Accounting Stats 2022: Job Overview and Salary Info

The field of accounting is one of the most competitive industries globally. Any business needs accounting—therefore, any company specializing in this field must keep updated with the latest trends and technology. However, skills and experience may not be enough, especially with the evolution of technology.

Since accounting is the heart of every business, companies and accountants need to adapt to the rapidly changing accounting world. One of the ways to do it is by understanding the industry’s current trends.

Below you will find the latest accounting stats—data on accounting software, market size, etc.

Top Accounting Stats: Editor’s Choice

  • The US market size of the Accounting Services Industry is $120.6 billion in 2022.
  • The number of US accountants and auditors was 1.28 million in 2019.
  • The annual median salary for an accountant in the US was $73,560 in 2020.
  • Technology literacy is the most critical skill for 57% of accountants.
  • The FBI hires more than 2,000 accountants.
  • The hourly rates of an accountant can range from $30–$100.
  • A forensic accounting job may pay you $95,500 per year.
  • The employment of accountants is expected to grow by 4% through 2029.

General Accounting Industry Statistics

Accounting is considered one of the most needed and secured professions. It is part of every business, nonprofit and government organization.

This highly-regarded occupation offers job security and advancement opportunities. Plus, there are many types of accounting jobs you can choose from (auditor, bookkeeper, tax accountant, financial analyst, etc.).

Accounting is considered one of the most needed and secured professions. It is part of every business, nonprofit and government organization.

1. The US market size of the Accounting Services industry, measured by revenue, is $120.6 billion in 2022.

Furthermore, statistics by Ibis World’s analysts indicate that the growth rate of the Accounting Services industry is expected to increase to 0.9 % in 2022. Over the past five years, the market size of the accounting industry has grown, on average, 1.3% per year between 2017–2022.

The report further suggests that current trends and events could impact this industry, mainly due to the ongoing COVID-19 pandemic. Revenue for the Accounting Services industry is expected to increase as corporate profits increase. The demand for accounting individuals is likely to decrease due to the shift to online-based services (instead of in-person services).

Accounting Services in the US - Market Size (2012-2022)

2. In 2019, the number of accountants and auditors in the US reached 1.28 million.

Additionally, statistics indicate that there were 1.51 million bookkeeping, accounting, and auditing employees in the US. California was the state with the highest employment level in accounting and auditing in the US (150,050), followed by Texas (109,470) and New York (112,360).

However, statistics from Data USA suggest the number of people employed as accountants and auditors has been decreasing at a rate of -16.3%.

3. The accountant employment rate is expected to increase 7% from 2020 to 2030.

This is about as fast as the average for all occupations. Data illustrates that about 135,000 new job openings are projected each year over ten years. These job openings could result from employees who wish to exit the labor force—primarily due to retirement—or simply want to change occupations.

As can be seen, the demand for accountants in the future will continue to grow because this industry is strongly correlated to the economy.

Facts about Accountants and Auditors

4. The accounting annual median salary in the US was $73,560 in 2020.

The latest report by the Bureau of Labour Statistics demonstrates that the average rate per hour for 2020 was $35.37. Furthermore, the lowest 10% earned less than $45,220, while the highest 10% made more than $128,680.

It’s important to note that most accountants and auditors work full-time, and sometimes they work longer hours a week during specific periods of the year, such as quarterly audits and tax season.

5. Most of the accounting jobs in the US (25%) belong to accounting, tax preparation, bookkeeping, and payroll services.

The BLS report’s accountants’ work environment section illustrates that the second-largest employer is the finance and insurance sector (9%), while the government accounts for 8%. About 7% of accounting workers work in the management of companies and enterprises. Only 5% of them are self-employed workers.

Most accounting professionals work in offices, but some employees work from home. They usually work in teams, but some prefer to work alone. Furthermore, some accountants and auditors might visit their clients’ places for business.

Interesting Facts About Accounting

For many years, accounting has been an enormous industry accounting for almost two million jobs worldwide. Companies are abandoning traditional accounting and shifting to the latest accounting technologies to satisfy client needs.

Here are some significant accounting facts that you should know.

6. About 57% of accountants think that tech literacy is the most critical skill for new members in the field.

As more and more companies are looking for ways to recruit, keep top employees, and enhance revenue growth, technology literacy is essential for everyone interested in the accounting field.

Furthermore, 43% of accountants consider that technology integration has already made them more productive. Relationship building is also a necessary skill (46%) for employees to join the accountant industry, as well as business advisory (44%) and experience outside accounting (43%).

7. The global accounting software market share is expected to reach $20,408 million by the end of 2026.

Accounting software facilitates accounting transactions such as payroll, trial balance, accounts payable, etc. The accounting software market is expected to increase at a CAGR of 8.02% due to the integration of accounting software with other technology (big data, optical character recognition, etc.).

The global market will significantly grow in the forecast period, partly due to the shift from keeping financial records to implementing an accounting information system. Today’s technology delivers real-time business visibility via simple dashboards and reports.

8. Accounting is ranked #42 for Best 100 Jobs in 2022. 

The US News compiled a comprehensive list and a best-paying list. They’ve also ranked jobs in 12 occupational industry lists: Best Business Jobs, Best Construction Jobs, Best Creative and Media Jobs, Best Sales and Marketing Jobs, etc. According to the US News and World Report, accountants are ranked #11 in Best Business Jobs.

