There’s something about public accounting I’ve never understood – as you rise up the ranks, you work more, not less. 🤔 Shouldn’t it be the other way around?
In Episode 378 of The Accounting Podcast, we dive into the numbers. And the numbers do not paint a pretty picture.
Here are the average hours per week by level, crowdsourced from thousands of accountants by Dominic Piscopo, via his site Big 4 Transparency.
Interns: 42
Staff: 46
Seniors: 47.5
Equity partners: 50+
Equity partners are working over 50 hours per week – on average! That means in busy season it must be far more.
Is this the path to success and fulfillment?
Perhaps this is why job satisfaction drops as you climb the ladder in public accounting. While interns give their jobs a 7.4 out of 10, Seniors only rate their jobs a 6.5, and equity partners aren’t any happier than managers at a 6.7.
Interns: 7.4
Staff: Not reported
Seniors: 6.5
Managers: 6.7
Equity partners: 6.7
It’s time to get real. The antiquated hourly billing model and toxic culture of overwork are driving talent away. And with private equity swooping in to gobble up firms, the pressure to squeeze out profits will only make matters worse.
So, what can we do about it?
How about ditching the overtime exemption for accountants? If firms had to pay for those extra hours, they might think twice about running their people into the ground – including partners.
But more importantly, we need a fundamental shift in mindset. It's time to put employee well-being first and explore new business models prioritizing work-life balance and fair compensation.
I'm attaching a clip from our latest podcast episode where David and I dig into these issues. Give it a listen, and let me know what you think. I want to hear your experiences, frustrations, and ideas for creating a more sustainable and fulfilling accounting profession.
It's time to stop accepting the status quo and start demanding change. Our future as a profession depends on it.
