NY Metro CPA Firm Demographic Trends (Video)
I want to tell you a little bit about the demographics of the profession in the New York area and why that has created enormous opportunities for partners as well. The two trends are as follows: in the sole practitionermarket, 80% are above the age 50, 30% are above the age 60. That means: if you like public accounting, like to be an owner in a firm and are open to a smaller firm, there will be countless people retiring over the next zero to fifteen years. Trend number two: among public accounting partners, non-sole practitioners, 68% are over the age of 50, 20% are over the age of 60. Again, creating enormous opportunity for those who are in public accounting and like it and want to become more equity partners, executive committee if not managing partners. What I would like to add to that is professional representation, or awareness of that opportunity, is really critical. Just because they exist does not mean you are going to know about them. So that’s where having a professional recruiter as your advisor can be extraordinarily helpful because they’ll know who’s retiring, who has succession issues- they will know where the opportunities are. And that advice is invaluable.