession. Therefore, we must continue to demonstrate integrity, professionalism, and quality in all that we do. 

At KPMG, we believe we have the opportunity to attract more people to the profession, enhance the quality of CPA candidates, and build trust in our capital markets. To that end, we are advocating for developing alternative pathways to CPA licensure that emphasize experience after one earns a bachelor's degree.

Today, we can recruit the talent we need, but the shortage is already impacting our profession, as well as businesses. Accounting is the language of business. This brewing crisis must be proactively addressed in the near term. The cost of becoming a CPA has become too high, including both the cost of the extra education and the opportunity cost of spending an extra year in school. 

Moreover, data and technology are fundamentally changing our profession. By having people start with us earlier, we can accelerate talent development - providing more real-world, hands-on experience with the cutting-edge data and technology capabilities that are increasingly driving the work we do every day.

As states continue to discuss reforms, we must also avoid a patchwork of licensing requirements that restrict people from working as a CPA across state lines. We believe it's essential that preserving mobility is top-of-mind through automobility provisions.

We are committed to enhancing the quality of our work, broadening access to becoming a CPA, and helping CPAs have the flexibility to live their lives wherever they choose. 

— Paul Knopp, chair and CEO, KPMG LLP

Changing the perception of what accountants do and the value we bring to businesses and economic success.  Understanding the opportunities that exist for CPAs would positively impact the pipeline and improve the diversity in the profession. Understanding the value of what we bring would impact compensation and professionals desire to stay in the profession.

— Jeannette Koger, VP, experience, Association of International Certified Professional Accountants

We need to raise the starting salary, and then salaries across the board, for young talent in order for us to remain competitive. Until this change happens, the war for talent will continue to exist, as other industries and professions offer higher compensation and equity incentives that we do not.

— Allan Koltin, CEO, Koltin Consulting Group

Upskilling for the future. Keeping the current and future accounting professionals up to speed on the most current tools, technology and services to properly serve our employers and clients. This goes for CFO's in business and in public accounting.

— Mark Koziel, incoming president/CEO, Association of International Certified Professional Accountants, AICPA & CIMA

I think it's change management.  Why?  Everything is changing –and rapidly.  Persistent staffing challenges require changes to the thought process of a business that used to define productivity as hours worked.  Technology changes require a fresh approach to infusing every aspect of our practices with evolving technology.  Recruiting changes require an adapted recruiting process that is different based upon the generation you are recruiting.  The arrival of private equity requires changes to the mindset around investment into our firms.  And succession planning challenges require changes to the traditional solutions once held sacred.  These, of course, are not all the changes facing the profession, just the ones front and center today.  We simply must do a better job of managing and leading change through our firms and across the profession.  

— Art Kuesel, president and founder, Kuesel Consulting

Our profession is facing times of unprecedented change.  There is a whirlwind of emerging challenges that are already here: technology advancements, pending massive retirement and succession needs, talent pipeline challenges, and an influx of investment, including private equity into public accounting.   We need strong leadership to navigate this diverse set of changes, and further, to inspire us to flourish during this time.   The most important issue we currently face is ensuring we develop enough evolved leadership capacity so we can all - our people, our organizations, our profession - thrive.  The challenges facing our profession will change and shift, and the future is unknown; however, core leadership skills capacity will allow us to navigate future unknown changes.  

— Brian Kush, principal and co-founder, Intend2Lead

A key concern that I hear frequently from firms is challenges they have attracting and retaining top talent. This is putting immense strain on teams and impacting the future of the profession. I've seen firsthand how essential the partnership between accountants and SMBs is to the success of businesses everywhere, which is what makes the issue of talent shortage especially concerning.

I firmly believe technology can play an important role in helping accounting teams navigate this, become more efficient, and empower them to succeed when faced with this talent crunch. When accountants have the tools to automate their more tedious tasks, it allows them to focus on the strategic, high-value work that initially attracted them to the profession.

But to use technology most effectively, the industry needs to move past the trepidation that currently surrounds AI adoption. Accountants need to understand that AI is not here to take away their jobs, but to help make their jobs more efficient and effective.

As I often say, accounting is the language of business. To address this talent challenge, we need to ensure that we're not just teaching the language, but also showing how powerful it can be when used strategically. This is a shared responsibility for the companies developing new tools for their accounting firm partners and also firms who have begun successfully adopting new technology. By doing so, we can inspire the next generation of accountants and finance professionals, helping to build a robust pipeline of talent for the future.

— René Lacerte, CEO and founder, Bill

The most critical challenge to the profession today is talent acquisition. As with any profession, there are many that are retiring or will be retiring soon – it's important that we attract fresh faces to the profession through outreach and education. One area that the AICPA has strongly advocated for is legislation that would designate Accounting as a STEM curriculum due to its strong connection to math and technology innovation. 

— Melanie Lauridsen, vice president, tax policy & advocacy, Association of International Certified Professional Accountants

The most pressing challenge facing our industry is the declining number of new accountants. Many students today don't see accounting as a fulfilling or accessible career, particularly due to the 150-credit hour CPA requirement and outdated perceptions of the profession.

At CLA, we are working to change that narrative. 

We need to think differently about how we address the shortage in our industry, from opportunities like high school internships to creating new opportunities through our CLA academy to addressing the 150-hour rule. At CLA, we're making significant strides to show how accounting isn't just about numbers — it's about helping clients achieve their goals while remaining at the forefront of industry-changing technology, such as AI.

