Increased investment in the accounting profession from private equity firms is changing the way accountants pursue their careers, according to a new report.
The Accounting MOVE Project, a member of the Accounting & Financial Women’s Alliance, on Tuesday released a report on the PE industry’s impact on CPA firms, along with Best CPA Firms for Women and Best CPA Firms for Equity Leadership. A list of locations has also been announced. The report was co-sponsored by AFWA and accounting firm Moss Adams.
“While the influx of cash is making headlines, we believe the real story is how this new organization will change the dynamics of the company and career opportunities for team members, especially women and people of color. ” said Bonnie Buor Ruszczyk, representative of the Accounting MOVE project. statement.
The report noted that most partnership structures for traditional accounting and advisory firms are little more than “speed bumps for outside investors seeking returns.”
External investors, such as private equity investors, are investing with the aim of re-establishing the linear career paths that are characteristic of companies. “There are increasing opportunities to change career paths,” the report said. “The energy and expanding opportunities offered by external investors, including consulting, insurance and wealth management, have the potential to further increase the attractiveness of the profession to ambitious Gen Z, young Millennials, women and ethnic minorities. .”
For this report, the Accounting MOVE Project spoke with industry leaders including Allan Koltin of Koltin Consulting Group, Bob Lewis of Visionary Group, and Terry Putney of Whitman Transition Advisors.
Companies considering external investment should closely evaluate the potential for synergy over conflict and look for private equity firms that prioritize diversity, equity and inclusion, the report suggests. I am doing it. “Partnering with PE firms that incorporate DEI into their core strategies can help companies drive greater innovation, and diversity efforts can be powerful catalysts for sustainable growth,” the report states. are.
“This is a conversation we need to have,” Tricia Bencic, associate director of inclusion and social responsibility at Moss Addams, said in a statement. “Private equity investment has brought about a dramatic change in the accounting industry. Outside investment allows companies to invest in infrastructure and growth, while providing services and taking care of their customers.” It is equally important to keep the focus on people.”
The report also discusses the backlash against DEI and how DEI leaders can work to overcome skepticism and maintain momentum. MOVE project companies are pursuing strategies to counter DEI opposition and develop a more engaged, more retained, and growing workforce.
The Accounting MOVE Project released its list of Best CPA Firms for Women and Best CPA Firms for Equity Leadership on Tuesday.
The best CPA firms for women, in alphabetical order, are:
Abbott, Stringham, Lynch
Armanino
Beech Fleischmann PLC
belly dance
Brand & Associates, PC
bonadio group
BPM Law Office
clark nuber
Ade Bailly
frasier and dieter
james moore & company
moss adams
Lehman LLC
Shellman
For firms where at least 31% of the firm’s partners and principals are women, the following are CPA firms with strong equity leadership, ordered by descending percentage of female partners and principals.
71% KWC Certified Public Accountant
64% Clark Nuver
58% Abbott, Stringham & Lynch
57% Beech Fleischman PLLC
55% Bland & Associates, P.C.
53% Kerkeling, Barberio & Co.
50% James Moore & Company
47% Jones & Ross
46% HBE LLP
40% Councilors Buchanan & Mitchell, PC
40% Belly Dan
39% Bonadio Group
39% Frasier & Dieter
36% Lehman LLC
33% BPM LLP
33% Armanino
31% Ade Bailly
