The US market is under a lot of pressure. M&A activity continues to force firms to get bigger, both to acquire skills and meet growing client demand. But the skills shortage that dogs the industry globally is really beginning to bite down, with a record number of firms having made earning report mistakes in the last quarter.“The breakup plan could result in a shifting landscape for the other Big Four firms to follow suit. The additional revenue for consulting, estimated to be USD 10 billion, generated by getting rid of the independence requirements, is well aligned with our view and our plans as a firm to focus on a customer centric approach that allows clients to not only fulfill their compliance requirements, but also get high-touch consulting work throughout the process.”

Customer demand for accounting services is high but there simply are not enough people to fill the vacancies at firms and companies need to carefully build up their skill sets to provide the higher value offerings. Fee pressure has built as firms have been constrained with a lack of finding the right talent for clients that want value added work.

Firms are also struggling to align their needs with recruits’ wants. Robert Hoberman, Partner, at Hoberman & Lesser CPAs, LLP, an MGI Worldwide member firm, finds more and more candidates want remote working as standard, whereas his firm really needs people to be office-based five days a week.

“The ease with which our staff can get new jobs in accounting or related fields makes it challenging to retain them,” he added. “Also, the mindset among the younger generation is that the more jobs they have, the more they feel that they are valuable”

Robert Hoberman, Partner, at Hoberman & Lesser CPAs, LLP, an MGI Worldwide member firm.

Read the full article on International Accounting Bulletin.