Is Public Accounting Worth It? 4 Reasons To Stay (2024)

FAQs

Why would anyone stay in public accounting? ›

Public accounting offers many opportunities for growth, allowing you to explore different areas across the accounting field as you build your career. The longer you stay within the space, the more leverage you'll gain when it comes to compensation and future career opportunities.

Whether in government, public, or management accounting, your expertise is crucial in driving efficient business practices and smart decision-making, making an accounting degree a worthwhile investment for a stable and rewarding career.

Accountants cite low salaries, mundane tasks, burnout and the threat of new technology like generative AI as reasons for considering other industries.

I also know individuals who have left after 4 to 5 years in public accounting, and their career has plateaued. It's time for you to leave if you're no longer enjoying public accounting or if you're no longer learning. That is the time to leave.

Some attribute the stagnant pay simply to supply and demand—in the past, when companies had plenty of students to recruit, they weren't pressed to increase entry-level earnings. Also, some smaller accounting offices have said they are worried about their own profitability, and are reluctant to raise clients' rates.

According to the 2023 IPA Practice Management Report, turnover across all 600 firms in the survey averaged 15%; 84% of that is voluntary. Turnover is even higher among the IPA 100 firms, at 16.3%. The ICPAS reports that the global professional services industry averaged annual turnover of 13.4% in 2022.

Conclusion. In conclusion, among the ever-evolving landscape of finance and accounting, the value of becoming a Certified Public Accountant (CPA) remains undiminished in 2024.

A FloQast survey of approximately 200 accounting and finance professionals found that 99% of surveyed accountants report feeling burned out. Of that, 24% reported medium to high levels of burnout. Below, we'll discuss what may be causing this.

Accountants often face tight deadlines, resulting in long hours, including evenings and weekends. This work-life imbalance can lead to increased stress levels and limited personal time.

Accountants aren't going away—why you don't need to worry

As an accountant, the roles you play in business are vital. You just need to embrace these inevitable changes.

Why should I leave public accounting? ›

“Typically, the hours that public accounting professionals work is significant. Some people reach a point where they are looking for a better balance, so they move out of public accounting,” says Marc Basil, senior director of financial search with Chicago-based recruiting firm Brilliant.

Early- and Mid-Career Accountants Leave the Profession

Accounting Today attributes part of this attrition to the “Great Resignation” — the mass exodus of career professionals in the wake of the COVID-19 pandemic as the culture began to re-evaluate the role of work and career in their sense of personal fulfillment.

On average, CPAs work approximately 40 to 55 hours per week, with longer hours during tax season or year-end financial close. Workload can fluctuate with fiscal periods and regulatory deadlines, often requiring additional hours. Firm size, client demands, and the CPA's specialization also influence working hours.

Accountants often spend their afternoons analyzing financial data, identifying trends, and addressing any challenges that arise. This could include investigating discrepancies, researching tax issues, or providing financial advice to clients or management.

Depending on the company you work for, there can be significant travel, especially in the public accounting field. This can be a perk early on in your career, however there are many local firms where there is less of a demand to travel as well.

One of the advantages of working in public accounting is the exposure to a wide range of clients across various industries. Diversity of clients fosters professional growth and enhances skills in adapting to different business models, regulations, and financial challenges.

Because accountants can earn good salaries with strong upward mobility and flexibility combined with a 7% projected job growth rate through 2030. The most sought-after accountants are CPAs (Certified Public Accountants), accountants who have gone a step further to obtain professional certification.

Being a CPA is a great job but can also be a stressful one sometimes. Young CPAs, in particular, juggle multiple tasks at different stages of completion, often for multiple bosses. Busy season's tight deadlines and revolving-door work flow heighten the pressure.