No One is Nearly as Happy as the Interns

With the data Big 4 Transparency collects on employee satisfaction and hours worked, I like to compare one’s progression in the accounting industry. Some of this might not surprise folks but the overall responses point to a big issue in the accounting industry, and a lot of it has to do with the long hours.

In this edition of the newsletter we talk a lot about how the hours are a major obstacle to job satisfaction at accounting firms, and what better way to reduce workload than to streamline all those pesky processes slowing you down.

And so, I want to give a big shoutout to our sponsor, Canopy. Canopy is making it easier to stay on top of pretty much every element of firm operation: whether it be managing your clients, or managing the firm’s overall financials and evaluating your firm’s performance, they have you covered.

A big justification for the relatively low pay and long hours when entering into public accounting is that “it gets better” and you could one day make partner. But clearly something is broken in this incentive model, because there are fewer people enrolling in colleges to follow the accounting path. So what is it? Is the new generation no longer responsive to delayed gratification, or has the partner track started to lose some of its appeal?

My take is that it’s the latter - I’ve said this before, but we need more partners on jetskis. They need to be running firms in a way that not only optimizes for financial outcomes but also a great lifestyle - and then it will be a much more enviable position for the next generation of accountants. In the meantime, many are looking at the life partners of large firms are living and opting out of public accounting altogether because the juice just doesn’t seem to be worth the squeeze.

Looking at the data collected on Big 4 Transparency, here’s what I’m talking about:

So while there’s a gradual improvement to job satisfaction once you get passed the Senior level, on average the self-reported average weekly hours worked just keeps on increasing throughout one’s career. So while partners may have unlocked the financial outcomes they were likely pursuing in their careers, job satisfaction responses averaging 6.9 out of 10 points to there still being something preventing them from feeling like the job is all they’ve wanted, and that’s very likely based on the amount they have to work.

The weather’s heating up, the birds are chirping, and the jobs are flowing. And since we’re passed the tax deadline, you’ll no longer be shamed by your team if you end up making a move to a new job. So things are heating up with recruitment, and I want to give you a better experience with the Big 4 Transparency Talent Pool!

We’ve already got a few tax seniors interviewing, and the audit and CAS roles won’t be far behind. Here’s how the talent pool works:

• You take 2 minutes to fill out a form.

• You’ll be contacted if you’re a match for a job - the job must also match your criteria to be contacted.

• You’re put in touch with the hiring manager / partner.

• You receive a $1,000 thank you if you’re successfully placed

We’re currently working on the following roles with lots more coming soon:

• $90k - $95k: Incoming tax senior - Small US Firm specialized in the Dental industry (Remote)

• $140k: Tax Manager - Regional US Firm, Real-Estate Focus (Remote)

Go check it out!