The accounting industry is facing a talent gap. As the demand for accountants grows, the supply of qualified professionals is not keeping pace. The scarcity of accountants in the US job market can be due to various factors.
Notably, the retirement of the baby boomer generation, a significant portion of the current accounting workforce, plays a crucial role in this shortage.
Declining Numbers, Soaring Demand: The Future of Accounting Careers in the US
Some studies have also revealed that fewer undergraduates in the US are opting to major in accounting. According to the American Institute of Certified Public Accountants (AICPA), the number of undergraduate accounting majors has declined by 20% since 2010.
Despite the decline in undergraduate accounting majors, there is still a high demand for qualified accountants in the workforce. The AICPA estimates that there will be a shortage of 1.7 million accountants by 2025. Indicating the huge job openings for accountants in the US.
How Miles’ MACC program is addressing the critical shortage of accountants in the US
Miles Education’s MAcc program is designed to bridge the talent gap in accounting. The program is offered in collaboration with top US universities, and it provides students with the skills and knowledge they need to succeed in their accounting career in the United States.
Getting a dream job in the US has always been achievable for techies. As the courses come under the STEM program and students get a 3-year Optional Practical Training (OPT) for working in the USA after completing their Masters. The scenario was not the same for accounting students, since the subject was not under the STEM program.
But Miles has cracked this puzzle! Through our strategic collaborations with top US universities, we have integrated Business Analytics into Master in Accounting courses. As a result, these programs have gained recognition as STEM courses, encompassing Science, Technology, Engineering, and Mathematics.
This exciting development opens new doors for our alumni, as they become eligible for the same 3-year work permit in the US, just like their counterparts in the engineering field.
The US calls for accountants! Start today if you aspire to have a career that is growing, rewarding, and, stable. Miles Education has always been instrumental in providing 360-degree support to our Indian accountants in leveraging their careers to new heights.
We take immense pleasure in stating that 80% of CPAs working in India are Miles alumni and now we are making their dreams to work in the US possible.
If you wish for an accounting career in the US, the MAcc program at Miles Education is a great option. The program is rigorous, but it is also rewarding. Graduates of the program are well-equipped to succeed in the accounting profession, and they are in high demand by employers.
To know the USPs of the program, visit our website!