Jobs are ranked according to several mixed factors, starting with jobs with the largest projected number and percentage of openings from 2020 to 2030. The overall score consists of several component measures: median salary, unemployment rate, 10-year growth volume, future job prospects, stress level, work-life balance, etc.

9. In 2020, the average income of an accountant in the best-paid 25% was $97,530.

Additionally, the report demonstrates that the lowest-paid 25% earned $57,110. The BLS also forecasts that there will be 96,000 new job openings in the accounting sector by 2030, suggesting that the occupation will grow by 7%.

The best-paying cities in the accounting profession are metropolitan areas such as Salinas, CA, New York (NY), Midland (TX), San Jose (CA), San Francisco (CA).

10. The FBI employs more than 2,000 accountants.

Accountants have been included in the FBI ever since its creation. Forensic accountant jobs range from forensic accounting to investigative accounting and auditing who conduct complex financial cases across various programs. FBI accountants help investigate spies, terrorists, and criminals who are guilty of financial wrongdoing.

11. A team of nine accountants will spend up to 1,700 hours counting votes before Oscar night.

Accountants don’t usually come to our mind when thinking about the Oscars. But in fact,  these workers have controlled the Academy Awards since 1935. Every year, a team of accountants spends a significant amount of hours hand-counting the ballots. The Academy Awards had used an accounting firm to assist in organizing votes when Bette Davis was passed over for a nomination.

The votes, including printed electronically submitted ones, are hand-counted and verified by the PwC Oscars team at a secret, secure location. This process, as we said, takes approximately 1,700 work hours.

Accounting Job Statistics

There is no doubt that a career in accounting could have so much potential. This career path allows you to enjoy job stability, but it also has a growth potential to move employees up the ranks in this position.

Accounting also opens the door to many opportunities, including career advancement such as pursuing accounting education or earning professional certificates.

Check out some of the most recent statistics before considering a career in accounting.

12. Accountants’ hourly rates can range from $30 to $100.

An accountant can charge per hour or a service rate according to business needs. The cost is usually determined by the type of services offered. However, rates can vary depending on experience, location of the business, and job requirements.

Therefore, the total cost of accounting services is based on the workload, accountant fees, and the frequency of services required.

13. An accounting career in forensics can bring you $95,500 per year.

Forensic accounting is becoming quite popular in the field of accounting. The accounting career info includes responsibilities such as dealing with fraud, money laundering, and bribery. The forensic accountant investigates financial transactions and records and works together with law enforcement to locate evidence of financial crimes.

Other areas of forensic accounting include identity theft, trademark and patent infringements, and compensation disputes. The FBI and IRs often hire forensic accountants to help them solve financial crimes.

14. The average accountant’s wage is $52,319 per year.

Additionally, an entry-level accountant with less than one year of experience can earn on average $47,482, including tips, bonuses, and overtime pay. A mid-level accountant with 5–9 years of experience can earn an average of $56,720, while an experienced accountant with more than 20 years can gain, on average, $59,271.

All accountants should have a Bachelor’s Degree in Accounting and a CPA status (Certified Public Accountant). Knowledge of accounting software is also a huge plus.

15. Accountants and auditors may work over 50 hours per week, especially the self-employed ones.

In a typical work setting, employees have the following accounting work conditions: they usually work indoors, have a medium level of social contact, communicate via email, telephone, or in-person discussions, mainly work as part of a team, and sometimes travel to visit clients’ offices.

Accountants usually work with clients as well as other accountants and auditors. However, accounting auditors contact customers more frequently.

16. The employment of accountants is expected to grow by 4% through 2029.

The accounting job growth rate is in line with the national average for all occupations. This data indicates that the accounting job market is expected to grow in the coming years. Accounting is not an occupation that will disappear anytime soon. Every business needs an accountant or even an accounting team; therefore, many companies have reasons to employ accountants now and then.

So, as long as businesses exist and need assistance with tax preparation, there will be a need for accountants.

Accounting Stats: The Takeaway

Accountants are a critical part of every business. They make sure the numbers add up, analyze financial records, run payroll, etc. The accounting field has always remained significant. However, the job itself has changed over the years. This is so because businesses have also changed over the years, shifting from manual methods to technology. The above accounting stats illustrate how the accounting field has seen massive growth in the recent past—making it one of the high-profile careers nowadays.

FAQ: Are Accounting Jobs in Demand?

Accounting or the language of business reports numerous business activities made by the company. Accountants are responsible for keeping and analyzing financial records for companies, government agencies, and other organizations. While keeping everything up to date, they ensure that monetary transactions and operations comply with applicable laws and guidelines.

Accounting is still an in-demand profession—the trend of hiring accounting professionals is going upward. These workers are not only delivering financial planning expertise but they’re also valued business partners. So, if you’re considering starting a career in accounting, you’re in luck. Data by the BLS demonstrates that there will be 135,000 new job openings every year, meaning that hiring in this field will continue to grow over time.

The demand for accountants and finance professionals is triggered by the economy’s growth—businesses will require more and more employees to prepare and examine financial records. Furthermore, certified professionals are always in higher demand.


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