Wiped Out: The Wave of CPA Retirements & Turnover

The accounting profession is facing unprecedented challenges, with nearly 75% of CPAs reaching retirement age in 2020 and over 300,000 professionals leaving the profession since 2019. Recent reports from major firms highlight the strain, with average annual overtime continuing to rise. Publicly-available reports by firms like PwC and EY reveal that associates through partners work an average of 203 to 373 hours of overtime per year, often during the traditional accounting busy season. Regional firms show even higher figures, with one firm indicating 816 hours of overtime per staff member. 

This exodus of accountants, coupled with the overworking of available staff, is leading to a decline in audit quality. Regulatory bodies such as the PCAOB, the Department of Labor, and the AICPA have cited rising audit deficiencies. This talent crisis, driven by burnout, excessive work hours, and continued regulatory scrutiny, has also created a shortage of audit firms. Companies are finding it increasingly difficult to secure audit services, raising concerns about the quality of those services.  

In response to these challenges, CPAClub has emerged as a beacon of innovation and change. Our firm defies convention with a focus on extensive expertise, putting people first, and delivering a transformative member experience. 

Alternative CPAs: CPAClub is the alternative to the antiquated CPA firm. We have flipped the pyramid upside down in favor of empowerment and entrepreneurship. 

Member Experience: We pride ourselves on providing a 5-star member experience. Our concierge-style service ensures peace of mind for our members. 

Extensive Expertise: Our team consists of talented, seasoned CPAs with a unique mix of Big 4, regional, and local firm experience. We are trusted by dozens of CPAs and place quality at the forefront of everything we do. 

People First: At CPAClub, we prioritize people over profits. We offer a 4-day year-round workweek and remote work options, believing that happier and healthier employees lead to best-in-class service. 

Transformative Technology: Leveraging cutting-edge technology, including cloud-based accounting software and AI-driven analytics, we enhance productivity and deliver exceptional service. 

CPAClub represents the future of the accounting profession—a company that embraces innovation, entrepreneurship, and change. Join us on this journey and experience the CPAClub difference. Visit our website at www.cpaclub.cpa or contact us today to learn more about how we’re navigating the challenges of today and building a brighter future for the accounting profession.