hiring

150 credit hours: helping or hindering?

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one study suggests there is little if any upside but plenty of downside.

by 卡塔尔世界杯常规比赛时间 research

four decades ago, the american institute of cpas promulgated a rule requiring accountants to complete 150 credit hours to qualify for certification, an increase from 120 hours. basically, it required a fifth year of college education.

more: can’t recruit? retain! | the accountant as a strategic business partner | report: efficiency still the top priority for accounting firms | is tech causing both cpa shortage and low salaries? | staffing tops list of woes at cpa firms | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | 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
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state boards of accountancy had discretion over when to enact the rule. by 2015, all states and u.s. territories had adopted it.

fun fact: the national rule did not impose any requirements on what courses the students had to take. it didn’t have to be courses on tax law or accounting standards. philosophy, music theory or basket-weaving would do. state boards, however, often mandate specific course requirements.
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can’t recruit? retain!

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bar chart

other options: outsourcing, m&a, even freelancers with different skill sets.

by 卡塔尔世界杯常规比赛时间 research

there’s no good news coming out of the talent pipeline. there are fewer accounting majors coming in at the college end, and fewer coming out at the cpa exam end.

the reasons are legion. kids these days have little interest in a career reputed to be boring and exhausting. they can make more money in some other area of finance or business. the extra credit hours take too long and cost too much.

more: the accountant as a strategic business partner | report: efficiency still the top priority for accounting firms | is tech causing both cpa shortage and low salaries? | audit firms nervous about new tech | what accountants can learn from t-ball | staffing tops list of woes at cpa firms | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | business model transformation: do it or die | misperceptions, corrections, accountancy and lemonade
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the 2024 thomson reuters state of tax professionals report sums it up with illustrative stats.

  • 39 percent say recruitment will be “highly challenging” in 2024.
  • another quarter say it will be “somewhat challenging.”
  • 33 percent of firms with four or more employees say talent will be a top priority.

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is tech causing both cpa shortage and low salaries?

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dot chart
the number of accounting degree completions from bachelor’s programs from 1994-2021. source: 2023 aicpa trends report

 

there’s a paradox going on.

by 卡塔尔世界杯常规比赛时间 research

a working paper by three academics presents a paradoxical contradiction in the accounting industry. somehow, technology, which is starting to replace some accounting functions, is causing a shortage of accounting professionals. and despite the high demand for the few graduates who major in accounting, starting salaries are lower than in related professions.

more: audit firms nervous about new tech | what accountants can learn from t-ball | staffing tops list of woes at cpa firms | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

and in a related paradox, technology’s most powerful tools may be augmenting the accountant’s workload.

how can all this be concurrent?
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battling the staffing crisis: is a little-known, but controversial, visa program the answer?

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cornerstone report: h-1b hiring and salary trends in tax, accounting and finance

  • the jobs outlook, salary trends, and election year politics.

卡塔尔世界杯常规比赛时间 research estimates and illustration

what it is. how it works. and what cpa firms are doing.

by 卡塔尔世界杯常规比赛时间 research

the h-1b visa program is vital for u.s. companies to hire highly skilled foreign workers in specialty occupations, including tax, finance, and accounting.

卡塔尔世界杯常规比赛时间 research estimates that as many as 46,000 tax, accounting and finance professionals work at u.s. firms under the h-1b program. this figure has received scant attention in the profession but is critical to its infrastructure.

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overworked accountants are racking up financial errors

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blame understaffing and overwork. and roll in the ai robots.

by 卡塔尔世界杯常规比赛时间 research

eighteen percent of accountants make financial errors at least daily, a third make at least a few financial errors every week, and 59 percent make several monthly errors, according to a new survey that blames “capacity” issues.

related: hiring experience vs. training inexperience | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | business model transformation: do it or die | whole person retention: when it’s not just the money | disruptors: nicole davis & jw davis show how to create your own pipeline | more in staffing & recruiting

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

is technology the best answer?

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hiring experience vs. training inexperience

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young woman in job interview

invest your mentoring time where it matters most.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: we were looking for an additional experienced person since september and hired someone with five years experience in mid-november, but she said she couldn’t start until january. she said she had work she had to finish up.

more: eleven ways new staffers can help bring in business | should you merge? here’s how to chart your path | hold staff accountable if you want them to listen to you | how to raise your rates | higher fees to start: ten ways to make your tax season better | three ways to start an accounting practice | free consultation? not always | referral fee? forget it | how much is your tax practice worth? | merge in lower-priced work without losing out
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

two days before christmas she called to tell me her firm made her a “better” offer and she decided to stay there. it meant we had to enter busy season short a person. this seems to happen a lot. what do you suggest?
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to replenish the talent pipeline, go back to the classroom

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woman lecturing on business

maybe we should front-load the coolest parts of our profession.

by 卡塔尔世界杯常规比赛时间 research

if you’re wondering why it’s so hard to find and hire qualified accounting professionals, think back to your college days … your first class in accounting, probably something like “principles of accounting.”

obviously you, a future accountant, passed the course, and apparently you found it interesting.

more: beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | whole person retention: when it’s not just the money | seven enticements to keep talent on board | disruptors: talent crisis? what talent crisis? | seven steps to a stronger future | auditing standards ‘yellow book’ updated | compensation’s up, but up enough to retain staff? | cpas needed to help small biz adopt ai
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

but that puts you in a minority of students with an interest in business. according to a survey from the center for audit quality, 32 percent of students who chose not to major in accounting said lack of interest or passion was the main reason, and 70 percent said it was at least part of the reason.

no surprise, then, that only one in eight graduates in business areas major in accounting. and that’s down from one in seven in 2016.
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beware the work-life/workload doom spiral

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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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