The tax and accounting profession is undergoing a significant transformation as a wave of partners leaving their posts ushers in the largest retirement exodus of our lifetime.
The COVID-19 pandemic created a surge in demand for the profession due to new complexities in clients’ tax situations, remote work and a wave of entrepreneurial startups.
Most professionals no longer provide “one and done” tax preparation services during busy season, but instead work with clients throughout the year.
In a profession where many accounting firms enforce a retirement age of 65 or 66, a significant cohort of CPAs plans to retire within the next decade or two.
The impending retirement wave among CPAs underscores the evolving dynamics within the profession and amplifies the urgency for strategic solutions.
Consider these firm management tips for cultivating and empowering the next generation of accountants.