More accountants are leaving the field than joining. What’s going on? | Kelly Richmond Pope
ฝัง
- เผยแพร่เมื่อ 22 พ.ค. 2024
- More CPAs are retiring than are joining the field. What’s going on? Forensic accountant Kelly Richmond Pope explains.
Subscribe to Big Think on TH-cam ► / @bigthink
Up next, Are you really ethical? Let's find out. | Kelly Richmond Pope ► • Are you really ethical...
Imagine a world without accountants - it's not as distant as you think. Over 300,000 accountants have left the field in the past two years, and fewer students are pursuing accounting majors or the CPA exam.
Forensic accountant Kelly Richmond Pope explores this alarming decline in interest in accounting. Pope believes the difficulty and cost of getting an accounting degree have drawn prospective students away, along with shifting career interests driven by social media, ESG, cybersecurity, and IT.
However, some changes could attract new learners and, thus, save the field. Pope shares a few ideas for how to revitalize a very necessary profession.
----------------------------------------------------------------------------------
Go Deeper with Big Think:
► Become a Big Think Member
Get exclusive access to full interviews, early access to new releases, Big Think merch and more. members.bigthink.com/?...
► Get Big Think+ for Business
Guide, inspire and accelerate leaders at all levels of your company with the biggest minds in business. bigthink.com/plus/great-leade...
----------------------------------------------------------------------------------
About Kelly Richmond Pope
Dr. Kelly Richmond Pope is the Dr. Barry Jay Epstein Endowed Professor of Accounting at DePaul University in Chicago, IL. Pope is a nationally recognized expert in risk, forensic accounting, and white-collar crime research, and an award-winning educator, researcher, author, and award-winning documentary filmmaker. She’s the author of Fool Me Once: Scams, Stories, and Secrets from the Trillion Dollar Fraud Industry (Harvard Business Review Press, March 2023). Pope teaches managerial and forensic accounting both at the undergraduate and graduate level.
We work a shitload of hours, the work isn't all that interesting and the pay is just ok.
And you actually SEE how MUCH money the wealthy truly make... and inspite of a decent salary, it's just crumbs. You basically help to "count" and take care of wealthy people and companies' money but don't get to touch it.
Accountants and lawyers who work the most hours and the pay is not worth it! Love from Russia.
Summed up why I left perfectly
Very true
I was in finance and I wanted to shoot myself
Never ending workweek, monotony
People who stay in it frequently smoke cigarettes, snort coke, and get fat as f*ck because of the stress
*BuT look hOW much He'S mAkInG*
I'm a CPA. I'm hoping and praying the trend continues. Hopefully this decline in supply partially offsets that decline in demand caused by continuously improving accounting software. It's already putting a lot of accountants out of work. I could see a future AI mastering accounting principles relatively easily, since they are logic based.
I've recently read about Robocountants and it's true that we have to work along with them or lose our jobs.
Nope the software combined with AI is exponential. In 5 years I see major companies having a chief accountant and very small but elite team of accountants that runs the software and signs off legally. 95-99% of current accountants will be gone. Woman in video is not seeing the exponential progress in software/AI and extrapolating. Humans, but women in particular think linearly.
@@michael2275 How adorably misogynistic of you.
Accountants need to embrace and master all these softwares and AI in order to deliver better results and don't lose their jobs
@@michael2275 I was an accountant and agree in some way but there are restrictions in the use of AI in securities trading (based on law) and the auditing of a company also cannot be fully performed by a software. Accountants and AI and bots have to find a way of coliving. The role of an accountant is changing rather than say there won't be any accountants in the future
My best friend worked at a big accounting firm for a year. He worked 70+ hours a week and got no sleep. His hair literally turned grey, he lost 30ish pounds and hated his life. That one year aged him a decade. Fuck accounting
😂
I believe you. Those big accounting firms really squeeze the heck out of entry level
Accountants. It’s absolutely insane.
this
That’s my story too!
I was working 60 hours during the tax season. I started getting grey hair! I am just 24 years old. I then quit my job and now I’m doing a lot better
Someone once told me they didnt realize how hard they had to work to get their certifications only to be told to lie every day in the numbers.
My mom is an accountant. She said she wouldn’t pay for our (my sister and I) college if we majored in accounting
Lolol
Wow what a neat, and mind blowing story!
😂😂😂😂
Smart mom.
And then the baby clapped.
So many misguided comments on this video. The accounting field is vast and covers many essential roles in business. Only a small portion of these jobs can be replaced by accounting software or artificial intelligence. The day-to-day of accountants involves judgement, estimates, and interaction with clients. The work being replaced by technological processes only covers a small portion of people leaving the field.