We're not only investing in technology but also creating opportunities for students to explore careers in accounting and related fields like AI and finance. For instance, we created one of the first high school internship programs in our field, giving students hands-on experience with tax, audit, cybersecurity, and AI. This shows students the vast potential in the profession while also highlighting the ways AI is transforming our work. Listening to and engaging with students is key to ensuring the future sustainability of the profession. 

 — Jennifer Leary, CEO, CLA 

The most critical issue facing the accounting profession today is adapting to the rapid pace of technological change, particularly the integration of artificial intelligence and advanced data analytics. This shift is fundamentally altering how we collect, analyze, and interpret financial information, creating both opportunities and challenges. Accountants must quickly evolve their skillsets to include data analysis, cybersecurity, and AI applications, while also grappling with new ethical considerations and regulatory needs. As routine tasks become automated, the profession must redefine its value proposition, transitioning to more strategic, advisory roles. Successfully navigating this technological transformation is crucial for maintaining the relevance and integrity of the accounting profession in the digital age.

— Mike Levy, CEO, Cherry Hill Advisory

It is a perfect storm of aging exiting Boomers continuing to deplete the labor supply with the waiting game of AI and other technologies getting to the point where they can materially make a dent to offset the labor shortage. The issue though is the how firms will survive this gap. They need to adapt a reprice and better manage their capacity or they will continue to need to merge upward to survive. The inflection point firms are facing is off the chart.

— Bob Lewis, president, The Visionary Group

The easy answer is lack of talent, but I believe the core issue for the next 2-4 years will be the lack of proper succession planning for older firm owners or partner groups. More firms are starting to attempt to sell their practices and finding it difficult to find suitors if they have not taken the proper steps to get themselves ready to go to market. This is a large part of what I consult with firms on, and this challenge does not only apply to the small and mid-sized firms. 

— Doug Lewis, managing director, The Visionary Group

I have answered this question for several years and my answer continues to be the same: talent, talent, talent. 

But while my answer remains the same, the landscape has changed. In 2023, we experienced a marked decrease in the number of accounting graduates, continued struggles with retention, impending retirements among public accounting CPAs, and additional external pressures such as the looming enrollment cliff. Despite this, I am encouraged by the stakeholder-driven push I have seen over the past few years across the profession to solve this challenge. 

For example, states are tackling the issue of the 150-hour rule, which we know from research is a significant barrier for many students to pursuing a degree in accounting. Legislators across the country, from Minnesota to California, are introducing bills that offer alternative pathways for accounting students. 

The profession is also making major investments in talent and technology to attract the next generation. From significantly increasing starting compensation to introducing artificial intelligence across business functions, public company audit firms are demonstrating their commitment to providing future talent with competitive opportunities. 

We also continue to make progress in closing the diversity gap through Accounting+, a multi-year, profession-backed campaign dedicated to showing underrepresented students the limitless possibilities that a career in accounting can offer them and providing them with the resources to succeed. 

The impact to date is significant. According to our latest annual report Accounting+:  

Saw over 12M website visits

Gained over 65K subscribers

Reached more than 40K students in the 22' -23' academic year

While this progress is encouraging, now is not the time for the profession to slow down. We need continued collective action and fresh thinking from all stakeholders to alter accounting's current talent trajectory.

— Julie Bell Lindsay, CEO, The Center for Audit Quality

The most pressing challenge for the profession today is keeping pace with the relentless evolution of tax regulations in our digital economy. Tax professionals must deftly navigate increasingly intricate tax laws that vary widely across jurisdictions, demanding both innovation and adaptability in compliance strategies.

The whirlwind of legislative changes adds to this challenge, demanding more than technical skills; it requires a deep understanding of the legal nuances with far-reaching implications. The potential for litigation or audit exposure looms large, making it essential to remain proactive in their compliance efforts. As legislation evolves at an unprecedented pace, professionals must adapt quickly to ensure their organizations remain compliant. This not only requires technical knowledge but also the ability to interpret complex legal language effectively.

— Charles Maniace, VP, regulatory analysis and design, Sovos

The most important issue currently facing the accounting profession remains staffing and the lack of students entering the profession and the "collateral damage" that could occur through these resolutions.  As a CPA, there has been much discussion at many levels to counter this trend.  The AICPA, through the work of their National Pipeline Advisory Group (NPAG), has looked at many factors and are working on resolutions.  Whether it is a change in the 150-hour rules or even a "competency pathway", but these do not come without a potential price.  That price would be the loss of reciprocity and mobility of the CPA license.  This might not impact larger firms with offices in multiple states but could have a significant impact on the small practitioner as they may be prohibited from practicing or representing clients in those states.

— Stephen Mankowski, co-chair, National Tax Policy Committee, NCCPAP

Recruiting and understanding how AI will impact our profession in the coming years.  

— Gene Marks, president & CEO, The Marks Group PC

The most important issue currently facing the accounting profession is attracting and retaining more young people into the field.  Through the utilization of AI and other advanced technologies we have an opportunity, perhaps an obligation, to assist firms in making the work more engaging and rewarding and allowing the professional to provide more value-added advisory services. This is the future of accounting, and that future is now. We are working closely with firms around the world to understand their needs and with AI-powered solutions we can support them in new ways to enhance efficiency, automate repetitive tasks, and reduce errors, leaving more room for higher-value services that this new generation of professional is demanding. Major AI advancements like generative AI are poised to overhaul the accounting field by automating complicated data processing, providing in-depth insights, and improving outputs.

Research indicates that firms willing to accept these innovative technologies have delivered increased growth and profitability. The future is promising, but the accounting profession must continually invest in AI and adapt to its implications to attract and retain new graduates that come ready to use it and fully realize its benefits.

