NAICS 541211 Quarterly Industry Report
Offices of Certified Public Accountants
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 541211Sector: Professional, Scientific, and Technical Services (54)Updated: Q1 2026
About This Report
This industry profile for Offices of Certified Public Accountants (NAICS 541211) draws on data from the U.S. Census Bureau[5] NAICS classification, Bureau of Labor Statistics[6] employment projections, the American Institute of Certified Public Accountants[7] (AICPA), and SBA size standards[8]. Published by Fair Market Value and updated quarterly, it provides valuation professionals and financial service lenders with classification context for assessing CPA firm businesses. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team.
Industry Snapshot
Key metrics for the offices of certified public accountants industry.
NAICS Sector
54
Professional, Scientific, and Technical Services
Industry Definition & Overview
Offices of Certified Public Accountants (NAICS 541211) encompasses establishments staffed by certified accountants authorized to audit accounting records and attest to compliance with generally accepted accounting practices Census Bureau NAICS 541211[5]. These firms provide financial audits, design accounting systems, prepare financial statements, develop budgets, and advise on accounting matters. Many also furnish tax return preparation, bookkeeping, and payroll processing. Demand is consistent year-round.
The accounting services industry generated $147.5 billion in revenue in 2023 across the United States. Employment of accountants and auditors is projected to grow 5 percent from 2024 to 2034, faster than average for all occupations, with about 124,200 openings yearly Bureau of Labor Statistics[6]. About 55,346 establishments employ 535,309 people in NAICS 541211. The Big Four firms (Deloitte, PwC, EY, KPMG) dominate large-company auditing, while thousands of small and mid-sized firms serve the vast majority of businesses.
Geographic concentration follows economic activity, with California, New York, and Texas hosting the largest numbers of CPA firms due to their status as major financial hubs. The profession faces a persistent talent pipeline challenge, with fewer accounting graduates sitting for the CPA exam each year. Per the BLS Occupational Outlook[6], firms are responding by expanding advisory services, investing in technology, and restructuring compensation to attract candidates.
What's Included in This Industry
- Financial statement auditing and compliance attestation services
- Tax return preparation and tax planning for businesses and individuals
- Accounting system design and implementation
- Bookkeeping and payroll processing services
- Budget development and financial forecasting
- Accounting advice and consultation on financial matters
- Review and compilation services for financial statements
- Agreed-upon procedures for financial information
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Professional, Scientific, and Technical Services | 54 |
| Subsector | Professional, Scientific, and Technical Services | 541 |
| Industry Group | Accounting, Tax Preparation, Bookkeeping, and Payroll Services | 5412 |
| NAICS Industry | Accounting, Tax Preparation, Bookkeeping, and Payroll Services | 54121 |
| National Industry | Offices of Certified Public Accountants | 541211 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 541213 | Tax Preparation Services | Tax Preparation Services comprises establishments specializing in tax return preparation without the audit capabilities required for CPA certification, representing a narrower service focus than 541211. |
| 541219 | Other Accounting Services | Other Accounting Services includes bookkeeping, payroll, and billing services that do not require CPA certification, representing a lower barrier-to-entry segment of the accounting industry. |
| 541214 | Payroll Services | Payroll Services focus specifically on payroll processing, tax withholding, and payroll administration as their primary function, distinct from the broader audit and advisory scope of CPA offices. |
| 541611 | Administrative Management and General Management Consulting Services | Administrative Management and General Management Consulting Services may overlap with CPA advisory work, though consulting firms lack the audit authority that distinguishes certified public accounting establishments. |
| 541199 | All Other Legal Services | All Other Legal Services provides paralegal and legal support that CPA firms coordinate with for tax controversy representation, entity formation, and regulatory compliance documentation. |