Everything accountants do is already within a digitized rules based system so it is MUCH easier to get software/AI to do it than most other professions. Many other professions pull disparate situation specific information from many sources to make non clear cut decisions where clear rules don't exist, there is no right answer, only trade offs. Accountants are straight in the line of fire for the first round of AI implementation to cut expensive white collar jobs.
If anything the human judgement that goes into accounting just makes it less consistent thus less valuable to the end consumer of financial statements. I'd rather companies can't manipulate the accounting as much. Having AI enabled unbiased software do the work will be preferable for that reason.
@@michael2275You don’t know, nor understand, anything about accountancy or how it works. Get off this video! Your ignorant comments are clouding up the feed.
@@michael2275 Your response is only relevant to routine bookkeeping and clerical positions. These positions would fall into the small portion of jobs that can be replaced by automated solutions. The majority of accounting is far less black and white than you are implying. Most jobs will merely evolve to incorporate automated procedures to streamline simple processes. This may change the nature of the work, but the jobs will remain for as long as professional judgment is a requirement. Even for automated processes, human judgement is needed to ensure these processes are operating effectively. My point remains: the number of people leaving the profession far exceeds the amount of automation taking place. At the point accounting ceases to exist, no one’s job will be safe.
@@ThePolarSunlight The automation of more and more functions will be ramping exponentially as AI is deployed including things you think can't be automated imo. Are you familiar with Palantir's suite of software products? Their AIP platform is on track to usurp entire accounting departments within a few years. CFO who will be a CPA will review and sign off for legal reasons, but there is line of site to automate pretty much everything an accountant does.
@@michael2275I disagree, and it comes right back to you not understanding the full scope of what accounting is. If the only human input in filing financial statements was a CFO sign-off like you suggest, there would be misstatements and fraud so rampant and widespread it would make Enron and FTX look like child’s play. Please sit this one out - I don’t spend my free time telling engineers how their jobs work.
I got my degree in accounting and skipped the public accounting/CPA route thankfully. I work as a mid-level construction project accountant for a big real estate developer. There is no way the tasks of my job can be done by a robot. And none of my mgrs ever worked in public or got CPA and make well in the six figures. However, this is one specific niche of accounting. I'm just glad I fell into this instead of audit or tax at a firm.
I did the same and after working as a controller for a few years, started my own company to provide part time contract controller services to businesses too small to justify a full-time controller. Worked out pretty well.
Hi! If you're okay with sharing, I wanted to ask a little bit more about how you started in private/industry accounting? And what exactly are your tasks? In terms of public accounting, did you have friends who went that route and are they in about the same place as you are right in terms of your career?
I apologize if this is a lot of questions, but I just did a busy season internship at a big 4 and I'm not sure if public accounting is the right field for me 😭 so I'm just trying to look around and see my options
Hey man how difficult is it to pivot into construction project accounting? I’m I’ve done a wide variety of accounting. From non-profit, for-profit, cost. Do companies like yours only hire those that have your specific skill set??
Accounting is definitely one the field that is chaging the most rn. but no matter how much it changes it will remain be a job that you have to put on crazy hours, that don't excite or motivate you. More young people nowadays don't care that much about the money like 10-20 years ago they more focused on doing something of value (that they consider valuable) so that they can have a more enjoyable and graceful life. And to be honest, they're totally right, that should be everybody's goal.
It's actually good job because tasks are repetative (reason why we get hooked also). My reward system is investing stocks with every paycheck to reiter sub 40.
Bonus: If you want to get rich understand how money works. Invest hard and live with rent, car loan and credit cards to gain more out from money's time value.
Bonus part 2: Learn psycology and why big companies are so succesful.
@cayjutler1262 what can one invest in now with savings if 50k and not working?
Rent takes all your money in a short time.
Disabled money goes nowhere to afford to live pay bills, and that's it.
I left accounting for IT 35 years ago. It was the best decision that I ever made. I make 25 percent more as a software tester than if I stayed in accounting. Accounting will be performed by A.I. that is why a lot of people are bailing from the profession.
Really?! I just did my own taxes.
Goddamn A.I. what would you say would be the best way to get into the IT field and possibly do what you do?
So will IT.
Maybe the profession will finally require less hours if AI does more of it.
@@theboombody AI will do nearly all of it.
The pay stinks and we work too much. Even a firm or business that considers it pay good isn’t enough. Mean while ups drivers get 170k?? Firms are reluctant to increase rates yet you’ll pay a plumber 500 for less than an hours work. It’s ok to say you’re paying for years of experience to a carpenter that finishes his work in a day and charges 10k but people complain when they pay 300 for a tax return. If I did it all over again I’d definitely go into IT or Programing. We have no respect, struggle to get by, and the requirements for our profession are higher then most. None of it adds up.
What UPS driver gets 170k?