— Jason Marx, CEO, Wolters Kluwer Tax and Accounting

Technological innovation, but I wouldn't classify it as an issue so much as an opportunity. The audit of today is so different from the one I performed back in the early 2000's. We have bots that can perform a proof of cash, send confirmations, vouch transactions and analyze a contract. It's incredible, it's not restricted to the audit, and it's only going to accelerate. Forward-looking firms will see these innovations as opportunities to simultaneously enhance their quality and efficiency, which will serve as a boon for the whole profession. Where innovation might become an "issue", though, is for those firms who are reluctant to adapt, as their competitors enhanced profitability puts them in a challenging competitive position.

— Carl Mayes, managing director, professional practice group, Aprio

The most important issue currently facing the accounting profession is digital transformation. We need to leverage technology to work smarter, not harder. By successfully integrating digital tools, we can increase efficiency, do more with less, and ultimately improve profitability while reducing time spent on tasks. This could also help address other challenges, like raising starting salaries and easing the talent pipeline issues we're facing here in the U.S.

— Carla McCall, chair, AICPA

One of the most significant issues currently facing the accounting profession is the need to transform the Client Experience (CX). It's no longer enough to remain on the outside of our clients' organizations. We must be embedded, proactive partners, on-call when they need us. During the pandemic, accountants proved their ability to mobilize quickly—helping clients navigate PPP loans, SBA loans, and other critical financial decisions. This highlighted that our profession is uniquely equipped to provide expertise, visibility, and accountability, helping clients drive profit and achieve long-term success.

The new model should focus on watching over our clients in real time, not just as compliance officers but as strategic partners. We can offer them comparative insights, trending them against industry standards and other clients, giving them visibility into how their numbers hold the entire organization accountable. Just as Chief Data Officers manage an organization's data flow, accountants should act as the gatekeepers of financial data, ensuring that every decision is backed by accurate, actionable information. Accountants are perfectly positioned to ensure the organization is focused on profitability, net worth, and business growth. The future of the profession is tied to offering CXO-level guidance, providing visibility into strategic initiatives and empowering clients to make informed, data-driven decisions that matter to their success.

— Dixie McCurley, partner, outsourcing & resource solutions, Cherry Bekaert

There are two answers to this question, but they are connected. One is on the competency side, and one is on the speed side. I think the evolution of our competencies, just like every other aspect of society, has to be at the forefront. Professionals who've got 20 more years to work in this profession, their competency evolution in those 20 years is going to be dramatic. Obviously, someone who is entering the profession comes to the table with a different set of skills. But even that evolution over 40 years is going to be phenomenal, and that ties to speed. It's not just the evolution of those competencies, it's the pace at which the world is changing, the speed of that, that requires it to be done at a much different pace.

And the truth is that the profession won't be successful, and the individuals in the profession won't be successful unless they are adaptive and unless they change. We have to constantly move as a profession. Because if we're going to be the deliverers of trust and capabilities, we're going to have to stay abreast of that very fast. I think the profession does a really good job of adapting. But it's going to have to happen even quicker, and that provides a lot of stress.

To me, it all comes down to how we can advance those competencies quickly enough to hold a distinct advantage in the market. Since you are immensely significant and valuable when you occupy a unique position in the industry. And if you add our trust quotient to that, you're probably the most successful group when you can put all those pieces together.

— Barry Melancon, president and CEO, American Institute of CPAs; CEO, Association of International Certified Professional Accountants

Change management and firm structure to align their strategies and operations is critical to allow firms to fully take advantage of technology and deliver on the increasing client appetite to have a Business Insights advisor as part of their relationship with their firm.

— Kalil Merhib, EVP, growth & professional services, CPA.com

The most pressing issue facing the accounting profession today is the critical shortage of talent. We're seeing fewer students choosing accounting as a career path, while experienced professionals are leaving the field. This talent crunch is putting immense pressure on firms of all sizes.

It's not just about numbers – it's about losing valuable expertise and institutional knowledge. This needs to be addressed by reimagining how talent is attracted, retained, and developed in accounting. This means creating more engaging work environments, leveraging automation technology, and focusing on developing strategic advisory services that make the profession more appealing to the next generation.

I do think the efficiency gains from artificial intelligence will help alleviate some of the strain, but the demand for services so far outweighs the supply that we need to invest in both talent development and efficiency through AI tools in parallel.

— Ariege Misherghi, SVP & GM of accounts payable, accounts receivable and accountant channel, Bill

A rapid evolution of the business model is being led by many of the most forward-thinking, growth-minded firms. This evolution is showing up in the form of more digital process automation, bundling of services with subscription-style pricing, strategic outsourcing, and upscaling of talent along the client value continuum.

This is setting the pace for the profession as a whole, as more firms follow suit in these areas in their efforts to keep up with client expectations and market dynamics. An increase in M&A activity and consolidation is increasing this effect, as strategic investments target firms with the highest potential to achieve maximum market value.

These changes are amplifying the need for firms to establish more client-centric, advisory oriented approaches. The challenge lies largely in shaping the mindset, skillset, and working knowledge required for success and advancement in the profession. As firms grow larger and broader in their capabilities, so will the need for their people to be able to effectively represent, align, and deliver those capabilities.

Comprehensive business acumen and consulting skills are becoming essential as client service evolves beyond traditional analysis of past results – to the delivery of forward-looking, strategic advice to optimize future outcomes. To support this, firms are increasing initiatives in talent development, technology, and communication, driving the transformation to a more holistic, client-centric, advisory oriented approach.

