Shortage of accountants becoming a business crisis

Montana is currently facing a significant accounting crisis. Nationally, 75% of accountants are approaching retirement. The Bureau of Labor Statistics forecasts roughly 130,800 job openings for accountants and auditors over the next decade. At this time last year, there were more than 60,000 active accountant job openings in the U.S., and last year, Montana had hundreds of open positions for accountants. Many smaller towns have already felt this pressure, but this gap in our business sector will start to cause even larger impacts. 

While many of us think about accountants only during tax season, they play a crucial role in businesses and the economy. Accountants contribute to financial management, strategic business planning, and risk mitigation. They possess the knowledge and skills necessary to help companies grow thoughtfully, especially in unpredictable times, and achieve long-term profitability. 

The University of Montana’s accounting program has been a source of pride for the campus for decades, ranking 14th nationally among similarly sized programs, and we have exceptional CPA pass rates. This accountant shortage comes as no surprise to us, and we have been actively developing plans and strategies to address this issue in our state. Our undergraduate accounting enrollment has increased by 30% this academic year. This achievement is due to focused recruitment in high schools, early career development, and mentoring for students interested in accounting. 

This last academic year, our Master of Accountancy program transitioned to a fully online format. We know that most people can’t pick up their lives and move to Missoula to go back to school. Moving online makes it possible for individuals from Brockton to Bozeman and Libby to Lewistown to work around their schedules and change careers or finally obtain the master’s degree they need to expand their businesses. The response has been overwhelmingly positive, with enrollment nearly doubling since the program’s launch into the online space. 

Our mission at the College of Business is to nurture students' innate work ethic and provide transformative learning experiences to help them achieve a better life. Beyond student recruiting, we are investing in professional instructional design training and course preparation to ensure that our exceptional accounting faculty can equip our students with the skills and knowledge they need to pass the CPA exam and get to work in their communities. 

This past session, the legislature also took action. We want to thank the Montana Society of CPAs for collaborating with Sen. Greg Hertz of Polson, who sponsored and passed Senate Bill 166. This bill modifies licensing rules and the required credit hours for accountants. The new law took effect on July 1, and we are already working on implementing it. This was a significant step forward in addressing the accountant shortage in our state, which wouldn’t have been possible without their leadership on the issue. 

These changes bring new opportunities for our students and our state. We are excited about the future and remain dedicated to providing excellent and affordable accounting programs. If you have questions about the College of Business or our programs, please reach out to us. 

Suzanne Tilleman is the Sprunk and Burnham Endowed Dean at the College of Business at the University of Montana.