This is a period of significant transition for our profession. More college and university students are majoring in accounting than at any time in the past. At the same time, the percentage of graduates who take the CPA exam and aspire to become CPA’s keeps falling. Many accounting graduates begin their careers with large firms as has generally been the case. Within five years, once they received their qualifying experience and they feel their learning curve has flattened, they take advantage of other career opportunities. Those opportunities have traditionally included moving into industry, joining a smaller practice unit, and some establish their own practices. Today, they migrate from the large firms at the same pace, but rather than finding other opportunities within the accounting profession, they move out of the profession entirely.
As might be expected, there is a very large hiring gap. Many firms are trying to fill positions within their firms, especially at the manager and partner levels, but the demand far exceeds the supply. Unfortunately, this is one of many problems facing the profession. As we look at some of the trends, the future seems to look bleak.
Some of the issues include:
• An aging of the profession
• The increasing reliance on commercial checklists is converting many of the financial statement services we perform into clerical functions that are very inefficient and not particularly effective.
• GAAP continues to become more complex and disclosures more voluminous.
• Peer reviewers have either lost sight of their intended mission or are being trained to act contrary to it.
• The largest firms, are now moving into sectors traditionally serviced by smaller firms, with massive marketing budgets, recognizable names, and the ability to underbid many services to obtain clients, knowing they will be recouped through the sale of other services.
These are just some of the challenges facing the profession, but all is not lost. Each of these problems has a solution. To apply the solutions, CPA’s will have to change the way they manage their firms and their clients, including changes to compensation structures related to both partners and staff. It is also a “golden” time for those who are entrepreneurial to create new and different types of tools to enable CPA’s to meet these challenges. In addition, professional organizations whose mission is to support the accounting profession will find opportunities that will both assist their members, enhance their reputations, and grow their membership.
This presentation will focus on SOLUTIONS, not just problems.
Attendees will get a peek at one view of the future of the accounting profession. This presentation will give members of the profession an opportunity to evaluate the potential impact on their firms and their careers and begin to plan for them now.
- Recognize how the CPA's will have to change.
- Identify the future of the accounting profession.
- Determine the challenges facing the profession.
Public Accounting Level of Difficulty:
Some knowledge of public accounting.
Registration opens at 6:00 PM.
Fees: $55/member, $65/nonmember.
Add $5 for same day and at door registration.
Dinner is included
Hotel self-parking is $8, street parking may be available.
Address: Courtyard by Marriott, 6333 Bristol Parkway, Culver City, CA 90230.