Accountants continue to exit the profession, but it's not for reasons that are commonly believed, according to data from Tri-Merit Specialty Tax Professionals. The new data indicates that the reasons why many accountants are leaving their jobs and the profession are not really because of the long hours, endless deadline pressure, substandard pay or the belief that accounting is a "boring profession."
The data is based on the firm's "2024 CPA Career Satisfaction Survey," which was conducted online among a wide-ranging cross-section of accounting professionals across the U.S. who represent all age ranges, genders, firm sizes and specialties. A total of 238 surveys were completed with the most common respondent being a senior-level professional in their mid-50s, with 20+ years of experience and who works at a small or mid-size firm.
According to its LinkedIn, Tri-Merit specializes in the calculation, documentation and substantiation of R&D tax credits and other specialty tax services.
Tri-Merit's data found that there are many CPAs who are working 60-plus hours weekly who are “highly satisfied” in their positions at work. On the other hand, there is a large group of accountants who are working less than 40 hours weekly who are very dissatisfied in their jobs.
The survey also found many highly satisfied accountants who feel that their jobs are “more stressful” compared to their peers at other firms and many more accountants who are highly satisfied in their careers in spite of thinking that they are not being paid as well as their peers in other firms and professions.
Hours, stress and pay may not be the reason for CPA career satisfaction:
• Over half of CPAs—53 percent—working more than 50 hours per week during busy season were still “highly satisfied” in their careers.
• Over two in five CPA—41percent—working more than 60 hours every week during busy season were still “highly satisfied” in their positions.
• One in six CPAs—16 percent—working less than 40 hours per week during busy season were still “dissatisfied” in their jobs.
• Three in five CPAs—60 percent—who felt their jobs were “more stressful” compared to their professional peers’ jobs still felt satisfied in their careers, which include 20% who felt “highly satisfied.”
• Over half—54 percent—of CPAs who thought their pay was no better than their professional peers’ pay were still “highly satisfied” in their jobs.
• Close to half—43 percent—of CPAs who felt their pay was not competitive with their professional peers’ pay remain “highly satisfied” in their careers.
Based on the survey's result, the biggest drivers of CPA dissatisfaction fall into one of four buckets:
• The support from their firm is non-existent.
• Work-related mental and physical health issues.
• Firm does not have a positive work culture.
• Insufficient variety in terms of work responsibilities and client mix.
On the other hand, Tri-Merit's research found that career satisfaction seems to be highly informed by more nuanced reasons including having “interesting and varied work assignments,” working with a wide-ranging mix of clients or being an employee of a firm that “has their back” when working with clients who are contrarian.
Career satisfaction also seems to increase considerably for accountants who work at firms that offer plenty of career opportunities for team members who elect not to be on the partner track.
Additionally, job satisfaction also seems higher for accountants who are working at firms that make mental health resources readily available to all of their workers without experiencing the stigma that sometimes comes with them.
The survey also reveals that accountants in all stages of their careers were likely to stay in the profession if they think that their colleagues and clients respect their work-life boundaries. Accountants will also feel this way if their coworkers and supervisors are familiar with their hobbies and passions outside of the office, according to Tri-Merit.