@@sociolocomtsac all of them after 5years
Yeah but those UPS drivers lift 50 pound boxes the whole day. You guys make it sound like an easy job
Stop bitching and moaning.. You need a reality check
@@sociolocomtsac that's the top rate assuming full time hours after 4 years. this guy seems pretty jealous of blue collar work btw
I know people who have started their own business but are horrible with finances. They hired an accountant but get mad at the accountant when he makes recommendations based on the numbers lol I can see how a job in accounting and finance can be frustrating
Oh God, yeah, and all they care about is the taxes. Just do the taxes and that's it. Nevermind the financial statements, they are not important. Who cares about financial data, it's not like it is important, right? LOL! 😂
@@NelsonGuedes unfortunately, this is why many businesses fail. It's up to the owner to have interest in all aspects of their business, even the parts they don't like. All consultants can do is their part of the work, give advice and report the facts.
Accounting and Finace are not the same. Accounting is a boring process that will be swallow by software. Finance won't.
@@MagicMike_101 Although I agree with you that software makes the preparation of financials infinitely easier, you would be surprised how much judgement is involved in every close period. Not to mention that new accounting standards come into effect almost constantly, whether using IFRS or another type of GAAP (like US-GAAP). The accounting standards need an incredible amount of knowledge, judgement, and interpretation just to be able to configure the system to deal with some of them. This is particularly true of certain standards that deal with complex concepts, such as Financial Instruments, Revenue Recognition, Lease Accounting, and so on. I’m the CFO at a large insurance company and we have been trying to implement IFRS 17 for the last 2.5 years and can tell you that we still have a lot of manual work and work-arounds to do because no system/software can do it all and make those judgement calls. Perhaps one day in the future using AI…hoping to be retired by then..LOL. Also, accounting CAN be very interesting. I think you may be thinking of BOOKKEEPING - the two are very different, and bookkeeping can be largely automated but accounting, not so much…
@MagicMike_101 they are not the same, but there is such a thing as financial accountant. And finance not being automated? Where have you been in the last 20 years?
LOL! I fucking LOVE this! I graduated in accounting. In 2007. I got my first job in Vancouver, moved there with my baby and my pregnant wife and was about to start working as an accountant for some good money. Life was great. But then the credit crisis hit. The company I was going to work for went bankrupt, so I never even got started. I tried to get another accounting job but couldn't find anyone because more companies were going bankrupt and there were no openings for accounting jobs anymore. I lost everything. To this day my family struggles with poverty and a lot of problems because of the credit crisis, which was partially caused by some grossly unethical accountants. So fuck this world and this profession that completely excluded me and my family! Have fun with the mess.
hope things improve
Life can have so many curve balls. I wish you and your family the best. Good luck.
I taste some bitterness in your words. Always try to look to the positive side of things.
All the best man.!
Things will get better
The fields difficult for no reason. 😣
What do you mean for no reason?
did you mean field is?
@@jackinkc767 No, I meant what I typed. 😂 Some Accounting fields would be: Management Accounting, Bookkeeping, Auditor, Financial Analyst, so on and so forth. Thank you for your concern. ☺️
@@Shorts1O8 Accountants are given a lot of workload for businesses. It could prove to be DIFFICULT when it shouldn’t have to be. At least not all the time. Very stressful.
@@tarotafterdark1077yup I've learned that, I tried it for a bit but it's way more stressful than most people realize
I stumbled into accounting and have so far stayed bc it showed me what starting my own company would look like. In my last year of school for context
I understand the incentives to be an accountant. Direct career path out of college, good pay, minimal math compared to STEM fields. But damn does it seem soul draining. I don't think any kid says "I want to be an accountant one day!!"
I'd imagine this is the crux of the issue for a generation who's obsessed with purpose/self actualization
This is interesting. I'm 25 and wanting to change careers. I'm currently a Chef but I want to get into finance. I was going to get a bachelor's in accounting from WGU. My job even has a tuition reimbursement program. Should I not do this?
@@salvatorevitale138 i work in Finance. I used to be a controller but now do budgets, kpi analysis, financial projections. Finance is data analysis to project futute outcomes. Accounting is recording historical data. I love finance. It is challenging and keeps me on my toes.
Damn my guy come to India, the kids are dying to become CA just because of the hefty pay check after graduation.
It really isnt soul draining or boring at all. If you are doing more complicated tax returns it is actually sort of fun because each one is different and its like solving a puzzle but with numbers and each one is different. I switched careers from car mechanic to public accounting after a back injury and I actually like the work.
@@GnarshredProductions Then I'm happy for you!
The issue is, what you have to go through to become one. Taking the tests to become a CPA. How much do you use from those tests? Or, an even better question, what amount has been retained and how much can you apply?
If you need an accountant to do your taxes as a normal person, that's because accounting firm lobbyists have actively fought to make taxes so confusing you can't do it yourself.
Most modern countries have a 4-6 page document to fill in for the average person, taking about 30 minutes.
