US Accounting Industry Overview
Introduction
The accounting industry in the US has been witnessed a constant increase in the past few years till 2019. This increase have gradually affected the market in terms of year-end progress, exactitude, and productiveness.
Accounting Industry Size and Growth
In 2018, the revenue from accounting services in the US was valued at $111.56 billion and is expected to be $107.59 billion by 2021. There was a decrease in the revenue from the accounting services in US from 2019 onwards due to COVID-19.
The revenue increased from 2018 to 2019 by 0.13% while it decreased by approximately 3.8% from 2019 to 2020. But the market will be steadily increasing from 2021 onwards.
According to Statista, in 2020 Deloitte was the leading CPA firm in the US with a revenue of approximately $23.16 billion, followed by PwC with a revenue of approximately $18 billion, and Ernst & Young with $15.82 billion.
Hiring Trends
Job Ads/Postings for Accounting on Platforms
As per the research conducted by Randstad, it is noticed that the job opportunities ads are published on various platforms. Company career websites, social networks and job boards were some of millennials’ favorite channels to search for jobs.
According to data obtained from Burning Glass, the number of job postings were –
Bookkeepers and accounting clerks: 279,064 job postings
Accountants: 203,028 job postings
Financial analysts: 130,072 job postings
Around 72% of millennials, looked for job opportunities on company career websites, followed by 59% of millennials who look for job opportunities on social networks.
Unemployment Rates In The Accounting Industry
According to the U.S. Bureau of Labor Statistics (BLS), in Q4 2019, the unemployment rate was 2.9%, while in Q3 2019, it was 3.3%.
The unemployment rate dropped to 6.2% in Q1 2021, down from 6.7% in Q4 2020.
Economists believe the new evidence is a turning point. Q1 2021 was a period of rapid recruiting, and much larger increases are expected in the months ahead.
Top Impactful Skills for an Accountant
According to a report form Sage, the technology skills (51%) are the most impactful skills for accountants, followed by analytical thinking (43%) and leadership skills (40%). This follows a development in which the field in the US has expanded beyond fundamental skills.
In-Demand Accounting Roles in 2021 – Contact us to know the stats
Data Sources: U.S. BUREAU OF LABOR STATISTICS, Statista, Ibisworld
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