As businesses of all sizes deal with one financial crisis after another, accountants play an essential role in helping them survive. In this overview of the latest accounting statistics, we’ll examine the sector’s current state. We’ll also take an in-depth look at the industry’s job market, explore the key demographic characteristics of US staff accountants, and see how these affect their salaries. Finally, we’ll discuss recent industry trends and technological advancements.
Top 10 Accounting Statistics and Facts for 2024
The global accounting sector’s value in 2023 is projected at $675.14 billion.
The US accounting sector generated $132.96 billion in 2022.
The “Big Four” accounting firms generated $189.44 billion globally in 2022.
The “Big Four” firms employed more than 1.46 million people in 2022.
As of 2021, the US had 1.51 million people working in accounting.
As of January 2023, the average accountant’s salary is $60,862.
CPAs in the United States can make up to $166,572 per year.
58.4% of staff accountants in the US are women.
58% of US accountants say automation has increased their productivity.
20% of US accounting firms are already adopting artificial intelligence.
General Accounting Industry Statistics
The global accounting sector’s value in 2023 is projected at $675.14 billion.
This number represents a 5.4% increase from $640.7 billion in 2022. By 2027, the market is expected to reach $795.99 billion — translating to a 17.9% increase over the next four years. After that, it will continue growing at a compound annual rate of 4.2%, eventually reaching $938.38 billion by 2031. Interestingly, the 2031 value was initially projected at $1.7 trillion, but it has since been adjusted in light of the Russia-Ukraine war and the resulting financial crisis.
(The Business Research Company)
The US accounting industry generated $132.96 billion in 2022.
Its revenue saw a 2.6% increase from $129.59 billion in 2021, which was enough for the sector to reach an all-time high and maintain its growth after a minor, pandemic-related slump in 2020. Additionally, historical data reveals that the US accounting sector’s annual revenue totaled just $96.95 billion back in 2012 — pointing to an impressive 37.1% increase during the last decade.
(Statista)
The “Big Four” accounting firms generated $189.44 billion globally in 2022.
The term refers to the world’s four largest firms — Deloitte, Ernst & Young (EY), Klynveld Peat Marwick Goerdeler (KPMG), and PricewaterhouseCoopers (PwC). Accounting stats show that Deloitte led the pack with $59.3 billion in 2022. Meanwhile, PwC was second with $50.3 billion, EY ranked third with $45.2 billion, and KPMG was fourth with $34.64 billion in annual revenue.
(Statista)
The US accounted for 33.4% of the “Big Four” firms’ revenue in 2021.
Of the $167.67 billion these four accounting firms generated in 2021, just over $56 billion came from their US operations. As for the regional breakdown, accounting facts reveal that the largest part of the revenue — $73.09 billion (43.6%) — came from the Americas. Meanwhile, the offices in Europe, the Middle East, and Africa (EMEA) brought in $64.65 billion (38.6%), and those in Asia-Pacific were responsible for $29.93 billion (17.8%) of the “Big Four” revenue in 2021.
(Statista)
The “Big Four” firms employed more than 1.46 million people in 2022.
In line with the overall accounting industry growth between 2021 and 2022, all four leading firms have significantly increased their global workforce — some, like Deloitte, by more than 100,000 people. At the end of the fiscal year 2022, Deloitte employed 411,950 people worldwide, making it the biggest accounting firm in terms of workforce size. Meanwhile, Ernst & Young had 365,399 employees, KPMG followed closely with 359,449, and PwC had 327,947 employees worldwide.
(Statista)
Employment Trends in Accounting
As of 2021, the US had 1.51 million people working in accounting.
The number above includes people working in bookkeeping, accounting, and auditing. Since 2012, when the industry employed 1.8 million clerks, the number has decreased by almost 300,000 (16.1%). However, with bookkeepers excluded, the number of employees has actually gone up — from 1.28 million in 2012 to 1.32 million in 2021. This means that only the number of bookkeepers has decreased over the last 10 years, with automation likely the primary reason.
(Statista)
California is the US state with the most accounting and auditing employees.
With 151,320 clerks employed as of May 2021, California is the US state that employs the most accountants, statistics show. The top five also includes New York (111,600 employees), Texas (104,490), Florida (79,380), and Pennsylvania (54,530). As for individual cities, the New York metropolitan area (incl. Newark and Jersey City) has the highest employee count at 117,800. That’s nearly twice as many employees as the second-placed Los Angeles metro area (59,470).
(Bureau of Labor Statistics)
As of January 2023, the average salary of an accountant is $60,862.
The average is based on a survey of 27,300 US accounting clerks who reported their salaries. Of course, the actual pay depends on the person’s experience in the industry. For example, accountants with 1–2 years of previous work experience average $56,432 per year. Meanwhile, those with more than 10 years of work experience have an average annual income of $70,073.
(Indeed)
In May 2021, the average accounting pay rate was $40.37 per hour.
According to the Bureau of Labor Statistics (BLS), the top 10% of earners made $62.01 hourly or $128,970 annually. The average for the top 25% of earners was $47.98 per hour or $99,800 per year, while those in the top 75% averaged $29.21 per hour or $60,760 per year. Finally, the bottom 10% of earners made just $23.06 per hour or $47,940 annually. The same data set also shows that the US accountants’ median salary stood at $37.14 per hour or $77,250 per year.
(Bureau of Labor Statistics)
CPAs in the United States can make up to $166,572 per year.
