As the number of college students majoring in accounting continues to decrease, salaries for accountants and finance professionals have continued to rise, according to recent salary guides, Accounting Today reported. The Robert Half 2024 Salary Guide reported that "hiring remains robust in finance and accounting," and "unemployment in these fields sits well below the national average, especially for accountants."

The guide reported, "Fewer college students are graduating with accounting degrees, making it especially hard for public accounting firms to find entry-level candidates. Competition for experienced talent is also an issue, as many public accounting employees leave for corporate jobs with more manageable workloads. Audit and bookkeeping professionals at all levels are also in high demand."

The guide noted that the accountant shortage is "causing both financial reporting issues for managers unable to find the requisite expertise and increased workloads that can lead to employee burnout. Public and corporate accounting and finance organizations are trying multiple strategies for attracting, landing and retaining talent."

The data originated from online surveys developed by Robert Half and conducted by independent research firms. The respondents included hiring managers and employees from small (less than $50 million in revenues), midsize ($50 million to $1 billion) and large ($1 billion or greater) private, publicly listed and public sector organizations across the United States.

Managers said they would, in particular, raise salaries for certain skills: financial reporting (48 percent), financial modeling (42 percent), management experience (38 percent), and data analytics (38 percent).

Managers are also using contract professionals more often to fill their talent gaps. Forty-three percent of them said they use contract professionals for financial analysis and planning, 37 percent for financial reporting, 31 percent for accounts payable/receivable, and 29 percent for tax/treasury.

The Robert Half guide lists salaries according to three percentiles: 25th ("new to the role, with little or no experience"), 50th ("has the experience to consistently perform core responsibilities without direct supervision") and 75th ("value to the organization goes far beyond the ability to perform normal job duties; has rare qualifications that enable consistent contribution in unique ways"). The salaries listed include those of forensics accountants (25th percentile: $83,250, 50th percentile, $103,750, 75th percentile: $119,750); directors of accounting (25th percentile: $118,000, 50th percentile: $160,500, 75th percentile $176,500); divisional controllers: (25th percentile: $107,750, 50th percentile: $154,250, 75th percentile: $174,000); and chief financial officers (CFOs) for corporate accounting: (25th percentile: $176,500, 50th percentile: $265,000, 75th percentile: $300,750).

Accounting Today also reported that Randstad USA issued its 2024 salary guide for accounting and finance. and staffing and recruiting agency, LHH issued its salary guide in late September, showing salary levels ranging from $61,164 for a staff accountant to $90,708. According to the LHH salary guide, an accounting professional with Big Four experience can earn a salary ranging from $73,496 to $99,915. For a CFO, salaries can range from $201,824 to $478,153.