— D. Scott Moore, owner, The Rainmaker Companies

Not ending the 150-unit requirement to become a CPA. The additional units are not needed by all. For accountants interested in tax, they will get more out of an MST after a few years of work and do need one to be able to succeed in this complex area.  There are too many activities going on in the professions to make the additional 30 units be a repeat of undergrad courses or watching videos and answering simple questions. We are sending the wrong message about the value and prestige of being a CPA which will continue to harm the profession and the businesses and individuals who need services of a CPA.

— Annette Nellen, professor and director of MS taxation program, San Jose State University

The most important issue currently facing the accounting profession is the substandard working conditions within large public accounting firms. Too often, staff are forced to work long hours for low pay, leading many college graduates to pursue alternative careers. This is the main cause of the accounting talent shortage and until we address it as a profession, we will continue to watch our numbers head in the wrong direction.

— Blake Oliver, founder & CEO, Earmark

Understanding, planning for and complying with new laws and regulations is a big challenge confronting accounting firms today. 

A major development is the Public Company Accounting Oversight Board's (PCAOB) proposed NOCLAR (Non-Compliance with Laws and Regulations) standard, which will require auditors to be more proactive in identifying and reporting instances of non-compliance, even outside of financial statements. This proposal expands auditors' duties and could lead to increased costs and complexity in audits, making it crucial for companies to enhance their compliance systems and reporting mechanisms. 

— Dave Osborne, CEO, Caseware 

PE, VC and other new sources of capital are completely changing the landscape of what an accounting "firm" is. We need to make sure the CPA credential maintains its value as money influences significant changes in firms. The ethics and professional standards we adhere to have to stay strong as entity structures evolve to remain competitive. 

Today, technology companies that were not founded by CPAs and do not have CPAs on their leadership teams are entering our space. Audit will always be it's own thing, but by 2030, I believe the firm of today will not exist. It will be replaced by an alternative practice structure. We as CPAs need to evolve to the world around us.

— Jody Padar, advisor, Trillion, Bluej and April

As we all recognize, the accounting profession has been facing an increasingly acute talent crisis, so much so that accountants are turning away work. The double whammy of the mass exodus of accountants and the declining number of students entering accounting has taken its toll on the profession. There is a resultant increase in workload pressures affecting service quality. It is all intertwined with challenges posed by advancements in automation and artificial intelligence that create a perception among new generations that accountants' jobs are threatened by technology – leading to an even lesser number of students opting for accounting majors.  

What we are collectively doing now to remedy this problem is not enough and not fast enough. Hence, the most important issue facing the profession is for all leaders to, far more quickly, take concrete steps to effectively address and remedy the causes that have led to this talent shortage and provide competitive yet fulfilling career experiences to people in the profession. 

— Hitendra Patil, president, global F&A outsourcing, Datamatics Business Solutions

The competition for students to choose accounting as a career to fill the pipeline for future CPAs.

— Carl Peterson, vice president, small firm interests, Association of International Certified Professional Accountants 

Consolidation, private equity, and the changing nature of organizational structure. In many firms it takes a long time for someone to become a partner. A corporate structure may allow young accountants to realize the economic value available from practicing accounting.

— Scott Peterson, VP of U.S. tax policy and government relations, Avalara

With the soaring demand for CAS and other accounting services, scaling to address this demand remains a significant challenge. Recruiting young talent to our profession should be a top priority and we need to proactively uncover opportunities to highlight the benefits of an accounting career to college students as well as to professionals in private industry who may want to broaden their horizons. Recruiting the right individuals is key to effectively meeting our growing needs. 

— Kane Polakoff, principal, client advisory services practice leader, CohnReznick 

The greatest challenge facing the accounting and internal audit professions is the need for practitioners to keep pace with emerging threats and new trends, particularly when it comes to digital disruption. The need to convince our members that embracing technology is an absolute imperative to our profession's ability to continue to thrive is the number one thing that keeps me up at night.

We recently launched our latest "Risk in Focus" project, which revealed digital disruption and AI to be the fastest-growing risks facing the internal audit profession. 

The rapid advancement of new technology, such as AI, has significant implications for the broader internal audit profession, with implications on the accounting practices and risk management systems related to an organization's financials. 

In order for practitioners to build a comprehensive understanding of emerging technology and the potential risks they pose, they must first take steps to actively embrace new digital tools, including AI, in their own audit and governance plans. 

— Anthony Pugliese, president & CEO, Institute of Internal Auditors

On the surface, the changes being introduced by private equity and other strategic investors appear to be the current most important issue. But, this trend is really addressing two primary issues: the need for more talent and a profession lagging behind with technology. PE and other strategics provide the capital necessary to address these issues. 

— Terry Putney, managing director, Whitman Transition Advisors LLC

A top issue in the accounting world is competitive wages for entry-level and early-career staff. We are struggling to keep pace with wages in other professions, making accounting more of a last-resort choice for students rather than an optimal choice. Compounding the lower-than-professional-peer wages issue are other unattractive features of our industry, such as being branded as boring and heavy on the hours. In the past, you'd work really hard but at least you'd feel fairly compensated straight out of college. Now, we ask for the hard work while employees struggle to afford a professional lifestyle. 

Many employees are asking for generous time off and fewer work hours (e.g., fixed 40 or 30 hours), but it's up to industry leaders to price right and optimize for profitability. A fair share of the gains from these practices should be passed to professionals in their first ten years to bolster the future of our profession. 

