Gen Z breathing life into “boring” jobs millennials left — now making big money

Amidst a retirement wave of baby boomer accountants and a field considered by many as “boring, ”Gen Z is stepping in to fill the gap and earning substantial salaries in the process. According to a report from Yahoo Finance, accounting, once seen as lackluster by millennials, is now a budding opportunity for the younger generation.

Resurgence in the accounting field

The exodus of roughly 340,000 accountants over the last five years and the expected retirement of up to 75% of remaining professionals within a decade has resulted in an industry talent shortage. This crisis has paved the way for Gen Z, those born between 1997 and 2012, to enter the accounting field, according to The Independent. Fiscal incentives are a significant draw. Fortune Magazine highlights that entry-level accountants are seeing average salaries nearing $93,000, a prospect that attracts many young individuals.

Impact of the VITA Program

The IRS Volunteer Income Tax Assistance (VITA) program is crucial in this shift. Established over 50 years ago, VITA provides free tax assistance to low-to-moderate income households and has recently become a launching pad for aspiring accountants. In 2024 alone, VITA facilitated the claiming of nearly $11 million in tax refunds and over $3.6 million in tax credits by low-income Americans.

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Students like Alana Kelley and Tristan Klascius, engaged in VITA programs, help tackle complex tax situations and offer life-changing financial assistance. The program not only facilitates practical experience but also offers insights into the transformative power of accounting, as described by MSN.

While the traditional view of accounting may lean towards the monotonous, Gen Z is revolutionizing perceptions and reaping the benefits of a stable, lucrative career path.