Effective recruitment strategies for accounting firms

An accounting firm is only as good as its team, but building one is increasingly difficult. A critical talent shortage means fewer accounting professionals are entering the field. This is making it harder to fill positions at all, let alone attract and hold on to the best talent.

At the same time, attitudes and expectations are changing. Candidates scrutinize roles. They can afford to ask for higher salaries, stronger benefits, and flexible working. Accounting firms recruiting talent have to adapt to a market defined by scarcity and higher demands.

Challenging times for accounting firm recruitment

Recruiting accounting staff is increasingly difficult, with firms struggling to find and retain their best talent. The scale of disruption makes it difficult for many firms to adapt to many changes:

• Accounting talent shortage: 83 percent of financial leaders say they’re struggling to find qualified accounting talent
• Accountant discontent: 44% of accountants expect to change jobs in the next year; nearly 70% in the next two years
• Technology trends: rapid change affects the skills accounting firms need, but also the opportunities candidates are looking for
• Remote working: 83% of accountants say remote work is very important; 55% would seek another job if they lost the ability to work remotely
• Candidate expectations: accounting professionals are demanding more from positions, reinforced by the skills shortage
• Demographic shifts: Millennials and Gen Z bring their own attitudes and expectations to the table
• Client expectations: business clients are also demanding more from accounting firms

Recruiting top accounting talent has always been challenging. But the extent of the talent shortage and the pace of other changes put immense pressure on firms. More accountants are leaving the field than entering it, while 99% of working accountants say they experience burnout.

Competition for accountants is skyrocketing, but hiring the perfect candidate doesn’t mean you’ll hold on to them. 88% of accountants want a better work-life balance. Demand for job security, flexibility, career development, and other perks is rising. Higher salaries alone aren’t enough to attract or hold on to the best accounting professionals.

No wonder accounting firms consistently rank recruitment among their top challenges.

Know what your firm needs from its recruitment strategy

As hiring accounting talent becomes more difficult, knowing what your firm needs from its recruiting strategy is increasingly important.

Assess your firm’s immediate and mid-term goals

Look at your firm’s goals for the next 1-3 years and forecast performance with your current team. Calculate how far off track you are with existing resources and where you fall short. Recruitment isn’t the answer to all your growth targets, so make sure you’re setting realistic goals in your recruitment strategy.

Review team and process efficiency

Too many firms try to recruit their way to greater efficiency.  But adding team members to inefficient processes only creates more work for everyone. Review the efficiency of internal processes and your existing team. Look for opportunities to improve efficiency before you add more team members to the mix.

Identify gaps in your existing team

With your firm running as efficiently as it can, the gaps in your team should be clear. You may have obvious talent shortages — for example, accountants with experience in advisory services.

Also, monitor team workloads and keep an eye out for anyone with overloaded schedules. Reassess internal processes and determine why they’re overworked. This will tell you whether hiring someone else is the answer.

Pinpoint the roles you need to recruit

With a clear idea of your firm’s staffing needs, you’re ready to define the roles you need. Be realistic about timelines, salaries, and the full expense of filling each role. Take the challenges of recruiting accounting professionals into account and set reasonable targets. 

Know what candidates want from hiring accounting firms

A lot is said about the new attitudes Millennials and Gen Z bring to the working-age population. But their priorities aren’t all that different from the changing demands of accountants across all generations.

Sure, Gen Z accountants want the option to work remotely, but so do 83% of accountants of all ages.

• Competitive salary and benefits: pay that reflects market demand and the responsibilities of the role
• Work-life balance: flexibility to balance hours and workloads with personal lives
• Reasonable workloads: schedules that allow professionals to focus on delivering quality without constantly overworking themselves
• Remote working: freedom to work on a fully remote basis or a hybrid, flexible model
• Job stability: signs that the hiring firm is steady, well-managed, and in a good position for the future
• Career growth and professional development: a clear path for the role to evolve with enhanced learning, skills, and responsibilities
• Work environment and culture: a supportive dynamic where team members pull together
• Firm values: a sense that leadership acts consistently with the principles they promote
• Transparent leadership: executives and managers who openly discuss goals and expectations with everyone at the firm
• Technology adoption: systems that simplify complex processes and provide an opportunity to level up their skills
• Meaningful work: assignments that contribute real value to the firm and its clients
• Recognition: acknowledgement for efforts that deliver results for the firm

These priorities build a clearer picture of what the top accounting talent looks for in a hiring firm. They want to join modern practices that value their clients, employees, and the work they do. Beyond competitive salaries and benefits, they value pride in their work and the chance to develop their skills. They want to build a career for life, but one that fits into their personal lives.

Strategically source accounting candidates and build interest year-round

You don’t have to wait until you post a new job listing to source potential candidates from scratch. Build interest in your firm all year round and build visibility strategically to attract the top applicants.

