Can we talk about what we think public accounting is going to look like in 5 years? I think the shortage of seniors and the lack of good staff/associates is going to run the public accounting model to the ground. I know there’s been a huge push to offshore those jobs, but I haven’t seen it work too well in my 6 years of working here.

likeuplifting
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Everyone always thinks the new class of staff or seniors is soooooooo bad, the second they move up a rank. I promise when you, and I, were staff and seniors the mangers and senior managers probably thought the same of us. Its the constant cycle

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I disagree. My opinion is based on the work I was doing / skills & knowledge I had when I was an associate / senior associate compared with the current staff at this grade. Offshoring a lot of the work means that there is less opportunity for technical development and the junior staff members end up doing a lot of the “admin”. Any opportunities that are still available onshore is taken up by the top performing individuals.

Sec and Irs will be defunded, so quality will be alot less important. Install Ppmds in India and just lead the entire job offshore. Us Ppmds won't be able to compete.

likefunny

lol CPAs are smart i guess

I would guess to a large extent it will look the same as it does now

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I think the difference in 5 years is that all the offshoring at the staff and senior level is going to show up in the quality of managers and above in the US. Offshoring at the lower levels was always a short term benefit alongside long term pipeline issues.

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I assume AI will replace a lot because menial tasks like data entry can and are automated now. SurePrep, Pfx Scan/AutoFlow, etc. removes a large need of Staff 1’s banging numbers all day.

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The quality of work offshore isn’t the best. I understand it’s less expensive but when you have to go around and around to get something done, is it really worth it?

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It’s not. Have won multiple new clients over the past 3 months who are sick of dealing with India and the offshoring runaround.

I don’t think there is a shortage of staff or seniors. Just rockstar staff and seniors. Actually looks better than it did 5 years ago.

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Doubt it

Pwc tax had a presentation on five year outlook couple months back. Right now 85% of engagement teams are accountants. In five years they anticipate 40% of engagement teams will be accountants. The future is looking bleak for compliance folk. I am leaving the profession all together as I do not see a bright future. Those who stick around will have to compete for less jobs which means more hours and more responsibility. Good luck!

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india/phillipines

AI and offshore are the answers for specific items - for example, all tax compliance.

Huge profits everywhere! Staff associates buying homes in HCOL areas with cash and AI instructing offshore CPAs. Laugh at me now, come back in 5 years and….laugh at me again

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