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October 12, 2024

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Seize Opportunity with an Accounting Degree from Saint Mary’s

Since the COVID-19 pandemic, the U.S. has experienced a shortage of accountants, resulting in open accounting jobs and a demand to fill them. This demand offers opportunities for people interested in pursuing accounting degrees. Saint Mary’s University of Minnesota, a Lasallian Catholic university, offers an accounting undergrad major and an accounting degree completion program that can prepare you to work in accounting. Here, we discuss the accountant shortage and how the demand can open opportunities.

About the Accounting Shortage

Accountants play a crucial role in the market economy, as they keep and audit important financial records, prepare taxes, create financial reports, and more. However, the U.S. has been experiencing a shortage of accountants in recent years, especially since the COVID-19 pandemic. The shortage of accountants is estimated at 340,000.  Reasons cited include:

  • Significantly fewer students are choosing accounting as a major
  • Candidates sitting for the certified public accountant (CPA) exam have decreased by 33% from 2016 to 2021
  • The American Institute of Certified Public Accountants (AICPA)reports that nearly 75% of its members are at retirement age

There is also a 150-hour education requirement to become a CPA, which may deter some students. This accounting shortage has led to insufficient accounting staff at major companies and even mistakes in their financial reports. This all adds up to a huge demand for qualified accountants.

Benefits of an Accounting Career

There are several benefits to choosing an accounting career:

Job Security

Since nearly three-quarters of current CPAs are reaching retirement age, more accountants are needed to fill their positions. This results in strong job security for new accountants. According to the U.S. Bureau of Labor Statistics (BLS), employment of accountants is projected to grow 6 percent each year through 2033, faster than the average for all occupations.

Good Salary

Another benefit of an accounting career is the salary or earning potential it offers. The BLS reports the median annual wage for accountants was $79,880 in May 2023. The earning potential can vary based on the location, type of company, certifications, and more.

Career Growth

Opportunities for career growth are another benefit of working as an accountant. Many accountants fresh out of college start in entry-level positions but can advance to higher positions such as managers and partners. Working as an accountant also provides a solid foundation to work in other related careers like auditing, finance, etc.

If you’re ready to experience the benefits of an accounting career, get started with an accounting major.

Prepare for Accounting Jobs at Saint Mary’s University of Minnesota

Founded in 1912, Saint Mary’s University of Minnesota is a private Lasallian Catholic University with an undergraduate campus in Winona, MN, and campuses for adult learners in Minneapolis and Rochester. We welcome students of all backgrounds to our programs, which include bachelor’s, bachelor’s completion, master’s, and doctoral degrees. Through our School of Business and Technology, we offer undergrad, bachelor’s completion, and master’s degree programs in accounting.

The bachelor programs provide a solid foundation for careers in accounting, teaching students about topics such as:

  • Analyzing financial and non-financial information for stakeholders
  • Incorporating audit methods and techniques into daily operations
  • Implementing accounting technology to interpret data and communicate results
  • Laws, regulations, and Generally Accepted Accounting Principles (GAAP)
  • Collaboration with diverse groups and individuals
  • Developing ethical principles and character-driven leadership

Our undergrad accounting program is accredited by the International Accreditation Council for Business Education (IACBE), which recognizes our commitment to delivering business education that aligns with our mission of developing competent and ethical leaders. The curriculum helps prepare students to sit for certified management account (CMA) and certified public accountant (CPA) exams. At Saint Mary’s University of Minnesota, prior credits earned, past work experience, and military service all count toward finishing your degree, so you can apply the credits you already have toward the career you want.

Complete Your Accounting Degree at Saint Mary’s University of Minnesota

If you’re ready to complete an accounting degree and help fill the demand for accountants in the U.S., apply to our accounting programs at Saint Mary’s University of Minnesota. Our person-centered education is grounded in Lasallian Catholic principles to develop qualified and ethical leaders. To learn more about our accounting programs, request more information today and connect with a counselor.