Washington, DC – August 5, 2016 – This month the Bureau of Labor Statistics reported that 7.8 million Americans are unemployed, while at the same time 5.5 million jobs remain unfilled in America. This crisis exists because employers demand "job-ready" employees and prospective employees are simply not able to bridge the skills gap without appropriate career education and training.
Professionally trained accountants and bookkeepers are critical to the success of businesses of all sizes, as well as helping Americans keep their personal finances in order. Because of this demand, accounting boasts faster than average job growth: the Bureau of Labor Statistics projects 11% growth in the sector between 2014 and 2024, with 142,400 projected new jobs over the same period. Accountants can also expect to make a good living – median wages were estimated at $67,190 per year in 2015.
But despite the industry’s growth and high earning potential, businesses are struggling to find qualified new entrants to replace retiring baby-boomers. According to a 2015 survey by the American Institute of CPAs, accounting firms listed finding and retaining qualified staff as the most pressing issue they face. Similarly, 72% of recruiting professionals said they had trouble filling positions in the finance and accounting sector, according to a 2016 study by customer relationship management firm Bullhorn. BLS notes that growth in the accounting sector is tied to the overall economy – a growing economy means more workers are needed to support businesses.
“Ensuring students in accounting programs are adequately trained with the relevant, hands-on skills they need to succeed in today’s workforce is an essential step in closing the talent gap,” said Jeff Myhre, CEO of Globe University & Minnesota School of Business. “We help provide employers with confident, job-ready graduates in fields where they are needed most like business, accounting, information technology and health and wellness.”
“If employers continue to struggle to find qualified accountants in the coming years, it will have real impacts on the health of the American economy. Career colleges and universities equip students with the skills they need to find accounting jobs while also helping employers find qualified candidates. Career education will help American businesses navigate the shortage of skilled accountants and will play an essential role in maintaining a strong economy in America,” said Steve Gunderson, president and CEO of Career Education Colleges and Universities (CECU).
About Shortage of Skills
Each month CECU will profile America's "Shortage of Skills" (SoS) in one key industry. We will examine industries that are critical to America's economic advancement and explain how a well-educated and well-trained workforce can address these issues.
About Career Education Colleges and Universities (CECU)
Career Education Colleges and Universities (CECU) is a membership organization of accredited institutions of higher education that provide postsecondary education with a career focus. CECU's work supports thousands of campuses that educate millions of students.