— Kristen Rampe, managing partner, Rosenberg Associates

I believe the most important issue facing the accounting profession remains growing the pipeline and solving for the recommendation identified through the NPAG study. This issue is followed by maintaining our relevance as business leaders and trusted advisors and Diversity, Equity, and Inclusion with the profession.

— Okorie Ramsey, immediate past chair, AICPA & Association of International Certified Professional Accountants

While the CPA pipeline challenge continues to be a critical issue facing the profession, I think the most important issue is for the profession to recognize our business environment continues to be ever-changing at lightning speed.  The services offered, how those services are offered, and the skillsets accountants will need to possess to offer those services, must continue to evolve for the profession to meet the needs of the marketplace and remain relevant.

— Rick Reisig, principal/partner, Pinion,

The most important issue facing the accounting profession is the need to embrace technological advancements to maintain our position as trusted advisors within the business community. This is especially critical to transform the audit process, where technology can be leveraged to enhance audit quality and efficiency.

— Emily Remington, director, audit product management, CPA.com

The ability to hire and retain accountants has become more challenging in recent years because of the decrease in students who choose to pursue careers in accounting. The PCAOB is responding to this challenge through our PCAOB Intern and PCAOB Scholars Programs, which provide scholarships and career opportunities to students majoring in accounting. In 2024, the PCAOB awarded 676 students with scholarships, a record number. Each scholarship is in the amount of $15,000, and helps lighten the financial burden for students who seek careers in auditing.

— Robert Rice, director, division of enforcement and investigations, PCAOB

Many issues the profession currently faces stem from this root cause: unclear and insufficient value propositions. A strong value proposition is the most important element of any firm's business model and should drive the other eight elements. Once a business model is defined, the operating model is shaped to support it.

Consolidations and PE deals infuse needed growth capital, but most expand the firm more or less "as is," growing the scale of the same problems. We're overdue for a rethink of the actual business model—not just the operating model.

Until firms have clear value propositions for a specific clientele, and a non-time-based revenue model, they'll struggle to generate sufficient cash for talent and technology. The hours x rate approach won't get firms there. Instead, affect a dramatic revenue-per-person increase by aligning pricing with client ROI, not team hours.

As the fifth generation of CPAs wrongly taught that we "sell time" (we do not), it's on us to shift perspective and build new skills to uncover our real value.

— Michelle Golden River, owner/president, Fore LLC

I believe it is capacity and the need for adopting advanced technologies to address it. There is a rising demand for more holistic accounting services, and, amid a shrinking talent pipeline, firms are challenged more than ever to meet client expectations.  

— Darren Root, growth strategist, Right Networks

Sounds like a broken record but the CPA industry's dire shortage of staff is at the top of the list of most firm's problem list.  But this is the tip of the iceberg.  The bigger problem is the precipitous drop in college students majoring in accounting. 75% of CPAs today will retire in 15 years. If we don't find a solution soon, there won't be enough people to replace those retiring, somewhat of a doomsday scenario. The inevitable result will be that companies and individuals will be unable to find accountants to help them navigate their financial affairs.  This has begun to happen already.

Our industry should be ashamed at itself for failing to address this problem, something that has plagued our profession for 20 years or more.

— Marc Rosenberg, managing partner and founder, Rosenberg Associates

The ability to attract and elevate staff and keep up with the rapid pace of technology change is crucial for meeting expectations and protecting the profession; since fewer people are entering the profession, they need to be smarter and faster.

— Cathy Rowe, senior vice president and segment leader, US professional market, Wolters Kluwer Tax & Accounting

From my perspective, we need to address the talent shortage now. This is a multi-layered problem, and one thing all firms can do is to reach out to – and engage – a broader audience. As the U.S. demographics shift, so too much the accounting profession. While offshoring and AI will provide a level of relief, we really need to better explain why a career in public accounting is a good choice, provide opportunities for a wider swath of the population, and institute more equitable systems so more women and people of color can reach partnership. 

— Bonnie Buol Ruszczyk, president, BBR Cos. and Accounting MOVE Project

The shrinking talent pipeline in the accounting industry is still a pressing issue, fueled by  outdated stereotypes, waning interest, and rigid CPA licensure requirements. Many still  view accounting as limited to traditional roles like tax prep, which can deter young talent  seeking dynamic careers. NABA Inc. is tackling this misconception by showcasing the  profession's breadth—highlighting areas like financial analysis, forensic accounting, and  strategic planning through targeted programming. By expanding awareness of these  diverse opportunities, NABA aims to attract and retain top talent, ensuring a vibrant future  for the profession. 

— Guylaine Saint Juste, president & CEO, NABA Inc.

The shortage of CPAs in the profession resulting in the decline of quality tax and accounting services available to the public. 

— Frank Sands, president, National Association of CPA Practitioners

I believe the most important issue currently facing the accounting profession is the transition to a fully automated, AI-enabled landscape that leverages data and knowledge to better serve clients and communities. As we embrace these advancements, it's crucial that ethics guide our decisions. We must be intentional and thoughtful, challenging our leaders to slow down when necessary and consider the broader impact of technology on society. Our responsibility goes beyond efficiency—it's about making choices that benefit humanity as a whole.

— Heather Satterley, director of education and media, Woodard Events

The accountancy profession must attract and retain a new generation of accountants through a commitment to the public interest, an emphasis on ethics, and an ability to incorporate technology-enabled approaches to its work.

— Tom Seidenstein, chair, IAASB

Change is occurring rapidly and there is not just one issue, so the ability to deal with all of them, directed and executed by first class leaders, is what is most critical. For example, some of the more prominent "issues du jour" include: merging 'up', PE, capacity without people, regulation, advisory, AI integration, etc.

