Accounting Faces Reckoning After Years of Sluggish Pay Growth

Companies and accounting firms are shelling out bonuses and boosting salaries to recruit and retain CPAs amid staff shortages and record turnover.

Salary offers have jumped as much as 25% for some roles in recent months. But it’s uncertain if the higher pay will make up for a decade of sluggish salary growth and a shrinking profession.

Competition for skilled accountants has forced the largest CPA firms to boost pay—including midyear raises that KPMG LLP announced in January —as employers adjust to the hot labor market. Firms have also offered flexible work, expanded paid leave, and other carrots ...