LinkedIn: build your network and post job listings

LinkedIn is the ideal social network for posting job listings, but also for building your brand as a hiring firm to attract the best talent.

Professional networks that help with ​​recruiting for accounting firms

Aside from the major job listing websites, post your jobs on professional networks for accountants. For example, the AICPA Career Center allows firms to post jobs for Certified Professional Accountants (CPAs).

University and accounting program partnerships

Many top business schools, including the University of Illinois Gies College of Business, run partnerships for companies to recruit talent and learn from the next generation of professionals.

Employee referrals and internal talent pipelines

Plenty of firms run referral programs for clients, but a growing number are now running programs for accounting candidates. As Haskell & White puts it, “CPAs are in high demand,” and who better to refer talent than accountants themselves?

Specialized accounting job boards and recruiters

Test specialized job boards designed to help you find the ideal accounting professionals. For example, Accountingfly allows you to post jobs for permanent positions, freelance or project-based placements, and constantly source talent with its “Always-On” service.

Online communities and discussion groups

Build and manage your profile across online communities, such as r/accounting on Reddit and marketplaces like Glassdoor. You won’t get candidates from all community platforms, but you will from many — and they all contribute to the perception of your firm.

Getting applications from the right candidates

The quality of applications is more important than the quantity. Screening and reviewing candidates is intensive (more on this shortly). Getting a clean list of quality applications is the best way to start this phase of the recruitment process.

Define the skills, qualifications, and attributes you’re looking for

Knowing exactly what you want from candidates starts with clarifying the skills, qualifications, and attributes you’re looking for. This improves the quality of applications you receive and makes your job listing more compelling for your target candidates.

If you’re looking for accountants with specific industry experience, state this in the job description. If it’s essential, say so. If you’re willing to help the right candidate gain experience, put this in your “nice to have” list. You can also add this to the list of experience candidates will gain by joining your firm.

Finally, think carefully about soft skills and include phrases that reflect the working culture of your firm (eg: teamwork, ownership, ability to work remotely, etc.).

Craft a job description that resonates with the right candidates

Use the job description to appeal to your ideal candidates and get more applications that meet your requirements.

• About us: show that you’re the kind of firm your ideal candidate would be proud to join
• About the role: explain how the role contributes to the firm’s wider ambitions
• What your day-to-day will look like: offer a realistic snapshot of what candidates will be doing in the role
• What you need for the role: focus on the essential skills and experience you want from applicants
• What you’ll gain from the role: highlight the opportunities to develop skills at the firm
• Compensation and benefits: be as transparent as possible about salary ranges of core benefits
• Our values: openly share the principles that guide your firm and its workplace
• Our recruitment process: give an accurate outline of what to expect after submitting an application

With the competitive nature of recruiting accountants, a compelling job description is essential to attracting quality candidates.

Screening and interviewing candidates

Screening rules out unsuitable applications, so you only interview the strongest candidates. You can use AI screening tools and other technologies to speed this process up.

• Review applications — use an Applicant Tracking System (ATS) for efficiency
• Filter out candidates lacking essential skills and experience
• Shortlist candidates with the essentials and nice-to-haves
• Run short phone or video screenings
• Verify experience and suitability
• Check alignment with role and salary expectations

After the initial screening process, run a series of interviews to narrow down the list of candidates.

• Ask what attracts each candidate to this position
• Establish each candidate’s long-term goals
• Use the STAR method to ask behavioral questions
• Test each candidate’s technical accounting knowledge
• Evaluate experience with scenario-based questions
• Set candidates a task after the first interview
• Invite candidates to ask questions at each stage

Use a consistent interview format for each candidate. Aside from creating a fair interview process, this helps you compare candidates on equal grounds. If you identify areas for improvement in the recruitment process, implement them when hiring for the next position.

Build a firm that attracts and retains the top accounting talent

We can talk about recruitment strategies all day long, but hiring staff is a never-ending cycle unless you hold on to your best people. Recruiting talent is more expensive than retaining it. And this is before you factor in the other challenges of recruiting accountants in the current climate.

Building a firm that attracts and retains the top accounting talent is the only sustainable recruitment strategy.

Earlier, we raised the importance of process efficiency, and this starts with onboarding new employees. An effective onboarding system helps new recruits get up to speed as quickly as possible. But it does so without wearing them out before the real work begins.

When 99% of accountants experience burnout, process efficiency is the front line of your retention strategy. Clean processes remove the clutter from everyday tasks. This allows your team to focus on meaningful work and gain more satisfaction from their accomplishments.

Use the latest automation technology to reduce manual workloads. Look at collaboration software to support remote and flexible working. Implement client management tools to improve the working relationship between your team and clients. Build an environment that keeps your best accountants — and your most valuable clients — invested in your firm.