Whenever something is rare, it becomes more valuable. Diamonds, gold, people who understand AI – you name it.

Interestingly, it turns out that Accountants are now in this category, too. According to data from leading industry bodies, there aren’t enough of them to go around. And that’s pushing up the prices they can charge.

If you’re someone who is interested in making more money, this development is exciting. It means that anyone who decides to get into the space can earn a lot of money.

Here’s some of your options

Upskill

The first approach is to simply upskill and learn how to do Accounting. Given the shortage, firms are desperate for anyone with the relevant skills.

The great thing about accounting is that you don’t need to be a math whizz. Understanding taxes and spreadsheets is much more valuable.

What’s more, you can learn the necessary skills in as little as six months. It doesn’t take long to get started and bring your skills to a level the market will accept.

Specialize

Another approach is to specialize in the areas that need accountants the most. Some fields remain wildly underserved.

For example, there is currently a shortage of forensic and auditing accountants. Companies can’t get the people they need to check through their accounting and look for tax efficiencies.

These professionals are sometimes available through agencies, but employers trying to attract them in-house often struggle to get them. Nobody is available, and the most successful accountants are already working in the industry.

Improve Your Existing Skills

If you are already an accountant, you might also want to focus on improving your existing skills and providing employers with proof that you’re on top of your game. Getting the necessary CPE credits is a strong signal you have the necessary abilities to help companies master the competition and get ahead.

Start An Accounting Firm

If you want to make big money, you might also consider starting an accounting firm. Bringing together non-entrepreneurial accountants under one roof lets you offer scalable services to multiple companies and individuals in your area, offering them the best possible tax and wealth-preserving advice.

This path also gives you more control over your hours and what you do. You don’t have to follow anyone else’s schedule when you are the person who owns the business.

However, it does imply more investment. You often have to invest your savings or use them as surety for investors.

Take On Freelance Work

Another way you can take advantage of the shortage of accountants is to take on freelance work. Instead of setting up your own firm, you could take extra jobs on the side to supplement your income and provide you with more money.

Freelancing today is simpler than it was in the past. Before, you had to do all the outreach and marketing yourself. However, now you can go through platforms that do it for you. These filter customers in your direction, allowing you to set prices according to your experience and the value you offer.

What’s great is that there aren’t actually many accountants on these platforms. And the ones that do exist are maxed out with the work that they have to do daily. You can slot in with a slightly lower price and start winning clients immediately. Ensure you get them to review your services and recommend you to others in their network.

Ask For A Higher Salary

You can also take advantage of the short supply of accountants by negotiating for a higher salary. Because there are so few people in the market with your skills compared to demand, you can afford to be brave.

Start by looking at the value you generate for your firm in raw numbers. Then, cross-check it with average industry salaries for accountants with your skill level and experience. These two data points should tell you roughly what you’re worth to any company that hires you. You can then go into wage negotiations armed with this information, letting you get a better deal.

Start Networking

Finally, you can start networking with other accountants to find more opportunities in your area to take advantage of the short supply of accountants. Coworkers and colleagues will often know about openings offering high salaries and plenty of benefits.

Networking is also a good way to stay abreast of the industry trends that might work in your favor. For example, you could keep track of the accounting fields with the fastest-growing demand, focusing on these instead.

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