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Myth - firms want to downsize for cost cutting by outsourcing and ai
Possibly a shortage of managers, depending on firm/speciality. For most, there is no shortage of seniors.
In my service line we’ve laid off 5% of the practice the last two years and are passing up on eligible candidates for promotion to manager. I don’t think there’s a shortage of people right now. There does seem to be concerns about the pipeline for licensed CPAs, but plenty of accountants. I think it’s harder for smaller firms without the recruiting resources though.
Quality*
In my experience SM1 is somewhat correct for one of the people I supervised. And they are no longer with the firm because they quit after not wanting to work the chargeable hours goals. But they were actually decent at the job, when they did it.
But for the 10+ other people I have worked with, they really wanted training and soaked it up when someone engaged with them on a regular and ongoing basis.
To be fair my idea of training is probably more involved than most people's.
Didn’t read the article (can’t see the url), but I heard this a few years ago as it relates to CPAs specifically. People are choosing to not take the test for a variety of reasons leading to a shortage. Not sure if that is what the referenced article was speaking to.
There's definitely a shortage on our team.
It is a fact. The accounting talent shortage is highly severe, particularly at the Senior Associate and Manager levels across PwC, EY and Deloitte👌A cruise ship industry is also currently in need of 6 wfh accountants, it's all about keeping records of daily Merchandise sales remotely. They pay upto $39/hour. anyone Interested?
$39/hr is trash pay for a professional accountant. Starting salary for fresh graduates at most firms is higher than that.
Shortage of good ones.
I would have never taken the exam if I knew outsourcing was going to take over (before relenting itself to AI)…
Do other things with your life.
It is an issue when you can’t control the outsourced allocations or pipeline like at BDO… maybe other firms have solved it 🤷
At my firm, there is no shortage of seniors, even good ones. We do seem to have a manager shortage though and a decent number of the managers we do have are mediocre. Good manager talent has found other opportunities over the last few years. I’m mildly concerned about the partner pipeline, because we are losing superstars due to the delayed and poorly compensated path to partnership. Superstars need to be paid more to retain talent. The partnership carrot is less attractive if it takes 15+ years vs. 12 years, and the compensation at the senior manager level should adjust for that.