MSA and Accounting Statistics and Trends

Students considering entering an MSA program like the one at Kent State often want a fuller picture of what the degree will mean for them and what to expect from their careers. For this post, we have compiled key accounting statistics and trends so the accountants of tomorrow will know what lies ahead.

General Accounting Statistics

• There are currently approximately 1.4 million accountants and auditors working in the United States (Statista).
• The “Big Four” firms in the accounting industry are Deloitte, Ernst & Young, PwC, and KPMG, and they are the prominent recruiters in the field, claiming over one million employees. Other major recruiters include RSM, Crowe, and Grant Thornton (The Guardian).
• The Big Four firms generated a combined $190 billion in revenue in 2022  and more than $200 billion in 2023 (Statista).
• The worldwide accounting services field is expected to reach approximately $735 billion in 2025, which is a significant increase from 2020 numbers of $544 billion (Content Snare).
• Going along with that accounting statistic, the field is growing at a compound annual growth rate of 5.4 %, illustrating its strength (CoCountant).
• Ecommerce is providing new opportunities for accountants to pursue specializations, as this sector is projected to reach $8.1 trillion in revenue in 2026 (Link My Books).
• Accounting statistics are not just limited to those concerning the industry, as accountants themselves use a wide range of stats in their work. Statistics help in forecasting earnings, cash flow, consumption, book value, and more, while aiding in decision-making and planning (Accounting.com).
• 41% of accounts found problem-solving to be the most rewarding aspect of their careers (ACCA).

Accounting Profession Outlook Statistics

• As of May 2024, the median annual wage for accountants and auditors in America was over $81,000 (Bureau of the Labor Statistics).
• From 2023 to 2033, the accounting field is projected to grow by 6%, which is faster than average. Approximately 130,000 to 131,000 openings in the field are projected for each year of that decade stretch (Bureau of the Labor Statistics).
• 82% of accounting firms are now open to hiring candidates from nontraditional backgrounds (Accountancy Age).
• As of 2020, women held nearly 60% of accounting jobs in the United States, making the field one of the few where women outnumber men (Journal of Accountancy).
• A talent shortage is looming in the accounting field, as 75% of CPAs are expected to retire within the decade, giving up-and-coming accountants many employment opportunities (Link My Books).
• One challenge that is expected to impact the accounting field is a skills gap, as 58% of CFOs and 62% of controllers have relayed their difficulties in finding the skilled accountants they need for roles (Personiv).
• Going along with those accountant statistics, the skills gap could be partially the result of business expectations, as 14% of small business owners think accountants do not do enough to reduce their operations’ taxes (GoRemotely).
• Forensic accountants can earn an annual wage of approximately $86,000, and senior professionals can reach levels as high as $133,000 (CoCountant).
• Meanwhile, client advisory services are continuing to expand, since firms that have included the services saw a 17% median revenue growth in 2023, and a 99% increase forecasted for 2025 (Link My Books).
• The largest sector of employment for accountants is in general accounting, tax preparation, bookkeeping, and payroll, with more than 349,000 individuals working in these areas (Bureau of Labor Statistics).
• Applications to MSA programs increased by 19% in 2024, the biggest growth for graduate business degrees studied (GMAC).
• Graduates of MSA programs have the ability to recoup their educational costs in as few as five years (Research.com).

Statistics on Accountants’ Impact on Business

• Organizations around the world lose approximately $3.7 trillion to fraud every year, highlighting the importance of having effective accounting services to detect possible issues (Experian).
• Approximately 38% of startup companies fail due to bad cash flow management, illustrating another key benefit to effective accounting (Forbes).
• 29% of business owners do not have a firm idea of where their companies’ budgets are going, creating inefficiencies and missed opportunities (PR Newswire).
• 61% of small business owners have a positive outlook on their accounting services (Onpay).
• Here is an amazing accounting statistic – in the U.S. alone, accounting services were responsible for generating more than $145 billion in revenue in 2023 (Statista).
• American businesses create approximately 400 billion invoices, with a 5% to 15% increase coming each year, making accountants more and more vital (Versapay).

Accounting Technology Statistics

• The market for accounting software keeps growing, as it is projected to reach nearly $12 billion by 2026, increasing 8.6% year over year (Accounting Today).
• Approximately 75% of accounting tasks are able to be automated via modern software, reducing the time spent on mundane activities like data entry and invoice processing (Hline).
• 94% of accountants regularly use cloud-based services, and 67% of these individuals actually prefer them to traditional accounting approaches (MoneyThumb).
• Companies that use cloud reporting services have seen a 15% annual revenue growth and can draw as many as five times more customers than competitors (Flexi).
• In the next three years, as many as 58% of accountants are projected to use AI within their workflows to automate repetitive tasks (Sage).
• In the coming years, 56% of accounting roles are projected to require expertise in automation and data science (PWC).
• 57% of accounting firms believe that technology literacy is the most important additional skill for accountants to possess (Velan).
• 61% of accountants see AI tools as a viable way to improve their work and output (Link My Books).

Prepare for Your Career with an MSA

If the accounting field is appealing to you and you are looking to reap the rewards highlighted in these accounting statistics, join Kent State’s Master of Science in Accounting program.

Feel free to request info from our team or apply today if you are ready to get started.