Our profession needs dramatic reform.
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What’s FDD like at Bain, BCG, or McKinsey?
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I QUIT MY JOB TODAY 🎉🥳
Deloitte audit Vs. Grant Thornton Tax. I have an offer from Grant Thornton and From Deloitte as an Intern this summer. Deloitte is the bigger name and pays a bit better but Grant Thronton has way nicer people and known to have a way better cultre and work environment. What should I do? Where should I go?Deloitte Grant Thornton
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Ah, yes. Reform. I’ll get right on that.
scoreboard disagrees, hoss
a business is judged on profits, not on if people are speaking up
People: “We need changes!”
People: [Proceeds to not specify any needed changes]
EY: Ok, done
What kind of reform?
Pro
Better working conditions for starters. Overtime pay perhaps.
And something needs to be done about offshoring.
Overtime pay needs to be mandatory by law
I agree
The profession is in serious need of unionizing to get better pay and bing balance back. We work more efficiently than ever thanks to technology but are still overworked and underpaid.
I am the reform... I'm different 😤
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🙂
Chief
It's being reformed. PE is entering and the jobs that Americans don't want to do are being offshored to India. Common American playbook.
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Can’t argue with that one. Although not all ppmds.
Sure thing, as firms earn record revenue.
I understand & agree, just its not going to change. You either learn to be a cog in the machine or leave.
Thoughts on offshoring and PE investments?
It’s not going to end well.
People in this bowl love to dunk on TaxSenior1 but in many respects, he is right. Let’s look at the numbers. Only 2% of CPAs make it to Partner according to the AICPA and we all know there are plenty of non-CPAs in public accounting. Moreover, 75% of CPAs are retirement age according to the AICPA which means the pool of talent is thinning. To compound this problem, the amount of people sitting for the CPA has precipitously declined from 102K in 2016 to 67K in 2022. If that isn’t glaring enough, 300K accountants and auditors left their jobs between 2019 and 2021 which was almost 20% of the accounting workforce. This all shows that the industry need to change. The 🥕 of making Partner is ridiculous considering the commitment involved and how few CPAs actually make it. It is even more absurd when you consider how everyone below them has zero equity. Moreover, it an objective fact that starting pay in public accounting has not kept pace with inflation or the cost of living. There needs to be a fundamental restructuring of the business model to incentivize the next generation and it starts with offering higher compensation and incentives to match the competition i.e. tech, finance, etc.
Chief
Why does the business model need to change? Americans don't want to do the work for the wage offered, so it will be offshored. Same reason we don't need to raise the prices to pick tomatoes, Americans don't want to do that either.