how should the managing partner be compensated?
10 important factors to be taken into consideration.
by marc rosenberg
author of “cpa firm management and governance.”
pay & compensation
comp plans for the new managing partner
lessons from the best-managed firms.
by marc rosenberg
author of “cpa firm management and governance: the managing partner’s guide to running a cpa firm like a business.”
baby boomer partners are rapidly approaching retirement age, resulting in a dramatic increase in new managing partners at firms.
in fact, 卡塔尔世界杯常规比赛时间 estimates that up to 25% of multi-owner firms are operating under managing partners who are relatively new to the job, with tenures under three years. and over the next five years, one-third of multi-owner firms will undergo a change in ownership and/or control. read more →
finance and accounting professionals forecast improving job prospects through 2013 [pro member exclusive]
rebound in confidence after two quarters of decline.
next question: what’s your best career advice? join the survey; get the answers.
a leading measure of overall confidence among u.s. finance and accounting workers, rose 5.4 points to 55.8 in 4q 2012 — ending a two-quarter decline, according to new data reported by 卡塔尔世界杯常规比赛时间.
the new survey finds growing confidence in job availability and in workers’ personal employment situations, despite continued tepid sentiment in the strength of the economy.
after an economic pause, the accounting industry restarts expansion engines
click to join the survey; see the results
but many cpa firms appear to be missing out on the recovery.
by rick telberg
卡塔尔世界杯常规比赛时间 research
the nation’s tax and accounting industry appears to have re-started expansion with new hiring in january, after a two-month pause at the end of 2012 in november and december, according to 卡塔尔世界杯常规比赛时间 research. but the gains appear to be concentrated in non-cpa-owned offices.
analysts are attributing the 2012 year-end economic stall to two major storms which slowed economic activity: one, hurricane sandy, and, the other, congress, which has been gridlocked under a bubble of hot air.
卡塔尔世界杯常规比赛时间 pro members:
get the instant download
full report (pdf, 20 pages), here.
what new accounting grads want from your firm
survey of college professors provides clues for successful recruiting.
internships and social networks speak loudest when new college accounting graduates weigh their first jobs offers, according to a new public accounting report survey obtained by 卡塔尔世界杯常规比赛时间.
the study ranks the relative importance of factors to students when choosing a job offer, including:
- access to latest technology
- compensation and benefits
- desirable location or geographic base
- long-term career opportunities
- technical reputation
- the firm’s long-term business outlook
- the firm’s quality of life in terms of an employee-friendly environment
- whether the offer is from a big four firm
- workplace diversity
and the survey reveals the companies and cpa firms soon-to-be graduates are hoping to join:
- a company in private industry
- any big four firm
- any top 25 firm
- a local firm
- bkd
- deloitte
- e&y
- grant thornton
- kpmg
- pwc
the survey also shows how many undergrads have actually worked in a public accounting firm before graduation, and the top 10 corporations would recommend as employers. but the most closely followed part of the survey are the rankings of the top 25 undergraduate accounting programs.
the responses are tabulated in the following charts with analysis by the survey’s author:
2013 trends in starting salaries in finance and accounting
business demand drives hiring, new competition for talent.
special to 卡塔尔世界杯常规比赛时间
fueled by new demand from business clients, cpa firms of all sizes are looking to expand audit and tax practices and pursue new new market segments, according to a fresh report on the accountant jobs market. (pro members: get the full report, courtesy 卡塔尔世界杯常规比赛时间.)
are cpa attitudes dampening hiring at u.s. companies?
accounting and bookkeeping jobs hit new all-time high for month of august
best august ever.
by rick telberg
the u.s. accounting and bookkeeping sector of the economy added 3,500 new jobs in august bringing the full-time workforce in the industry to 955,000, a new all-time record high for the month, according to preliminary new data obtained by 卡塔尔世界杯常规比赛时间.
related
instant download – 2013 salary guide
join the survey, get the results – the cpa careers and hiring outlook: job satisfaction and retention benchmarks
join the survey, get the results – top talent strategies: how to identify and develop professionals for management and leadership responsibilities
in addition, the 卡塔尔世界杯常规比赛时间 analysis shows: read more →
the keys to success for compensation committees
why firms need comp committees and how some of them do it right.
by marc rosenberg, cpa
author of how to operate a compensation committee
cpa firms are increasingly turning to the use of formal compensation committees for a number of reasons. chief among them: it’s the best way to achieve a balance between recognizing traditional production accomplishments and rewarding intangibles.
the compensation committee approach aligns the firm’s (1) strategic plan and core values with how partners are (2) evaluated and how they are (3) compensated. it motivates partners to produce what the firm needs them to produce.
related: compensation issues for the new managing partner | 20 decisions for your firm’s new partner compensation committee | three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | more…
at most firms, there is a disconnect between these three functions. but at the better managed firms, they are integrated.
cpa firm compensation plans and the law of unintended consequences
“unintended,” maybe. but not altogether unforeseeable.
with a new generation of cpas taking over as managing partners comes a host of new questions and issues. marc rosenberg addresses some of the concerns in compensation issues for the new managing partner, which inspires gary zeune, managing director at the pros & the cons llc, to weigh in on the kind of comp issues that he sees all too often as a fraud-fighter.
zeune comments:
don’t tell anyone but the problem with cpa firms is they’re run by accountants who don’t understand the unintended consequences of decisions.
accounting industry adds 500 jobs
marks 16 months annualized expansion. but cpa firms are a different story.
accounting and bookkeeping services, all employees in thousands, thru july 2012
the accounting and bookkeeping industry, which includes cpa firms and payroll agencies, added a statistically meaningless 500 jobs in july, according to new data sourced by 卡塔尔世界杯常规比赛时间. july ended with 953,200 fte’s, up from june’s 952,700.
but it’s in the year-over-year gains where the trend is more clear. and the story at cpa firms is much different.
20 decisions for your firm’s new partner compensation committee
partners need to be something more than production machines. [checklist included.]
by marc rosenberg, cpa
increasingly, cpa firms are adopting the compensation committee system for allocating partner income. firms are finding that systems such as formulas, pay based on ownership percentage or pay-equal no longer work. when we compare the usage of the compensation committee today to 5 years ago, the increase in usage ranges from 16% to 26%.
if there is one overarching cause for this significant trend, it’s that firms are understanding that their partners need to be something more than production machines. in addition to bringing in business, managing a client base and working billable hours (all of which continue to be important values in a compensation committee), partners need to excel in intangible areas such as helping staff grow and develop, developing specialized expertise and teamwork. the compensation committee is one of the best systems available to cpa firms to allocate income based on this diverse array of performance criteria.
more marc rosenberg practice management trends and guidance: three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | the 15-item checklist for your next partner retreat | five key responsibilities for a new partner | planning a partner retreat for real results | 6 steps to get your business to the next level | the 10 biggest mistakes in reading map statistics | re-engineering partner accountability | marc rosenberg: why cpas aren’t making more money [video] | marc rosenberg: slow learners need not apply | 10 to-do’s for a partner buyout
when firms begin operating their new compensation committees, there is a lot of initial confusion and bewilderment about how to get started. for example: read more →
college class of 2012 using social media to research jobs, employers
if your staff recruiting effort is overlooking social media, then some of the best candidates may be overlooking you.
new college graduates are embracing social media as a job-search tool, according to a new study. approximately 41 percent of 2012 college graduates in the market for a job are using social media to help them land one.