Freelance vs. Full-Time Accounting Careers in Colorado

May 1, 2025

The Colorado Chamber of Commerce and Aspen Tech Labs Quarterly Jobs Report for Q3 2024 included the following data:

Accounting job openings increased 31% over the quarter.
Accounting was the state’s top industry for job vacancy growth at 31%.
Accounting ranked #3 for job vacancy growth in Q2 2024 at 15%.
There were 5,728 vacancies in the business and financial operations occupations category.
Accounting Manager ranked 21^st in Colorado’s highest-paying job titles.

The Colorado Workforce Development Council’s 2024 Colorado Talent Pipeline Report showed a continued shortage of accounting talent. As many accountants are nearing retirement, fewer college students are pursuing and earning accounting degrees to replace them.

In October 2024, the Colorado State Board of Accountancy made it easier to earn a CPA license:

The advanced audit coursework requirement was removed to better align with other states’ specific accounting concentrations, encouraging candidates to complete their education in another state and seek work in Colorado.
The accounting or business-specific ethics coursework requirement was eliminated, encouraging ethics to remain part of the academic journey.
Up to 3 eligible work hours obtained during an academic internship may count toward the work experience requirement to expedite the licensing process.

Understanding the advantages and disadvantages of freelance and full-time accounting careers in Colorado helps determine which is right for you.

Advantages of Freelance Accounting Careers

The advantages of building a freelance accounting career include:

Flexibility: Choose which clients you take on. Determine your schedule for work-life structure.
High-income potential: Charge rates that reflect your expertise and the value you provide. Take on additional clients or offer specialized services to increase your income.
Financial stability: Proactively seeking opportunities and diversifying your client base minimize the risk of income gaps.

Disadvantages of Freelance Accounting Careers

The disadvantages of building a freelance accounting career include:

Self-discipline: Effective time management is required to maintain steady workflows and meet deadlines.
Income fluctuation: Your income can fluctuate based on market demand, your ability to secure clients, and time invested in your business.
Lack of job security: You are not guaranteed a steady paycheck. Client contracts can end without notice.

Advantages of Full-Time Accounting Careers

The advantages of building a freelance accounting career include:

Benefits packages: Employee benefits increase your total compensation.
Tax payments: Your employer withholds and pays Social Security and Medicare taxes from your wages and pays the company’s share.
Clear career paths: Understanding the growth opportunities within an organization guides networking and skill development.

Disadvantages of Full-Time Accounting Careers

The disadvantages of building a freelance accounting career include:

On-site employment: You might be required to work at the office rather than remotely.
Work hours: You could have set work hours with limited flexibility to handle personal responsibilities.
Income limits: Aside from raises, your salary typically remains steady unless you get promoted or change jobs.