Please ensure Javascript is enabled for purposes of website accessibility

There’s a Lack of Talent to Succeed Accounting Firms Because the Talent Doesn’t Exist

A recent survey of accounting firm partners from the CPA Consultants' Alliance found that over half of respondents (51.7%) said procrastination or denial was a primary cause for firms' succession troubles. Another 48.3% of respondents also said that "Lack of future leadership talent" was a primary cause of succession issues.

So, some firms have better things to do, some firms are sticking their heads in the sand and some firms lack the "bench strength."

Here's the full chart from the NJCPA:

It bears repeating that the "lack" of talent is misleading. There's talent everywhere, as the enrollment and graduation numbers from the past decade have proven. it just so happens that all this talent have found opportunities that are much, much better than working for an accounting firm that has had the same business model for 30 years, has only one career path and has questionable prospects for the future

The "leadership talent" that these firms want does not exist. It's a figment of their imagination. As soon as the current leadership accepts that, they can start making their firms relevant again and then maybe some potential successors will start appearing.  

[NJCPA]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Accounting Firm Leaders Cite ‘Rising Salaries’ As The Second Biggest Problem Facing Their Firms

Accounting Today has published “The 20 biggest problems for firms in 2023” and no one will be surprised to find out that the war for talent ranks #1 among the firms AT surveyed. Talent actually has its tentacles in a number of problems on AT’s list and spills over into several items–capacity issues, burnout, retention. […]

a successful accounting practice owner sleeping soundly under his stacks of money

Five Ways to Incorporate Profitability Into Your Practice

It’s official, we have reached the exciting future 1950s sci-fi magazines promised us. We have all the world’s knowledge in a tiny device that fits in our pockets, can get just about anything delivered in two hours or less, and nowadays you don’t even need your hand to open a glove box anymore, just your […]