Please ensure Javascript is enabled for purposes of website accessibility
February 5, 2023

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:

There are currently no vacancies.

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

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 […]

President Obama mic drop meme

Quote of the Day: “The War For Talent Is Over. Talent Won.”

Fresh off the presses from CNBC, PwC US Chair Tim Ryan just dropped the mic on the talent shortage: In the headlines, the war for talent is still taking place on two fronts, with a hot labor market still tilted to job seekers even in a cooler economy, and companies testing the power they have […]