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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.
Accounting: An Industry in Crisis
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.
Boomer Accountants Abandon Their Roles
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.
Accounting Needs Fresh Talent
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?
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.
Saving American Taxpayers Millions of Dollars
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.
A Pathway to a High-Paying Career
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).
Growing Interest
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.