| 541990 | All Other Professional, Scientific, and Technical Services | All Other Professional Services represents adjacent advisory and consulting services that CPA firms may compete with or complement when providing financial planning and business advisory work. |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 13.6% | 7,576 |
| 2 | Florida | 8.5% | 4,711 |
| 3 | Texas | 7.5% | 4,154 |
| 4 | New York | 6.5% | 3,613 |
| 5 | Illinois | 4.1% | 2,269 |
| 6 | Pennsylvania | 3.3% | 1,852 |
| 7 | Georgia | 3.3% | 1,845 |
| 8 | New Jersey | 3.3% | 1,811 |
| 9 | North Carolina | 3.0% | 1,687 |
| 10 | Ohio | 3.0% | 1,661 |
% Of Establishments
0%
14%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
3,616
Total SBA Loans
$1.8B
Total Loan Volume
$493K
Average Loan Size
11 yrs
Average Loan Term
9.88%
Average Interest Rate
21,880
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The SBA size standard for NAICS 541211 is $26.5 million in annual receipts SBA Size Standards[8]. CPA firms at or below this threshold qualify as small businesses for federal contracting set-asides and SBA loan programs including 7(a) and 504 loans.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | United Midwest Savings Bank National Association | 328 | $305.2M | $931K |
| 2 | Live Oak Banking Company | 264 | $140.3M | $531K |
| 3 | U.S. Bank, National Association | 192 | $122.2M | $636K |
| 4 | The Huntington National Bank | 152 | $78.4M | $516K |
| 5 | JPMorgan Chase Bank, National Association | 168 | $64.6M | $385K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 541211?
NAICS 541211 covers establishments staffed by certified public accountants providing audit, attestation, tax, accounting, and advisory services. This includes solo CPA practitioners, small CPA firms, and large multi-office practices. Tax-only preparers without CPA certification are classified under 541213. Bookkeeping services without CPA oversight fall under 541219. Census Bureau NAICS 541211[5]
How is the CPA industry structured?
About 55,346 establishments employ 535,309 people in NAICS 541211. The Big Four firms (Deloitte, PwC, EY, KPMG) dominate large-company auditing. Thousands of small and mid-sized firms serve the vast majority of businesses. The industry generated $147.5 billion in 2023 revenue. AICPA[7]
What is the SBA size standard for CPA offices?
The SBA size standard for NAICS 541211 is $26.5 million in annual receipts SBA Size Standards[8]. Firms below this threshold qualify for SBA loan programs, federal contracting set-asides, and other small business assistance.
What NAICS codes are related to CPA offices?
Related codes include 541213 (Tax Preparation), 541219 (Other Accounting Services), 541214 (Payroll Services), 541611 (Management Consulting), 541199 (Other Legal Services), and 541990 (Other Professional Services). Each represents a segment that competes with, complements, or supports CPA firm operations.
Which industries work most closely with CPA offices?
Tax preparation firms (541213) compete during tax season. Bookkeeping services (541219) handle routine compliance. Law offices (541110) coordinate on estate and tax matters. Banks (522110) require external audits. Business associations (813910) like AICPA set professional standards and provide continuing education.
What activities are included in NAICS 541211?
Activities include financial statement auditing, attestation services, tax return preparation, accounting system design, bookkeeping, payroll processing, budget development, financial forecasting, review and compilation services, and accounting advisory. The defining characteristic is CPA certification authorizing audit and attestation work. Census Bureau NAICS 541211[5]
Can you get an SBA loan for a CPA firm?
Yes. CPA firms with annual receipts of $26.5 million or less qualify for SBA programs including 7(a) loans for working capital and equipment, 504 loans for office space, and microloans for startup costs. SBA lending can fund practice acquisition, technology upgrades, staffing expansion, and office buildout. SBA Loan Programs[9]
Which states have the highest concentration of CPA firms?
California, New York, and Texas host the largest numbers of CPA firms and professionals, reflecting their status as major financial and business centers BLS Employment Data[10]. Illinois, Florida, and Pennsylvania also maintain large CPA populations. Metropolitan areas with corporate headquarters and financial institutions generate the strongest demand.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]Census Bureau NAICS 541211 census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]American Institute of Certified Public Accountants bls.gov
- [8]SBA size standards sba.gov
- [9]SBA Loan Programs sba.gov
- [10]BLS Employment Data bls.gov
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