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PSA: With tax season is around the corner I just wanted to share that CashApp (Square) allows you to e-file individual Federal return and 1 state return for free (with NO income limit), and the best part is it supports ALL essential forms for stocks like 1099s and Sch D (gain loss on stock including crypto). DM if you need a ref code
https://cash.app/app/MLWKHQR
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Wisdom is knowing that not everything you wish to say needs to be heard.
Wisdom is knowing your need to have the hard conversations even if the recipient doesn’t want to hear it rather than letting them just get blindsided when they are on the chopping block.
No one should ever be surprised when they get cut. If they are then management hasn’t been doing their job correctly.
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Thank God I no longer work in public accounting . In my industry job , we have people here 10, 15 and 20 years including "forever Seniors " that some managers in public accounting like to joke about . We have job stability and we are happy. We have NEVER had a layoff and we all leave at 5pm year round. Can't say the same for public accounting . People like the original poster can stay in public accounting . I know many "high performers" including Senior Managers who were let go in public accounting. It's not worth it folks.
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TS, have you ever considered the pipeline information you’re stating above is a more complex issue than the PA gossip column headlines you’ve been reading?
1) 28.6 million baby boomers left the US workforce in 2020, 12.6% more than in 2019
2) the US has a labor shortage of 2 million (8.5m openings vs 6.5m unemployed workers), per chamber of commerce;
3) 15% decline in undergraduate enrollment between 2010 and 2021, although there was an increase in spring 2024 of 2.5% (accounting major enrollment increased 6% in 2024)
4) many accounting majors change majors due to course difficulty, or boredom.
5) of students who didnt consider accounting, the top reasons are for lack of interest or passion (a shame) or lacked the necessary skills.
6) of students who considered and chose otherwise, 32% cited a lack of interest, 29% cited higher STARTING salaries, 28% cited the 150 credit barrier, which is tied with not being good at math, which IMO is a misconception. There are a plethora of other reasons but thats what the data tells us and the profession and universities are working to respond to changing preferences.
7) the number of cpa exam test takers was partially affected by covid and has fluctuated throughout the years. The percentage of accounting graduates taking the test the first time dropped below 50% for the first time in 2018 and was even lower from 2020-2022. That percentage increased to 63% in 2023, which is the highest its been since 2010 (70%). Well see what 2024 lands out to be.
And to be clear, the talent shortages you are referring to are more concentrated in industry and small accounting firms. There are many mid-large firms (including my own) that are overstaffed as there are less people leaving compared to expectations. Hence the layoffs in PA, which you repeatedly have been linking throughout FB. Although most of these are in the consulting arms.
And yes, i already know your response will be these are “useless statistics” because you’ve already said this when I responded to you claim that PA hours are equivalent to slave labor.
Oh audit may have been last week but Tax is coming. It always follows audit.
Good to know
Dm for EY referral
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I thInk they are races due to me applying to them multiple times and I qualify for the position. So I stopped they are nothing like PWC or MBO partner.
Simple. We aren't hiring enough people. In the past, say 40 entry level were hired out of college. 20 stayed to senior. So we forecasted to hire 40 so we would have 20 at senior level. If they didn't leave on their own we let go of the bottom portion to get to that 20. The issue now is, we can't find 40 that want to even join. Therefore, we only hire the 20 from college and don't have that extra "cushion" we always had. If we had enough, then the jobs would be staffed and we wouldn't always have a worse year than the previous year. You can say they are being sent offshore or whatever, but that's also because we don't have enough onshore.
The company I work for, I'm responsible for the internal audit of 10 companies and there an accountant in one of the companies that literally does nothing , what he/she does is wrong and hs/she makes the same as I do
I promise you, with that kind of attitude, I will not be surprised if you are laid off next after a year or two. You sound like a toxic person and not leader material for your position.
You can kick & scream about what’s fair & not fair and type your little heart out all you want, but at the end of the day Boomers are still in charge and if you don’t play it their way, you will be ushered out the door and they will just continue to offshore even more.
OP is the Seniorest Tax Manager at KPMG by the state of his/her replies.
Reviving this thread to note that OP is one of the reasons why the younger crop of CPAs want no part of Partnership.
Either they don’t have what it takes to make it there (to OPs point), or the personalities of the existing partners and SM are so abrasive and corrosive, we couldn’t imagine and would never in 100 years want to work with them.
It goes back to the high school “Team Project” issue.
There only 1 groups that feels everyone getting the same grade on a team project is fair - when the entire team works hard on the project.
Who feels it is fair when you have 2/3rds of the team members doing all of the work but 100% of the team getting the same grade?
I say those who think it’s ”fair” are those in the that bottom 1/3rd.
My question to y’all is why do you think it’s “Fair”?