A 2021 report revealed the average CPA salary for people with 1–3 years of work experience was $52,639. At the same time, seniors with 8–10 years of experience averaged $94,951 per year, while partners at CPA firms made $166,572 before bonuses and other benefits. Becoming a CPA (certified public accountant) requires accounting graduates to meet specific educational and professional goals and pass a final exam, which is why CPAs earn more than accountants.
(FreshBooks)
The District of Columbia has the highest average accounting salary.
In 2020, the District of Columbia’s 10,500 accounting employees averaged an annual salary of $110,140 — more than in any other state. Further looking at accounting salaries by state, the top five also includes New York (112,360 employees; $101,440 average annual salary), New Jersey (39,060; $96,260), Massachusetts (34,710; $88,830), and California (150,050; $88,130).
(Bureau of Labor Statistics)
Accountants working in the oil industry have the highest annual salary.
According to BLS, the average income of accountants working with companies that specialize in pipeline transportation of crude oil stood at $123,230 in 2020. That’s only slightly more than the $123,210 accountants and auditors in computer equipment manufacturing made that year. The list of the five highest-paying industries also includes other information services ($112,900 per year), securities and investments ($107,610), and federal executive branches ($107,170).
(Bureau of Labor Statistics)
Accountant Demographics
58.4% of staff accountants in the US are women.
According to the popular online job board Zippia, the US currently has more than 833,093 accountants — i.e., those employed by accounting firms. While women make up 58.4% of that number, men account for the remaining 41.6%. Like many other industries, accounting also has a well-documented gender pay gap. Namely, for every $1 men earn, women make just 96 cents.
(Zippia)
61.9% of staff accountants in the US are White.
Accounting demographics show that White Americans are more represented in the labor force than all other ethnic groups combined. As for the racial makeup of other staff accountants in the US, 14.4% are Asian, 10.8% are Hispanic, 8.5% are Black, and 0.4% are American Indians. Not all of them earn the same. At $55,525, Asian staff accountants have the highest average salary. Meanwhile, White Americans earn $54,350, Blacks earn $53,554, and Hispanics earn $53,338.
(Zippia)
An average US staff accountant is 41 years old.
Facts about accountants point to Black accounting clerks as the oldest, with women averaging 47 and men 43 years of age. Female accountants generally tend to be older than their male counterparts — their average ages are 43 and 39, respectively. On the whole, 58% of all staff accountants are aged 40+, 27% are in the 30–40 bracket, and 14% are in the 20–30 age group.
(Zippia)
76% of US staff accountants have a bachelor’s degree.
The overwhelming majority of accounting firm employees have a bachelor’s degree, accountant facts reveal. At the same time, 11% have an associate’s degree, 10% have obtained a master’s degree, 1% have a high school diploma, and only 2% have other degrees. Education is another factor that impacts how much staff accountants earn. Namely, those with a bachelor’s degree earn $52,906, those with a master’s degree earn $56,275, and those with a PhD earn $58,951.
(Zippia)
Current Accounting Industry Trends
36% of American accountants are happy with their jobs.
A 2013 survey by Monster — the most recent such survey conducted in the US — found that 36% of all Americans working in finance and accounting were satisfied with all aspects of their jobs. More recently, a 2019 UK-based survey showed that accountants and auditors were more satisfied with their jobs than people working in any other industry. Besides being very loyal to their employer, accountants were also highly likely to recommend their employer to others.
(Monster, Accountancy Age)
US accountants’ faith in the industry’s future fell amid the global pandemic.
One of the more interesting facts about accounting is the existence of the ACI (Accountants Confidence Index). This indicator of industry professionals’ confidence about the sector’s future uses a scale of 1–100, where all scores above 50 indicate a firm belief in future growth. In May 2020, just as the pandemic hit, the ACI fell to an all-time low of 29.35. Things have only slightly improved since then — when it was last published in September 2020, the ACI stood at 43.91.
(Accounting Today)
58% of US accountants say automation has increased their productivity.
Automation is among the most dominant current trends in accounting, and 58% of US industry professionals say it has helped increase their productivity, giving them more space to provide their clients with extra services. While 41% said automation, like automating accounts payable processes or invoice management automation, improved their staff’s confidence, 35% also credited it with helping them retain clients more successfully. As of 2020, only 6% of US accountants didn’t believe automation could help with any tasks at their respective firms.
(The Sage Group)
20% of US accounting firms are already adopting artificial intelligence.
Artificial intelligence (AI) is another one of the leading accounting trends, with 58% of industry leaders believing it will help automate tasks and optimize their firms’ operations. It is thus no surprise that 20% of firms are already heavily investing in and adopting the technology, with another 20% planning to start doing so within the next 12 months and 17% looking to join them in the next 1–3 years. Only 16% of industry leaders don’t think AI would be useful for their firms.
(The Sage Group)
The Takeaway
Unlike many other sectors, accounting is thriving. Although recent wars and financial hardships have slowed its growth, the industry is currently worth $675.14 billion and is projected to reach $938.38 billion by 2031. The sector employs more than 1.51 million people nationwide — and the number of accountants in the US is bound to continue growing in the coming years.
Accounting provides excellent employment opportunities, with average annual salaries ranging from $60,862 for accountants to $166,572 for partners at CPA firms. The industry leaders are also largely aware of the benefits automation, AI, and other technologies can bring them and are already busy implementing these innovations. This will help them remain relevant in a highly competitive field, allowing them to increase productivity and keep pace with client demands.
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