salary and compensation outlook for small cpa firms, 2024-2025

cornerstone report

the 卡塔尔世界杯常规比赛时间 overview of what accountants can expect regarding annual salary and bonuses at small cpa firms – and what small cpa firms can expect to budget.

by 卡塔尔世界杯常规比赛时间 research

a combination of a talent shortage and the general economic environment could push payroll budgets up by as much as 16.9% in 2025 at small cpa firms, according to 卡塔尔世界杯常规比赛时间 research. but partners and owners could make even more.

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beware the work-life/workload doom spiral

man on spiral staircase

five strategies for keeping your firm out of it.

by 卡塔尔世界杯常规比赛时间 research

is your firm in a doom spiral?

more: business model transformation: do it or die | misperceptions, corrections, accountancy and lemonade | whole person retention: when it’s not just the money | global trends show many dissatisfied cpas | more big firms shut their doors to new college grads | seven enticements to keep talent on board | employee retention is easier than attraction | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis? | three ways to raise the bar for your business | accountants’ advice: be careful, quick, creative … and lean
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

here’s what it looks like:

  1. a cpa quits or retires.
  2. the firm can’t attract a replacement.
  3. the firmwide workload remains constant.
  4. increased workloads get redistributed.
  5. a cpa quits because of stress.
  6. workloads increase again.
  7. someone else quits. no one gets hired.
  8. the firm turns away clients.
  9. revenue drops. salaries stagnate.
  10. uncompetitive salaries hinder hiring.
  11. a cpa quits or retires.
  12. repeat.

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why the dry pipeline? it’s about time

serious young man studying

and it’s about time the profession took action.

by 卡塔尔世界杯常规比赛时间 research

it’s been with us from the beginning. we can measure it but we can’t see it. it’s our friend and our enemy. it’s infinite, yet we never have enough of it.

and it may be the big leak in the cpa pipeline.

more: business model transformation: do it or die | misperceptions, corrections, accountancy and lemonade | whole person retention: when it’s not just the money | global trends show many dissatisfied cpas | more big firms shut their doors to new college grads | seven enticements to keep talent on board | employee retention is easier than attraction | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis? | three ways to raise the bar for your business | accountants’ advice: be careful, quick, creative … and lean
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

yes, it’s time.

so concludes the illinois cpa society’s 2024 “re-decoding the decline” survey and report on why the pipeline of incoming accounting talent has been going from dribble to drip.
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business model transformation: do it or die

pair of diagrams
adapted from aicpa and other sources.

 

four areas ripe for change.

by 卡塔尔世界杯常规比赛时间 research

five ugly facts your firm may need to deal with:

  1. seventy percent of cpas are at or near retirement age.
  2. the numbers of accounting graduates and cpa exam candidates are both dropping.

more: global trends show many dissatisfied cpas | more big firms shut their doors to new college grads | seven enticements to keep talent on board | employee retention is easier than attraction | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis? | accountants’ advice: be careful, quick, creative … and lean | top performers lead in leverage, culling, outsourcing | firms culling clients as staffing woes persist | compensation’s up, but up enough to retain staff? | are accountants charging too little?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

  1. gen z (ages 20-30) is transforming the labor market with new values on workplace environment, compensation, benefits, leadership, dei policies, culture and corporate mission.
  2. the majority of current cpas have no interest in becoming partners.
  3. roughly half of current cpas might consider finding another firm, and almost 15 percent wouldn’t mind leaving the profession altogether.

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misperceptions, corrections, accountancy and lemonade

woman mentoring teen girl

five notions you can help correct.

by 卡塔尔世界杯常规比赛时间 research

the national pipeline advisory group is worried about the pre-professional pipeline that takes in students at one end and, years later, pumps cpas to a business world that desperately needs them.

more: whole person retention: when it’s not just the money | global trends show many dissatisfied cpas | more big firms shut their doors to new college grads | seven enticements to keep talent on board | employee retention is easier than attraction | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis? | three ways to raise the bar for your business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

and there’s plenty of reason to worry. the number of students majoring in accountancy is in steady decline, dropping from 75,153 diplomas in 2018 to 62,318 in 2022.

the number of candidates for the cpa exam is also dropping. it dipped 6 percent in 2023 after a 7 percent dip the year before.
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whole person retention: when it’s not just the money

bar chart

thirty-eight ways to retain personnel.

by 卡塔尔世界杯常规比赛时间 research

a survey conducted by the pennsylvania institute of cpas has come up with some disturbing data.

the survey report almost seems to spin bad news into good. when cpas in pennsylvania who have three to 10 years of experience were asked how strong is their desire to stay in public accounting, 56.7 percent rated their desire at five (out of seven) or higher.

more: global trends show many dissatisfied cpas | more big firms shut their doors to new college grads | seven enticements to keep talent on board | employee retention is easier than attraction | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis? | 3 ways to raise the bar for your business | accountants’ advice: be careful, quick, creative … and lean | seven steps to a stronger future
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

is that good news or bad? if about half of cpas are reasonably happy with their jobs … what about the other half?
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global trends show many dissatisfied cpas

unhappy man moping in front of screen

do talent stats bode well for your firm?

by 卡塔尔世界杯常规比赛时间 research

accountants are unsettled. some are even afraid. so says the report global talent trends 2024, issued by the acca (association of chartered certified accountants, a globally recognized professional accounting body), based on data from 9,889 finance professionals in 157 countries.

more: more big firms shut their doors to new college grads | seven enticements to keep talent on board | disruptors: talent crisis? what talent crisis? | seven steps to a stronger future | compensation’s up, but up enough to retain staff? | cpas needed to help small biz adopt ai | survey shows that tech remains the great divide | will unclogging the accounting pro pipeline kill mobility? | accountants bullish on income

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the statistics depict an industry sector on the move and ready to move. only 57 percent of respondents across the industry, which includes a broad spectrum from academia to large corporation to accounting firms large and small, are working full-time in an office. but only 8 percent are full-time remote.

and wherever they are, a lot of them aren’t very happy.
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seven enticements to keep talent on board

bar chart
more than 85% of those surveyed who have a high desire to stay in public accounting responded that their firm actively
supports their career development.

 

time is a concern, and so is performance.

by 卡塔尔世界杯常规比赛时间 research

the pipeline of incoming accounting professionals isn’t exactly gushing these days. to the contrary, it has slowed to an inadequate dribble.

the scarcity of qualified professionals makes talent retention more important than ever. it’s far easier and less costly to keep current people on board than to attract and onboard new people.

more: employee retention is easier than attraction | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis? | seven steps to a stronger future | firms culling clients as staffing woes persist | compensation’s up, but up enough to retain staff?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

but what do they want? what keeps them happily at their current job?

well, for one thing, money.

but these days, that’s not enough.
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