The accounting profession faces a significant challenge: a declining number of CPAs. This decline, largely due to an aging generation and dwindling interest from younger generations, is exacerbated by the addition of 87,000 new IRS employees, likely leading to increased workload and potential burnout.
As a profession, we must continue to work to attract more high school graduates into accounting degree programs. But in the meantime, how can growth-minded firms be more successful at recruiting the younger generation of CPAs in the market today?
First, everyone in the firm needs to recognize the value of newly minted CPAs. No, they won't join your organization with the expertise of a seasoned CPA. They may not even come to the table with a solid understanding of business norms. Instead, they offer a fresh, innovative outlook. Recent graduates are typically bold, impressionable and eager to make their mark professionally. They often present perspectives that otherwise could go unnoticed by a team that is more set in its ways or resistant to change. These are critical qualities for any business that doesn't want to fall behind.
To attract these ambitious new graduates, firms must reconsider traditional hiring processes and align opportunities with what younger CPAs value. Here are four key strategies to consider:
1. Re-evaluate your hiring process
Competition for recent graduates is stiff. Accounting was the third most in-demand degree among employers looking to hire new graduates according to a winter 2023 survey by the
At the same time, it is important for hiring managers to recognize that the pandemic made a significant impact on recent graduating classes. These individuals spent most of their time as students navigating shifting expectations around in-person and virtual learning, which means their campus experience likely looked much different from those conducting interviews today. Furthermore, many employers dialed back on internship programs early in the pandemic, which hurt this cohort's opportunities to gain meaningful experience in their chosen field.
Keep these factors in mind as you head into recruiting conversations. You may need to adjust your expectations as today's new grads have different experiences than those you hired just a few years ago. Strong candidates are out there; they just may look different than those who graduated earlier than 2020.
2. Offer remote or hybrid work
In today's post-pandemic world, remote work is a top priority for many young professionals. If your firm has yet to adapt to this trend, now is the time to evaluate whether you can offer at least some degree of flexibility. Even offering one or two days of remote work per week or opening up to hybrid schedules during slower seasons will expand the pool of candidates interested in your openings.
If in-office work is part of your firm's expectations, share with candidates the reasons why in language that will resonate with them. During in-person interviews, show them your positive workplace environment in action so they can picture themselves being happy and comfortable working in the office. Talk with them about the opportunities they will have to collaborate with peers and more senior members of the firm and explain how this will benefit their career advancement. Build in-person experiences into your mentoring and development programs to further underscore this point.
Remember, most of these candidates have personal experience with the downsides of a fully remote learning environment, so they may have more of an open mind about working in an office than you initially assume.
3. Plan to negotiate on salary
There is a 20% gap between what college seniors across all degree fields expect to make in their first jobs and what human resources professionals plan to pay, according to a recent report by the recruiting technology provider
4. Create the right culture
Going beyond salary and benefits in negotiations often comes down to emphasizing company culture throughout the recruiting process. The "quiet quitting" trend of 2022 is a prime example of how Gen Z professionals feel about workplaces that prioritize hustle culture. Firms looking to attract recent graduates should take care to promote anything they do to support employees' work-life balance.
In our recruiting work, I find that connecting with candidates about the impact their work will have on clients makes a positive impression. Young professionals also respond well to company cultures that prioritize formal mentorship programs, support continuing education and offer clear paths for professional growth.
Harnessing the power of the next generation
Like every profession, the future of accounting rests in the hands of the next generation. Firms that want to grow and continue their legacy of providing excellent service for clients must find ways to attract and retain new graduates. Understanding what these young professionals value and offering them opportunities that align with their goals are keys to success.
This is the time to be bold with your recruiting. The future of your firm depends on it.
