Navigating today's accounting job market comes with lots of decisions. Are you only interested in working at a Big Four firm? Are you hoping to land at a local firm where you can see how a small office runs? Do you eventually want to own your own small firm? Or are you looking for something in between — maybe a regional firm where you'll work on a few big clients?
Only you know what truly matters in your employment search and what makes sense for your career. But as a talent acquisition specialist who has worked in this industry for more than a decade, I have many thoughts on how to maximize your potential and opportunities in today's landscape. I've seen the industry continually shift, as demographics change, new technologies emerge, and new models of operation have been created. Here are four dramatic changes I've seen that should be taken into consideration as you navigate a job search at any stage of your career.
New models offer flexibility not previously available in the boutique world
While national, brand-name firms give you a great name on your resume and allow you to immediately specialize in specific industries or entity types, many folks don't want to work the long hours, feel limited to a handful of clients, and aren't interested in working in a rigid corporate structure the rest of their lives. While small firms used to have limited opportunities for career advancement, this no longer has to be the case. With the influx of private equity in the space and more and more small firms joining broader collectives or getting bought by larger organizations, the opportunities have opened up immensely. Even if you began at a national firm and gained valuable experience and exposure, shifting to a boutique firm can open up a world of new possibilities.
Whether you start as a tax manager in Napa Valley or an administrative assistant in New York City, working within an ecosystem at a smaller or midsize firm means there are support systems and resources that can allow you to advance into a leadership role earlier in your career than ever before. Boutique firms that are part of a broader group can often provide vast amounts of flexibility and opportunity, including relocating or specializing in a specific sector. The opportunities, within certain groups, are plentiful and customizable, and may be interesting to job seekers who might wrongly think they will only get this type of flexibility if they go to a big-name firm.
Linear, rigid career paths have been replaced with merit-based opportunity
Record numbers of accountants are retiring, which means there is a massive need for current and future leadership in the industry. While the industry looks vastly different than it did five or 10 years ago, particularly in smaller firms with a limited number of roles, times have changed. With staffing shortages and firm owners retiring, many firms are looking for staff who can handle their own client accounts, and even help manage and run the firm. As younger generations of workers demand remote work, flexibility, and better work/life balance, firms have no choice but to support those needs.
Some firms might have multiple locations, which means if one office doesn't have advancement opportunities available, there may be the option to transfer someone into a leadership position within another office, whether it be local or remote. Don't write off smaller firms before you investigate what working there would actually entail for you.
Private equity is changing the landscape, but not all firms are created equal
While the industry looks different than it did five years ago and will continue to change rapidly, that doesn't mean everything that is happening in accounting is positive. With an influx of private equity and consolidators of small firms, opportunities are shifting for employees and owners … but not every group is invested in ensuring their people are well taken care of and supported the way they should be.
It's important for those navigating the accounting workforce to really investigate what they're getting into — if they're joining a small firm, is the small firm owned by someone else? If they're leaping into a national firm, who are their clients? Will they actually have client relationships? What will their day-to-day look like? What is the group's position on AI? Does the firm value more than just billable hours? Joining a firm owned by a consolidator can offer big opportunities and chances for expansion and flexibility, but you first need to make sure the group shares your values, invests in their people, and is building something sustainable.
Your career is your career — you don't have to try to fit it into a career path that doesn't work for you.
Don't let other people decide what your career should look like. Rigid corporate systems, or the idea that "this is the way things should be done," often don't serve those who want to design a career that matches their lifestyle needs. Given the immense need for great people in the accounting industry, workers have the upper hand. Think about what you want from your career, what you want your day-to-day look like, and know that in today's industry you can make it possible.
I strongly believe there's never been a better time to be in the industry, regardless of what you seek. Whether you want to work in a small firm, go to a top, national name, or seek out a specific space or expertise to major in, everything is available to you. Just keep your eyes open and know that today's industry is rapidly changing and it can work in your favor.
