Feels good to be wanted.
AICPA’s survey on issues facing CPA firms.
Check out the comment on Millennials – John’s talking about YOU.
It has been a long time, but U.S. accounting firms are again dealing with a full-fledged talent shortage. This, according to the 2015 Private Companies Practice Section (PCPS) CPA Firm Top Issues survey.
- With the 2008 recession, client retention took the forefront in the 2009 survey as firms struggled to survive the recession.
- By 2011, firms were focused mostly on signing new clients.
- Then, in the 2013 survey, succession planning took the top spot among wide-ranging concerns as firms turned their attention to long-term growth strategies.
Now, in 2015, firms find themselves fighting to hire and retain staff as the competition for accountants intensifies. Finding qualified staff, and retaining them, ranked as one of the two most pressing for most firms.
Succession planning ranked number two among the top five concerns in the survey. Together, these two factors contribute heavily as the top concerns for accounting firms today. As more and more firm partners prepare for and enter retirement, it creates the need to push more professionals upward into partner and manager roles, thus thinning the ranks at the lower staff levels. Also, the Millennials who hold many of those positions are less inclined than their predecessors to accept the long hours associated with public accounting, especially during busy season.
If you want to dig deeper, here’s the link to the AICPA survey:
No matter how you look at it, the Millennial Account is in a great position for significant career growth in the next few years. Remember – stay on the top of your game, and be prepared to capitalize on opportunities!