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Spoiled Accountants?

In late December 2007, I wrote in “The Changing Accounting Landscape” about the effects of the impending retirement of the baby boomer generation coupled with a talent shortage. In that piece, I reflected upon the growing number of young college graduates who are heading straight to the job market and skipping an MBA. 

But it seems that power in a short staffed industry and a fresh-out-of-college perspective may not be the only thing that these recent grads are bringing to the table. A recent article from CFO.com titled “Today’s Accounting Crop: Spoiled Rotten?” by David Katz argues that new graduates “can hardly mistake the message that their services are in great demand.” As a result, they are “high-maintenance types requiring a great deal of hand-holding, mentoring and immediate attention.” The younger generation also does not have the same degree of job loyalty as their predecessors and are often quick to leave a position for a higher-paying job.

I try to match top public accounting professionals with their perfect job every day and so I find information like this to be incredibly interesting. While job loyalty is an issue, I am more concerned with the attitudes of the new generation. Even though they may have the upper hand in the hiring world, only certain employees will stick up and advance within (and outside of) their companies. My advice to the new accountants? Be a self-starter and make sure that Katz’s complaints don’t reflect your behavior in the workplace. In a job market where the employee already has the upper hand, this could be what sets you apart from the crowd.

Posted by David Flax, CPA on April 21, 2008 • Email to a Friend

Comments (1)

I think that it is true that new accounting grads know that they are in high demand, as they should know current market trends.  I also agree that they need mentoring and counseling.  But I feel that it is due, in part, to the fact that public accounting is a field in which most of the knowledge gained is “on the job” versus theoretical as in school, which makes it frustrating for both new hires as well as busy managers and partners.  CPA firms should be sensitive to the fact that younger generations go where they feel challenged, yet are continually learning how their efforts contribute to the finished product (and how accounting theory and practice come together). 

It’s not an issue of loyalty; it’s not about pay. It’s about taking advantage of our great economy and job diversity.  It’s about not accepting a job just to make partner or because ‘Big Four’ sounds good on a resume.  It’s seeking compensation in forms other than money and finding a firm that encourages the fulfillment of personal goals.  In turn, they’ll be more productive, loyal employees.

I feel that CPA firms and partners, particularly of the baby boomer generation, seem to think that we are simply greatful to be working for excessively long hours and to somehow “figure out” why we do certain accounting procedures in hopes that we will eventually embody the culture of the firm.  Few will take that path, and I think there is good reason for it.

Steve Bova • Posted on Fri, May 30, 2008 - 10:52 am EST

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