2023 Rosenberg Survey Insights: Navigating Challenges and Opportunities in the CPA Industry

The 2023 Rosenberg Survey, now in its 25th year, provides important information about the CPA industry, covering both its successes and difficulties. The survey this year points out an outstanding increase in profit, especially noting the considerable rise in earnings for each partner at big accounting firms. Yet, despite this financial achievement, the industry still faces persistent problems like lack of enough staff, gaps in expertise, use of old technology, and strong competition.

Key Insights from the Survey:

1. Staffing Shortages and Skill Gaps: The survey emphasizes the impact of retiring Baby Boomers and the struggle to attract young talent. Allan Koltin of Koltin Consulting Group suggests that the profession needs to be rebranded to appeal to the younger generation seeking challenging and rewarding careers.
2. Outsourcing and Technological Integration: The trend towards offshoring and leveraging artificial intelligence (AI) is noted as a significant shift, with predictions that a considerable portion of future revenue will be generated offshore.
3. Changing Skill Requirements: With a growing number of non-CPAs being hired, there is a shift towards recruiting individuals with STEM backgrounds, reflecting the evolving skillset required in the industry.
4. Expansion Beyond Compliance: The survey underscores the need for firms to broaden their services, particularly in advisory roles, client accounting, and technology-focused areas.
5. Artificial Intelligence and Industry Specialization: AI’s role is expanding, particularly in niche, industry-specific applications, showing progress beyond traditional tax and audit functions.
6. Private Equity and Market Trends: The report discusses the temporary slowdown in private equity involvement due to economic factors, with expectations of resurgence in the coming year.

The Rosenberg Survey therefore depicts an industry that is at a turning point, managing significant financial achievements while also needing to adjust to a quickly evolving professional environment.

This summary is based on insights from the 2023 Rosenberg Survey, as reported by Thomson Reuters. For more detailed information and analysis, please refer to the original article at Thomson Reuters.