The aim of the paper is to show the failure of the institutional environment of the accounting system in Russia. For this purpose, we analyze the accounting labor market, where the existing disproportions are a symptom of the problem. The research is based on the theory of environmental determinism, which requires to consider the accounting system in the context of factors (institutions) that form it. This approach allowed us to identify a number of problems, among which the key ones are the following: the obsolescence of the profession due to the fact that young specialists no longer enter the labor market; entry barriers work inadequately; low wages are one of the reasons for the development of shadow economy in the country, etc. The study is based on the theory of ecological determinism. With the help of traditional statistical analysis and standard techniques of econometric analysis, two samples (on the example of Moscow) characterizing the «supply» (applicants) of accounting workforce and «demand» (vacancies) for it were studied. The analysis showed: 1) for job seekers: key factors (work experience, age, education, availability of certificates) do not explain the amount of wages they claim; 2) for vacancies: the «minimum» amount of wages (the left boundary of the price interval) is primarily influenced by the applicant's education and competencies, while the «maximum» amount of wages (the right boundary of the price interval) is explained to a greater extent by the applicant's competencies, and work experience may not matter. Work experience may indeed be irrelevant, as the labor market is 90% female accountants with more than six years of work experience, thus employers emphasize the competencies of job seekers. The paper confirms that the remuneration of accountants is extremely underpaid across the country, including in relation to the 'business and administration' group. A gender pay gap is also found, but due to the fact that the profession is predominantly represented by women, a conclusion is made about the industry specificity of the analyzed sphere of activity. It is argued that Russia in the foreseeable future will face a similar problem to that of the US in terms of the shortage of accountants. Future research should continue to analyze the institutional environment of the accounting system in Russia from the perspective of other factors (education, attestation, government regulation, etc.), and only as this is done will it be possible to develop a plan to address the existing imbalances.