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The business landscape is constantly evolving: new generations enter, technology progresses, and systems change. One industry in particular has struggled immensely as the baby boomer generation dubbed it “too boring”. However, Generation Z is transforming the industry and making excellent money while doing so. Here’s how.
The World Economic Forum called accounting the #3 most at-risk job in America in 2020. Namely, they explained that many of the functions of this job were being taken over by technological advancements. Accounting software allowed many business owners to take their finances into their own hands.
A Necessary Rebrand
But more than that, accounting has earned a name for being a “boring” industry, which historically does not inspire high interest among the younger generations, especially those who are coming right out of school. One study even found that it is the second-most associated job with boring people.
In the past 5 years, almost 250,000 accountants have abandoned their roles in accounting to seek other, more exciting job opportunities in different industries. Of those remaining, Forbes estimates about 75% will retire within the next decade.
Despite a less-than-exciting brand, the accounting industry needs fresh talent who is ready to upskill in order to keep up with more complicated tax systems than ever before. Who better to integrate into the industry, equipped with the ability to integrate their knowledge with technological advancements, than Gen Z? Another reason the accounting industry might be appealing to younger workers is that it can largely be done remotely. It’s no secret that younger generations like Gen Z prefer the flexibility of working from anywhere.
Gen Z is Shaking Things Up
The IRS has a program called VITA (Volunteer Income Tax Assistance), which allows students to help families file their taxes. The program has already been introduced to dozens of college campuses and is growing rapidly. In one tax filing season, more than 72,000 volunteers assisted in the VITA program.
Since its inception at California State University, Northridge, the program has saved low-income and elderly taxpayers millions of dollars. Students involved in the program saved taxpayers $11 million in refunds in 2024 alone.
Making an Impact
As more students volunteer in the program, some much-needed excitement is rebuilding around the accounting industry. Young volunteers are starting to see it as an opportunity to help change individuals’ and families’ lives, rather than a monotonous chore.
The volunteer program is an excellent jumping-off point for interested students to enter the working world with unique, actionable skills that will help place them in higher-paying positions in the accounting industry. The median total pay for accountants is close to $100,000, and is $200,000 for CPAs (certified public accountants).
With the various job market transformations that Gen Z is facing, they tend to prefer job security over flexibility, which is why interest in the accounting field will continue to grow. The continued challenge is keeping younger generations interested in the field in order to maintain a stable flow of talent into the industry. Among millennials, some growing markets are software development, nursing, and e-commerce. Many millennials are moving to tech hubs to capitalize on these markets.
Gen Z is transforming the job market in several ways. The younger generation is more willing to ask for higher pay, and in many cases is forced to as the current economy creates new challenges. Additionally, they bring a refreshing new skillset with technology, using AI to streamline and transform processes. As major companies across industries start to invite fresh talent into the fold, favoring technological literacy voer experience, baby boomers will have higher competition in the job market.
Gen Z has been dubbed “lazy” or unwilling to work hard by some in the older generations. Largely, this is because the younger workforce is more willing to demand higher pay, job flexibility, and better work-life balance. However, Gen Z makes up a large portion of the individual getting hired currently. Major tech companies like Microsoft and Meta are actually turing to the yougner generation for fresh talent and idea-makers. Where boomers might have more expereince, Gen Z is more fluent in tech, which makes them valuable team players.
In addition to finance and accounting, Gen Z is also flooding the tech, healthcare, and media/entertainment sectors of the job market as well. Not to mention, there has been a sharp change int eh vlaue placed on trades jobs as well.As AI quickly changes the nature of white collar jobs across industries, there has been a renewed interest in trade jobs. Many Gen Z-ers are choosing to study trade skills instead of going to college, either due to cost or concern about how many jobs AI will start taking over.
The Revival of Industries
Gen Z graduates who are just now entering the job market are facing an even more challenging market than many millennials. These shifts have forced them to explore the industries that millennials tossed aside and considered boring, like in the case of accounting.
Perhaps more than ever before, the job market is shifting rapidly and shows no signs of stopping. When Generation Alpha enters the workforce, there will likely be even more elements introduced, shifting how the different generations view industries.