The Outlook for the Accounting & Tax Professions

In this video, I discuss the outlook of the accounting profession. According to the Wall Street Journal, 300,000 U.S. accountants and auditors have left their jobs in the past two years, that’s a 17% decline.

Are the accounting & tax professions dying like some say? Is it too difficult to work in public accounting with the long hours and tedious work? Is a CPA even worth it anymore?

I share my insights for those looking into the field of accounting or becoming a CPA, and insights into how technology can impact the field of accounting and taxes.

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Hey there, welcome to my channel! I'm Noel Lorenzana, a Registered CPA in Illinois. My goal is to help you pay only what you legally owe in taxes, and take the fear out of dealing with taxes and the IRS. Just a heads up—watching this video doesn't make me your personal accountant. No client relationship is formed here. Enjoy the video!

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Thanks for watching my video on, Are the Accounting & Tax Professions Dying?

Disclaimer: This video, and the ideas presented in it, are for entertainment, and informational purposes only and should not be construed as accounting, tax, or legal advice. It is your responsibility to take all necessary steps to independently verify and ascertain that any information you choose to rely on from or take action based on this video is accurate.

⏱️VIDEO CHAPTERS⏱️
00:00 - Accounting Profession & Tax Professions
02:09 - Why are Accountants Leaving the Profession?
03:05 - Becoming a Solo Accounting and Tax Professional
04:04 - Is Becoming a CPA Worth it Anymore?
05:05 - Future of Accounting and Tax Profession With Technology
06:56 - Accounting Firms Moving Work Overseas
07:25 - Does Accounting Profession Sounds Appealing in this Day and Age?

#accountant #taxprofessional #askanaccountant

[NoelLorenzanaCPA]

Let me know what you think of my video! Is the accounting profession still worthwhile?

[ThomasShelby-xzfk]

If CPAs want to keep the profession alive, they need to raise their fees significantly and pay their staff more. The work can be difficult, but if the money is right, then it will certainly be worth it.

[misterj]

I agree that the CPA is not worth it anymore. My issue with the CPA is that they don't get paid enough. There is no way a profession that requires a master's degree + rigorous examination + experience + continued professional education shouldn't be among the most highly compensated. I've seen job postings for CPAs paying $25 per hour! Unreal!

[sydneyhart]

For me, the biggest issues were the toxic AF workplaces and shitty, abusive managers.

[TheSmokinApples]

Why is it so important, but the compensation sucks?

[haywardsmartin]

Non CPAs and CPAs salaries are very similar nowadays.

Seems like obtaining a CPA license is no longer necessary.

[paulmeek]

Soooo, the main reason I'm pursuing the CPA is for marketing purposes. I plan to start my own tax and accounting practice and the CPA designation packs alot off weight

[steff_ohanesian]

I agree with you, as a C.P.A. myself. I already had enough credits from other studies to qualify to sit for the C.P.A. exam, but if not, I probably wouldn't have gone back just to get those extra education credits. Accounting is still a good profession overall though, IMO. I've never had trouble finding work.

[juanmneodza]

Wow great video you talked about some great points thank you for sharing! I’m very surprised to hear about the current state of the accounting profession. When I was in community college about 5-6 years ago accounting seemed like such a solid career path. I’m very shocked that globalization is also having an impact on this profession

[FriendsTalkFinancialPlanning]

Thanks for the intriguing video! For me, I wanted to learn as much about business and small business as possible, so I got an accounting degree. I didn't actually like many of the classes, however. Once I started my tax practice, I became a CPA. It's instant credibility, as you mention! It's a profession you can feel proud to be part of. There are tons of way you can build on the knowledge, which is what you're doing and what I've done as well!

[johnnyonthespot]

I do not understand the thought that becoming a CPA is not worth it. I have been a CPA for 3 years now. I have seen significant raises and have much better opportunities for upward growth in my company. To me the AICPA has made being a CPA more exclusive. This gives us opportunities that non-CPAs do not have. There will always be jobs that CPAs can get that non-CPAs will not be able to get because laws or firm policies require a license to do certain things.

[lavenderu]

I think it's bs to require 150 hours. All these requirements. When I apply for these jobs, I get turned away for lack of experience. I believe some people who lack some skills might become long term best employees. I've stayed at a job over 6 years. Mabey give ppl a chance and train ppl. Train us! Don't throw us in with no help.

[RunOs]

Some companies are looking into their CPA’s credit history for reasons to fire them. At our company they said that for 2024 we have to turn in personal credit reports once year from now on and any blemishes can land you promoted to customer aka fired. Three people will have resigned so far. Several of our in-house legal minds say it’s a very bad idea to automate and check credit reports, but the board doesn’t give a rats claw.

[danceflix]

Interesting video. Thanks for sharing your insights.

[ArwaHub]

Hi Noel, accounting is not an easy and it is only for smart people like you, it required great business knowledge, thank you for the tips, I loved the tips at the end when you guided others what to study if they want to choose specific area in accounting, I would suggest to make a video on the steps you need to take if you want to study an accounting.

[lHurtYourFeeIings]

As a CPA I disagree with not getting the CPA before starting your own tax practice. I have reviewed enough tax returns to know most non-CPA (including EA) produce total trash, majority of them have no basic understanding of how taxes work. I think working in a CPA firm and learning from the seniors/partners is a must, no amount of text books can prepare you for how to deal tax season and clients, especially the IRS. Don't get me started with H&RB... their work is so awful it should be illegal.

[Andres-sruv]

Do a video for students with criminal records trying to become a CPA?

[helsingor]

All the jobs have been moved to Manila Guatemala Romania etc. There are no opportunities for accountants in the USA

[nordythenorthman]

Working in public accounting is not for everybody. It is very challenging. It is a weed out.

[LittleBahamutGTR]

I find it very interesting that even you as a CPA yourself, you don't recommend people to become a CPA. The AICPA as of late is warning the profession about the decline not only in the accounting enrollment, but also the decline in candidates even bothering to take the exams. I doubt the few CPAs that will be left in the future is going to get significant pay increases compared to non-CPAs. Some higher level jobs are going to have to scrub the "CPA preferred" or "CPA Required" off the job requirements if the amount of accountants with CPAs become too small or rare. Going to have to give non-CPAs a chance and will probably just realize they are just as good as accountants with CPAs. You already pretty much highlighted the only few times a CPA certification is really needed to sign for things and thats it really.