— Gary Shamis, CEO, Winding River Consulting

Leadership both at the top of firms and finance departments blocking the adoption of innovations (tech, process, or business practices)—we can't wait for them to retire for us to get through these adoptions. We need to find a way to balance their personal retirement needs with the ability of firms and finance departments to invest in their transformations.

— Donny Shimamoto, founder and managing director, IntrapriseTechKnowlogies LLC

Accounting firms face a conundrum when it comes to their futures: How can they rethink their partnership structures to drive growth? We're seeing different approaches at different firms, with many, including my firm, Grant Thornton, choosing to partner with a private equity investor. While the winning formula will ultimately vary, it's clear that firms benefit by shifting compensation models away from strict profit-sharing among partners to performance-based models that better tie compensation and equity to the success of the firm. 

Changing the traditional partnership structure creates streamlined firms that are more strategic, scalable and efficient. Just as important, it creates new opportunities for younger professionals who do not see the appeal of the partner-for-life model. Under new models, they can advance their careers more quickly and enjoy more immediate financial rewards, instead of deferring them to the future. They also gain flexibility and the opportunity to work in more innovative environments. This latter benefit speaks to the other seismic shift in our industry: an accelerating arms race to invest in advanced technologies, especially artificial intelligence. New partnership approaches free up critical funding for digital transformation, which could ultimately determine which firms thrive for decades to come. 

It's also clear that new structures, when implemented correctly, can help foster quality. Firms can better invest in infrastructure and innovation, for example, which means they will be more effective as independent auditors. And because they can attract and retain more high-quality talent, they will be healthier and more stable, which should give the investing public confidence. This is especially true as we see fewer and fewer firms that want to audit public companies, and as regulations grow more complex.

At Grant Thornton, our new structure comes at the exact time we are celebrating our 100th anniversary as a firm, proving that remaining agile and adaptable is the key to growth, quality and longevity in the accounting industry.

— Seth Siegel, CEO, Grant Thornton

Attracting top talent, retaining that top talent and future-proofing professionals at every level continues to be a top issue. This starts with the CPA pipeline and our need to show the interesting and impactful side of what we do even before students declare an accounting major. Making the job and amount of work more manageable to strike a balance with personal/family time is also key. Encouraging lifelong learning is also needed to ensure our profession can adapt to technology changes and stay as up-to-date as possible.  

— Eva Simpson, VP, member value, tax & advisory services, Association of International Certified Professional 

The most important issue is the need to address the negative perceptions of the profession that are hurting our ability to attract people. This starts with fundamental changes to how many firms operate and includes challenging compensation and career development models; service offerings and pricing models; strategy and decision making; and technology implementation.

— Lisa Simpson, vice president – firm services, AICPA & CIMA

The most current issue facing the profession is the pipeline/retention issue, but this issue has become a two-fold issue quite rapidly. Not only are the number of accounting majors, graduates, and CPA candidates decreasing, but recent surveys indicate that professionals are exiting the field in droves. Technology and automation have the potential to serve as a potential solution to some of the pipeline issues, but could also exacerbate the situation if not handled correctly by the profession. Automation and AI are coming for the accounting field, and leaders/strategists must be able to leverage these changes to help address the deeper pipeline issue.

— Sean Stein Smith, accounting working group chair, Wall Street Blockchain Alliance

Executing on the national accounting pipeline strategy to address the accounting talent shortage.

— Scott Spiegel, COO, Association of International Certified Professional Accountants

The shortage of accountants ultimately leading to regulators finding other methods to perform the work accountants have historically performed.

— Jason Staats, founder, Realize LLC

Ownership entity issues such as venture capital buyouts, firm mergers, employee buyouts, etc.. 

— Val Steed, director accountants, Zoho Corporation

Money. Or, rather, the lack of.

Accounting firms are facing an historically unprecedented capital crunch. It's why firms can't pay enough to recruit and retain talent, why there's a succession crisis (leaving an opening for private equity), and why they'll lag in technology's "next big thing," AI.

— Rick Telberg, CEO, CPA Trendlines Research

Transformation.  This is an all-encompassing term that includes:

Technology and automation

Capacity creation

Resource consideration

Pipeline challenges

I think it will take a distinctly different way of thinking to be transformational.  We need a different and more optimistic view of how to transform our profession in key areas.

— Gary Thomson, managing partner, Thomson Consulting

The most pressing issue in the accounting profession today is the urgent need for strong, adaptive leadership. The partnership model, largely unchanged for over 130 years, has created blind spots that many current leaders struggle to navigate. In a time of unprecedented change—driven by technology, shifting client expectations, talent shortages, and regulatory pressures—leaders need more than just technical expertise. They must be visionary, adaptable, and ready to lead their firms into an unpredictable future.

The rapid pace of transformation has exposed gaps in leadership skillsets, particularly in areas like digital transformation, strategic thinking, and talent development. For many firms, the ability to execute on strategic initiatives is now a critical determinant of success, and this requires leaders who can inspire, innovate, and drive action.

However, the need extends beyond today's challenges. Tomorrow's leaders must be cultivated now, armed with the skills to not only respond to current trends but to anticipate and shape the future of the profession. Firms that invest in developing their next generation of leaders—leaders who can bring fresh perspectives and drive cultural change—will be the ones best positioned to thrive in the evolving landscape. Strong leadership isn't just about managing the present; it's about securing the future.

