Is there a CPA shortage? What the numbers show
Sources checked 8 October 2026
Short answer
The supply of new accountants has been shrinking while demand holds up. The AICPA reports that accounting bachelor's and master's graduates fell to 55,152 in 2023-24, down 6.6% — the third straight annual decline — and that new CPA Exam candidates dropped from 42,626 in 2023 to 28,082 in 2024. Looking ahead, the BLS projects about 115,300 openings a year for accountants and auditors through 2035. Enrollment is rising again: two consecutive semesters of 12% year-over-year growth in 2024-25.
The graduate pipeline
| Measure | Period | Figure |
|---|---|---|
| Accounting bachelor's and master's graduates | 2023-24 | 55,152 |
| Change in graduates | 2023-24 | −6.6% |
| Change in graduates | 2022-23 | −9.6% |
| Change in graduates | 2021-22 | −7.4% |
| Accounting bachelor's degrees (IPEDS, provisional) | 2023-24 | 40,817 |
| Master's in accounting or taxation | 2023-24 | 14,335 |
| New CPA Exam candidates | 2023 | 42,626 |
| New CPA Exam candidates | 2024 | 28,082 |
| New CPA Exam candidates | Jan–Jun 2025 | 16,448 |
| Accounting enrollment growth, year over year (National Student Clearinghouse) | each of two semesters, 2024-25 | +12% |
The candidate numbers swing with the exam itself. The AICPA explains that 2024 was the first year of a new exam model and that Historically, the year before a major change in the CPA Exam sees a surge in test takers and 2023 was no exception
— 42,626 was the highest tally since 2016.
On hiring, firms responding to the AICPA survey hired 11,985 new graduates in 2024, 75% of them accounting majors, and 75% of firms that hired expected to hire as many or more in 2025. The AICPA flags that the firm response rate was low, so that total could not be projected with confidence
for the whole US.
The workforce and its openings
| Measure | Figure |
|---|---|
| Employment, 2025 | 1,595,200 |
| Projected employment, 2035 | 1,674,600 |
| Growth, 2025–35 | 5% |
| Jobs added, 2025–35 | 79,400 |
| Projected openings per year, on average | 115,300 |
| Median pay, May 2025 — annual | $83,680 |
| Median pay, May 2025 — hourly | $40.23 |
Growth accounts for a small part of those openings. The BLS says most of them stem from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
The support roles are moving the other way: BLS projects employment of bookkeeping, accounting and auditing clerks to change by −6% over 2025–35.
The licensing change
On 14 May 2025 the AICPA and NASBA approved an amendment to the Uniform Accountancy Act — the model law states can adopt — adding a path to licensure with a baccalaureate degree, including an accounting concentration, plus two (2) years of experience, and passage of the Uniform CPA Examination.
The two existing paths (a post-baccalaureate degree plus one year of experience, or a bachelor's plus 30 credits plus one year) remain. Each state has to enact the change itself; the release counted 14 states that had done so as of that date. Check your own state board for its current rule.
How firms handle busy-season capacity
The options are the same for most firms; the mix differs.
| Option | What to know |
|---|---|
| File extensions | Form 4868 gives individuals until October 15 to file; the IRS notes The extension is only for filing your return— tax is still due by the April date. Businesses use Form 7004. |
| Move work out of the season | Monthly bookkeeping, clean-ups and planning work scheduled for May–December leave January–April for returns. |
| Seasonal or part-time staff | Each person who prepares or assists in preparing federal returns for compensation needs a valid PTIN. |
| Outsourcing or white-label partners | The partner is a service provider under your WISP (16 CFR 314.4(f)); a preparer outside the US also needs the client's §7216 consent first. |
| Narrow the client list or reprice | Fewer, better-priced engagements reduce the hours needed in the peak. |
Sources
- AICPA — Accounting Firms Report Strong Hiring Outlook, AICPA Report Finds (27 Oct 2025), on 2025 Trends: A Report on Accounting Education, the CPA Exam, and Public Accounting Firms' Hiring of Recent Graduates — graduates, exam candidates, hiring, enrollment
- BLS — Occupational Outlook Handbook: Accountants and Auditors (last modified 27 Aug 2026) — Quick Facts; Job Outlook
- BLS — Occupational Outlook Handbook: Bookkeeping, Accounting, and Auditing Clerks (last modified 27 Aug 2026) — Job Outlook
- AICPA and NASBA — Approve Model Legislation for New CPA Licensure Path (14 May 2025)
- IRS — Get an extension to file your tax return (last reviewed 20 Sep 2026) — Form 4868, Form 7004
- IRS — PTIN requirements for tax return preparers
- 16 CFR 314.4(f) — oversight of service providers (eCFR, current)
This page explains published rules. For advice on your firm's own arrangement, ask your counsel.