Why 'America's most boring job' is on the brink of extinction

America's supply of accountants is diminishing because Gen-Z are put off by the grueling training, shabby pay and long hours.

As older Certified Public Accountant (CPA) retire and fewer young people enter the profession, a recent Bloomberg analysis found that there are 340,000 fewer accountants than there were five years ago.

Fewer students are completing degrees in the field and the number of people taking the CPA exam fell by 50 percent between 1990 and 2021, according to the Association of International Certified Professional Accountants. 

Experts say the industry is nearing extinction because the 150-hour college credit rule, the intense entry exam and long work hours for minimal pay are unappealing to the younger generation.

'It's hard to put lipstick on a pig. The truth is there's not a lot of glamor in accounting,' Richard Rampell, retired CPA, told Business Insider.

There are 340,000 fewer accountants than there were five years ago because older accountants are retiring and not enough young people are entering the field

'The pay is crappy, the hours are long, and the work is drudgery, and the drudgery is especially so in their early years.'

Approximately 65,000 students in the U.S. completed bachelor's or master's degrees in accounting in the 2021-22 school year, 18 percent fewer than a decade earlier, according to The American Institute of Certified Public Accountants.

Members of Gen-Z said they are disinterested in the field because it is perceived as boring and has extensive requirements. 

CPA candidates are also required to take 150 credit hours in college, then take the CPA exam which consists of four four-hour long tests that all must be passed within 18 months.  

'I think there was a greater appeal to the industry in a previous era, when certainty and maintaining a job at one place for your entire career was seen as the ultimate goal,' said 23-year-old CPA candidate Bryan. 'Now it's not.'

Those who do pursue a degree in finance are opting to take other career paths because the entry level pay for a CPA is lower compared to others. 

The industry is diminishing because the 150-hour college credit rule, the intense entry exam and long work hours for minimal pay are unappealing

The median salary for an entry level accountant is $71,000, according to Glassdoor. By contrast, the median pay for entry-level management consulting is $97,000 and financial analyst roles is $95,000.

'If I were entering now into the profession, I don't think I would've gone into accounting,' accounting professor at Hofstra University Ralph Polimeni said.

With less people entering the field, accountants are becoming overworked and it is leading to mistakes in their work.

More than 700 companies cited insufficient staff in accounting and other departments as a reason for potential errors in their quarterly earnings statements, reported Bloomberg.