— David Toth, chief growth officer and principal, Winding River Consulting

For the professional services industry—including accounting and auditing—this time is especially unique and complex. Organizations are navigating many complex challenges including the massive impact of Generative AI, digital transformation, attractiveness of the profession and building a workforce of the future, an evolving regulatory landscape (e.g., ESG disclosures), changing M&A markets, and a complex tax environment. On top of that, organizations are facing challenges such as economic uncertainty, geopolitical shifts, and climate change. With these challenges come great opportunity to build a stronger future—with the proliferation of advanced technologies, new areas of assurance, new demands for our services—the accounting profession is extremely vibrant and in great demand. 

— Joe Ucuzoglu, CEO, Deloitte

Embracing change, including change arising from emerging technologies and changing stakeholder expectations.

— Barbara Vanich, chief auditor and director of professional standards, PCAOB

The most pressing issue currently facing the accounting profession is the talent  crisis. Despite having years to address this challenge, our profession's leaders  have made painfully slow progress, relying on surveys, committees, and  crafting glossy reports that ultimately waste time. They have over-complicated  the real reasons for this shortage. At its core, it comes down to better pay and  improved working conditions—two issues that are quite easy to solve. 

To effectively attract and retain talent in public accounting, we need to  significantly enhance non-partner compensation and create a healthier work life balance. While this may impact partner profits, there is ample room within  those profits to make these necessary changes. Partners must be willing to  absorb some impact on their record-breaking income or find ways to improve  the top line by refusing to devalue our services to a commodity level. 

By addressing the toxic work culture that has long plagued the profession and  prioritizing more competitive compensation, we can resolve the talent crisis and  secure a stronger, more sustainable future for the industry. 

— Chris Vanover, founder & president, CPA Club Inc. 

Staffing shortages.

— Jess Vento, senior director of solution engineering, education & support, LeaseCrunch

Embracing all the tools available to us in the profession such as AI, automation, offshoring and even outside investment when its right for the organization, to transform traditional ways of operating and achieve work-life harmony in the organization culture. These resources we have available to us allow the profession to truly create a workplace that people will desire to work in while maintaining personal well-being and avoiding burnout so we can grow the pipeline of future accounting professionals. 

If we don't take advantage of these options and assess what is right for our organization and make the necessary investment for transformation, I worry that the future of the profession will falter. It is going to take this generation of leaders in the firms and organizations to have the wherewithal and bare the risk to transform everything we do and how we operate to save the profession and ensure that CPAs and accounting professionals can continue to help and protect business owners of all sizes and the public into the future.

— Amy Vetter, CEO, The B3 Method Institute

Clearly, it's talent. But the issue is not necessarily just the future talent pipeline—part of that is driven by demographics and is something all industries are facing. We also must continue to enhance the image of the profession, talking about the impact that a career in accounting can have not only on our clients and the public, but on the people who choose this profession for their careers. We too often fail to celebrate the significant successes that people in this profession achieve. We focus too much on hours and workload, and too little on the positive economic trajectory that our profession creates for our team members. That is another reason I'm so passionate about the partnership model and creating the opportunity for success that many others who have been part of our firm have achieved. I don't want to lead our firm in a direction that potentially "pulls up the career ladder" in any way.

We absolutely must meet today's employees where they are by leaning into flexibility and hybrid working arrangements. But we also must remember the reasons our profession has succeeded for so long: relationship building, apprenticeship, and mentorship. If we lose sight of the strong core business practices that have served us so well, we will be doing the next generation of accountants—not to mention our clients—a disservice. 

We should be willing to have a robust conversation about credentials. But I believe the discussion should be about widening the pathways into the profession while protecting the prestige and perception of our work relative to other marquee professions. 

As the industry grows and new models of ownership and capitalization open up, firms will need to examine the options and choose what is best for their unique situations. The right choice will always be the one that benefits all stakeholders, including team members, clients, and partners—and future members of all of those groups. 

Once again, for me, it comes down to a stewardship mentality and ensuring our firm has a strong culture that compels us to excel always and remain relevant for decades to come. 

— Tom Watson, CEO, Forvis

Adaptation in the wake of significant change. AI and automation are creating shifts in both how we work and the skills needed to do that work. At the same time, we're seeing the acceleration of private equity acquisitions and the changing dynamics of firm business models. The profession is evolving rapidly, and having both the agility and the willingness to adapt is key.

— Shelly Weir, president & CEO, Florida Institute of CPAs

Last year, I shared that "I could easily say something typical like technology, law changes, quality and risk management, etc.  But for me, as I look around the profession and contemplate the challenges around recruitment, retention and legacy – I think one of the biggest issues facing our profession is lifestyle, work-life integration and wellness.  This is a tough profession mentally, physically, and emotionally.  The stresses show up in many ways and they manifest outwardly to all that see us.  It's one of the top reasons candidates opt out of our profession altogether starting from when we show up on college and university campuses through to how we show up in the work environment.  I believe we need to raise more awareness around these types of stressors to positively impact the decision making of what could be our future accountants and the accountancy profession overall."  

I still believe this and even more so now as I think through the numbers of people at all ranks working through wellness challenges and need for reprieve or help to resolve.  Just think about those team members, friends, associates, and leaders that you, yourself, know or have seen in the news or media struggling with health challenges, needing a sabbatical, working through burnout, sleeping at desks or even more tragic - collapsing at their workspaces.  

