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Centri’s Jerry Maginnis Featured in Accounting Today: Stop Talking About the Talent Shortage and Start Solving it!

Centri’s Senior Advisor, Jerry Maginnis, is featured in an Accounting Today article: Stop Talking About the Talent Shortage and Start Solving It! Within this article, Jerry shares his thoughts on the shortage of talent in the accounting profession and the actionable steps employers should take to solve it.

The challenge is that there aren’t enough accountants to do the work. Jerry states, “This is not just an issue for the accounting profession, but has implications and poses risks for our broader economy.”

The shortage of accountants is due to a combination of factors such as baby boomers retiring, accounting enrollments decreasing, and many leaving the profession after a few short years. This poses risks for investors and creditors who rely on financial reports produced by accountants and audited by CPAs to make business decisions.

To help solve the shortage, Jerry suggests the following actionable steps:

1. Do a better job of making young people aware of the long-term benefits of an accounting career. The ability to read and interpret financial statements is a skill that will benefit any manager or leader, and launching a career as an accountant can lead to other opportunities.

2. Blow up the myths and stereotypes that exist about the profession. Accountants do many things beyond tax compliance, including providing strategic advice and counsel to CEOs, boards, and business owners. The work is challenging and exciting, putting them on the front lines of a rapidly evolving business landscape.

3. Reimagine recruiting efforts. Young people today are considering their career opportunities earlier than ever. The profession needs a stronger presence at the high school and community college levels to raise awareness of the benefitsof an accounting career and use tactics like social media campaigns to reach this generation.

4. Focus on underrepresented populations. In certain inner-city neighborhoods, young people often don’t know what an accountant does or the potential benefits of a career in the profession. We need to change this by getting into those communities with a campaign to educate and raise awareness.

5. Improve retention. Those who have entered the profession in recent years have often left in the first 1 to 3 years, noting the long hours and lack of work-life balance. As a deadline-driven profession, employers must better manage workloads and minimize excessive overtime during traditional “busy seasons.” Embracing powerful new technologies, such as generative artificial intelligence, and leveraging technology investments will go a long way toward addressing the talent crunch.

6. Ensure compensation is competitive. Firms and employers need to offer fair and competitive compensation packages at all stages of an individual’s career journey if they are going to attract bright and motivated individuals.

Accounting is a great profession that offers a challenging and rewarding career path. At Centri, you have the ability to build a career – not just work a job. Our employees have a chance to innovate within emerging industries of all sizes and work on unique projects, while giving you the tools you need to continue learning and growing. Learn how a career at Centri can be the right path for you.

Jerry Maginnis

Senior Advisor, Strategy & Growth | CPA

Jerry is a Senior Advisor at Centri Business Consulting. He began an advisory relationship with Centri in October 2020, bringing his deep expertise in accounting, advisory, and financial services to advise across the firm’s practices, with a focus on strategic growth initiatives. View Jerry Maginnis's Full Bio