The biggest decisions young accountants have to make

Navigating a career in accounting has never been more daunting for young professionals. Those just starting their careers have a host of decisions to make, and perhaps the two most important are picking a firm and choosing a path between tax, audit and bookkeeping.

Experts says culture is one of the most important considerations when joining a firm, and flexibility is a key part of that. The accounting profession is notorious for its long hours, especially during the grind of tax season. Unsurprisingly, burnout and the need for work-life balance are among the top reasons accountants leave their employers. 

But Sonia Freeman, chief culture officer at PKF Texas, says flexibility is one of the reasons she has stayed at the Houston-based firm for 39 years: "If you need to do something personal, it's not an act of Congress to go do it."

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A firm's willingness and ability to embrace technology is another important consideration, and it's uniquely tied to the flexibility aspect. Like every industry, the accounting profession is reckoning with automation, artificial intelligence and other developing technologies that are fundamentally changing the career as we know it. But experts agree this technology can take over the time-consuming, repetitive grunt work that traditionally falls to entry-level accountants and allow them to focus on other matters like client relations instead. 

"As we continue to lean into technology — we standardize, we centralize, we automate — we're better able to spread the work, reduce the amount of overtime and the number of weekends," said Becky Sproul, audit talent and culture leader at Big Four firm KPMG. 

Young accountants should also consider whether there is room for growth within a firm. This is especially important in achieving long-term career goals.

"Don't think about roles. Really think about experiences," Deloitte chair Lara Abrash said. "What are the building blocks of the experiences you want? And is it a reasonable period of time for you to get it?" 

With the ongoing talent pipeline problem, it's an employee's market. Firms are bidding for talent, giving accountants more leverage in the job hunt and more agency in making career moves, like moving between firms. However, many experts advise against early-career accountants taking on a "grass is always greener on the other side" mentality, especially if they want to make partner one day. They instead encourage young accountants to join a firm that offers room for both vertical and horizontal growth.

To stay or not to stay

There's a reason why many accountants spend their entire careers at one firm: Accounting is a relationship-based profession, not only in the aspect of client relationships, but internally within a firm, too.

"A lack of continuity with a firm could sneak up on you and slow you down once you get past the manager role," said Mike Nichols, founder and CEO of Vine Creek Consulting. "You may not have the relationships within the company. You may not have the political wherewithal or the credibility. You may not have the client continuity — clients who want to work with you and continue to work with you. That may catch up with people."

"It's not only can you buy in, but it's, 'Can we trust you to help run this business going forward?'" Nichols added.

But staying at a firm for decades may be a relic of a bygone era. Numerous studies indicate that Gen Z are likely to job hop. Four out of five Gen Z workers consider themselves job hoppers, with 43% of that cohort saying they are willing to plant roots at a company for two years, according to a 2023 survey of over 1,100 U.S.-based Gen Z workers. 

Of course, every twentysomething cannot be neatly boxed into simple generational stereotypes, but the reality is that young workers are less likely than their predecessors to pick a firm and stay put. 

"In the old days, you came into the audit or tax department, and you'd stay there. Now there's a lot more opportunity to change," said Sarah Jennings, principal at Lansing, Michigan-based firm Maner Costerisan. "People get antsy after the three-, five-, seven-year mark, and you think, 'Do I want to do this for the rest of my life?'" 

It's not beneficial to the firm either for employees to stay in an organization where they do not feel valued or have pathways to grow. 

"I always encourage people to stop and be transparent and say, 'This is not working for me, and here's why,' and seek alternatives inside the place," said Jennifer Wilson, partner and co-founder at ConvergenceCoaching. "If they can't find those, or they just feel like they're getting lip service to those, vote with your feet. Walk out the door."

But Wilson emphasizes the importance of communicating one's goals and expectations with their manager: "It's hard for leaders to put people in the right place when the people aren't being clear about what that is for them." 

"There's nothing more high-performing than a firm full of people who are really working at what they call 'highest and best use,'" she added. "They're really working inside their sweet spot, and you can't get people to their sweet spot until they articulate it."

If you are an early-career accountant with thoughts on this article or with strategies on how you're approaching your career, please reach out to me at paige.hagy@arizent.com.