I feel very strongly that we help our clients day-to-day operate their business lines optimally, but we suffer silently ourselves when it comes to the business of our own health.  I remember conversations I had with our legacy c-suite sharing how I know every one of our leaders in Tax that has suffered a cardiac event, failed a stress test, or flashed symptoms of stroke or heart attack.  These are scary events and conversations; and while work may not be the sole factor creating the health event – work certainly contributes.  This is one of the driving reasons I am very passionate and advocate for all things health and wellness.  In my work for the American Heart Association, I have been able within the past year to increase the number of accounting firms, accounting firm vendors, and CPAs that support both financially and educationally.  We all can do more around the areas we are passionate to influence and make change on the health score card or report card of our profession whether its heart, mind or otherwise.

— Tifphani White-King, managing partner, U.S. tax board member, global tax board member, Forvis Mazars

The shortage of qualified, interested professionals to lead us into the future.  

— Geni Whitehouse, president, Information Technology Alliance

While talent continues to be the most important issue facing the profession, I believe talent acquisition challenges are being rivaled by the significant amount of confusion related to all the new opportunities strategic investment and partnering models that are available, not only for CPA firms seeking succession opportunities, but also for firms needing additional capital so that they can remain relevant in their quest for mergers and acquisitions, as well as talent acquisition.  As they say, this isn't your grandfather's CPA firm anymore.  Huge change in CPA firm governance under way!

— Philip Whitman, CEO, Whitman Transition Advisors 

We face several challenges, but in my view, they all connect like pieces of a puzzle, and at the center of it all is the talent shortage.  We must build a profession that inspires the next generation to want to be part of its future.  When I consider the issues we're dealing with – rapid technological advancements, including AI, the shift toward advisory and consulting services, the emphasis on process improvement, and the emergence of new roles within firms – they all highlight the urgent need to create a profession that attracts top talent with enthusiasm and excitement.  

— Sandra Wiley, president, Boomer Consulting Inc.

We have to bring more young people into the field of accounting and encourage greater representation of young people from all backgrounds to see accounting as a path for them. Without them, we can't continue to improve audit quality, uphold the integrity of our markets, and protect investors. From the PCAOB's perspective, we are working to do that through our scholarship program.

For the 2024-2025 academic year, we awarded 676 PCAOB scholarships – the highest number in our history – to help young people enter the field of accounting. We also increased the scholarship amount from $10,000 to $15,000. More than half of our 2024 scholars are women, nearly half self-identify as members of historically underrepresented groups in the accounting profession, and many are transfer students from community colleges. 

We are proud that our PCAOB Scholars Program helps outstanding and diverse individuals along this career path. 

The PCAOB also has a mentor program—which pairs our scholars with experienced professionals throughout the PCAOB—in addition to regular visits between students from accounting programs and our staff in our DC and New York offices, and at different colleges.

It's also important for us to do our part in fostering a diverse talent pool of future accountants. We supported this by expanding our outreach to Historically Black Colleges and Universities (HBCUs), with 12 HBCUs represented among the 2024 Scholars.

— Erica Williams, chair, Public Company Accounting Oversight Board

Right this minute, I'm going to say a lack of momentum, bordering on paralysis. The aging and impending exit of so many CPA firm partners, CFOs, Controllers, CEOs, operational leaders and key executives inside the profession's associations – it is all leading to a lot of "wondering" – who will the next successors be, wonder if we should monetize now while valuations are climbing (and until we decide, should we hold off on strategic planning, leadership development, big IT investments, or acquiring other firms), wonder what the next administration will focus on, etc. We're seeing it in almost every organization we encounter in the profession right now.

We're telling our firm and association leaders who do have a 3- to 5-year vision plans with the intent to remain independent at this time that they can really differentiate and "make hay" in attracting the best clients and talent who want to be part of that kind of growth certainty, a youthful leadership bench, and ideas for transforming business models and modernizing overall. The silence of leaders who are ambivalent or secretly plotting an exit is deafening and it's not a magnet for attracting talent or clients.

— Jennifer Lee Wilson, co-founder and partner, ConvergenceCoaching LLC

I believe the most important issue facing the accounting profession is learning how technology is going to fundamentally change business and the accounting profession. 

— David Wood, Glenn D. Ardis professor, Brigham Young University

The disruptive impact of Artificial Intelligence, especially how enterprise-sized corporations are leveraging the technology to provide tax preparation and financial reporting services (both record keeping and financial analytics) to individuals and business. Some might say commoditization and PE-driven M&A are the two biggest issues, but I see these as downstream impacts of AI.

— Joe Woodard, CEO, Woodard

Recruiting and retaining talent remain the biggest issue along with investing in technology as a close second.  Firms are having to make large investments in technology to remain competitive as well as to attract and retain young talent.  Many firms combine with larger firms for those two reasons.

— Candace Wright, immediate past chair of the Private Company Council of the Financial Accounting Foundation

I believe the most important issue facing the profession is private equity. After PE got started in the industry a few years ago, I think 2023 ended up being surprisingly pretty quiet as far as deal activity. This year (2024) has been much different, with a deluge of deals completed with small, medium, large and huge accounting firms. It's clear at this point that there is no stopping this trend, which is accelerating the pace of consolidation and changing competitive dynamics at a rapid pace. There are many open questions – will PE execute successful exits? Will quality service and client focus remain paramount? Will employees stay with PE-backed firms for the long run? Yet, it has never been more clear that PE's entrance is forcing all firms to seriously consider how their business models and strategies will enable them to be relevant in the future. This has always been a good practice, but now it is an urgent imperative as the industry is evolving at its fastest rate ever. 

— David Wurtzbacher, founder & CEO, Ascend 

Retaining staff while promoting a healthy work life balance. This is why at CPA by Choice, I implemented flexible work schedules, which have led to a 95% employee retention rate over the past four years.

— Peter Yu, CEO, CPA by Choice