Fran Randall: Leading the Way in Richmond’s Accounting Market
Women in Business

Fran Randall: Leading the Way in Richmond’s Accounting Market

The Western Connect Magazine - Fran Randall Visionary Partner at Forvis

A Visionary Partner at Forvis, Driving Excellence and Success in Accounting

The Western Connect Magazine – In the world of accounting, an unsettling imbalance is wreaking havoc. The demand for accounting services is soaring, representing a valuable asset for the profession. There is a sharp decline in the number of capable professionals willing to provide those services. The consequences are dire, with some firms being forced to turn away clients due to talent scarcity.

Addressing and rectifying this imbalance is a challenging task. It may be an ongoing challenge that requires innovative solutions to reverse the current situation. This scarcity of accounting professionals is a pressing concern nationwide and in Virginia.

According to the AICPA, 75% of the country’s CPAs reached retirement age in 2020. This, combined with the impact of the pandemic, explains the Bureau of Labor Statistics findings that approximately 300,000 accountants and auditors—about 17% of the workforce—left the field between 2020 and 2022. Among those who left, CPAs accounted for 35% to 40%. Considering that the total number of accountants and auditors in the United States was around 1.5 million last year, this loss is substantial. At the entry-level, the situation is equally concerning. In 2020, the AICPA reported a 2.8% decline in accounting graduates with a bachelor’s degree and an 8.4% decline at the master’s degree level. A survey conducted by Deloitte in August 2022 revealed that four out of five hiring managers at public accounting firms and 69% at private firms faced challenges in talent retention.

Workplace data provider Revelio Labs Inc. further supports these figures. Between January and November 2022, the accounting and auditing fields saw 177,880 job postings. As of November 30, 2022, almost 64,500 positions still needed to be filled. In 2021, the industry witnessed 141,340 openings. She reveals that Virginia has approximately 28,000 licensed CPAs, but maintaining this number will require significant effort.

The Western Connect Magazine Interview explores the accounting crisis, shedding light on the urgent need to address the talent shortage in the USA business standard. Discover the strategies and solutions that will pave the way for a stronger accounting profession and ensure the continued success of businesses and individuals relying on the expertise of these professionals.

With insightful interviews and expert opinions, this exclusive coverage delves into the challenges faced by the accounting field, examines the reasons behind the decline in talent and highlights the innovative approaches firms are adopting to attract and retain skilled professionals. Gain a competitive edge as we uncover the best practices, emerging trends, and future projections that will shape the accounting landscape. Take advantage of this essential resource for professionals, businesses, and industry leaders seeking to navigate the accounting crisis and secure a prosperous future in the ever-evolving world of finance.

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