who wants to be partner? anyone? hello?
by kristen rampe
the rosenberg national survey of cpa firm statistics
i anticipate more interest in exploring artificial intelligence and offshoring for small to midsized firms. as new use cases and case studies of success come online, late adopters will start to dabble in these important developments.
editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:
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- how do you think the next 12 months will unfold? trends? predictions? other thoughts?
- how would you assess the last 12 months? trends? observations? struggles?
more: focus on intentional growth | accounting firms upshift to corporate model | growth and complacency must concern accounting firms this year | the future of fees | how accounting firms are dealing with retirement
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strong local and regional firms will continue to thrive, though they will face the continued pressure of offers from cpa firm buyers and private equity. many fiercely independent firms will continue on their own path. of those, plenty will remain successful, but not all, and depending on where the hearts, minds and financial goals of the owners are, they might find interest in entertaining these offers.
firms that wish to stay their own course will invest properly in developing the next generations of leaders – from ones at their own firm, to ones in middle school who need to hear what our profession is about and how they can (and would want!) to be a part of our work.
there has been a slight easing of the staffing crisis, though it is far from resolved. some firms say they now have the number of people they need or can find talent (in some cases filled by offshore resources). however, the quality and productivity of the team is a concern. senior partners are hoping to retire and hearing crickets when they ask who wants to be next in the partner role. the long-term nature of investing in people development, or lack thereof in some instances, is coming back to haunt some firms and adding fuel to the m&a scene.
the talent pipeline remains a top concern in the profession. redesigning our profession to be enticing to students exploring career options is imperative to our long-term success as an industry and as individuals. we need to remove barriers, increase newer employee earnings and align our branding with the value we add.