Germany and the US are the outliers, one because they love protocol, and one because greedy interests are involved.
We don't need as many accountants if the ones that do go into the field can be focused on businesses, instead of income tax returns.
A “normal” person’s taxes in the US takes about 10 minutes max and it is also a 4-6 page document… No tax preparer is doing a return for normal people. They’re doing returns for the rich, whose returns are more complex.
@@signalfire15 I did 6 years of tax returns in the US. No one could show me that paper and everyone told me to spend an hour or more on a tax application because it was too painful otherwise.
@@BrentHollett I’m not sure when you did tax returns in the US, but, today, there are online programs that help you through the process. Assuming you are a regular person who is married, has kids, standard jobs, and a home owner (most people get the standard deduction now) your return should take a solid 10 minutes to get through with the software… I am a paid tax preparer and I do my family’s returns using online software, takes 10 minutes (less for me since I can fly through the prompts because I know what the answers are to the questions already). And then I also do complex returns at work which can take days, even weeks to complete depending on what the person has going on. Those are special cases. In my opinion, no regular person in the US should be paying a preparer to do their return. It’s very simple to do on your own. The paid preparers should only be for the rich.
Pay, why study a field to get 60k when there are tons of other fields that require less work, less school and more pay sometimes double or triple.
What fields are those?
@@MelodiousRhyme a lot of the trades depending on your location are extremely high demand. Sure you may be a little more physical than sitting at a desk typing but countless decent tradespeople clear 50-200+k/year.
@@MelodiousRhyme Too many to name. I Switched to supply chain management and right after college i was making 30% than my CPA peers and i barely put in 50 hours. I've met people who left the field to go back to school for a various other work like Nursing, IT, Engineering etc and they are all happier
@@jean-claudeallard8359 No one wants to work like a peasant on a construction site no offense.. We like our offices and clean clothes.
Engineering, Architecture and medicine have post qualification practical hours and a prerequisite to certification as a standard practice. Accountants are not alone. Professional exposure and experience prior to certification is an important part of building expertise and networks
Kind of a strange excuse for the decline.
It's all about the pay cause accountant working hours is 14hrs-16hrs a days. I mean it's okay, if one is getting paid at $8k per month plus bonus.
I am an Accounting major and imo I believe the 150 hour rule is not the biggest hindrance. I believe it is pay along with the testing format for the CPA exam and other certifications we can pursue. I believe if you pay accountants on the level of lawyers who also work ling hours in a client facing industry with just as much significance while streamlining the certification testing things will start to change.
Only having 18 months to pass all the parts of the exam is the most difficult part. When you are busy and working this many hours and dealing with life outside of work its hard to find enough time to study to get all those tests done in only 18 months. The 150 hour rule is a bit of a hinderance as it is more money and time that I have to spend and it really doesnt add any value because you can get your bachelors degree in accounting with only like around 120 credits and then take bullshit easy classes like liberal arts or gender studies to make up the extra credits to get to the 150.
@@GnarshredProductions I believe the purpose of the extra thirty hours were to make the field more prestigious like the field of Law. Let's say Accountants have been getting paid as well as Lawyers or consultants for the work they perform then those extra credits would not be an issue. Due to the laborious testing format, long hours, and low pay for very important work the battle will continue to be tough.
@@antwankeenan There in nothing prestegious in my eyes about having to take extra useless classes in order to take an exam. The difficulty of the exam itself is what should make it prestegious as it is hard to pass but they should really let anyone in the door who can pass the exam not make it difficult to access. Electricians are making 6 figure income now a days and nobody really thinks of that as being prestegious.
@@GnarshredProductions I agree with you that there is nothing prestigious about taking an extra thirty credits since the money is not fair compensation for the amount of education received. The field of Law has been able to provide fair compensation for the extra 80-90 credits a student must earn to become a lawyer. Accounting forms are larger in terms of revenue and head count while being just as profitable as kaw firms. They are able to pay more. If they have been paying more all of these years no one would cry foul over those extra thirty credits.
I'm an economics major, and get this stuff just as well as my accounting major counterparts. Currently less than 2 years as a tax consultant and am a senior. Less focus on the major is good.
I'm a math major and most of the stuff was easy. The tax stuff seemed a bit convoluted though and in desperate need of streamlining.
@@theboombody Haha, welcome to the Internal Revenue Code. Some legal knowledge is helpful in navigating the endless rules. I plan on taking a college class in tax law so I can better navigate it. The complexity is a good thing for us, but probably not for society.
I'm hoping this is a sign; I'm about to take my last CPA exam in a few hours. :D
Let me know if you cleared the exam. I am a fellow CPA Candidate
Best of luck to you! Hopefully you pass!
Took my degrees in accounting and went into banking. Best decision.
How did you do it? Can you tell me the clear pathway?
I think organizations would be wise to help students in general. Graduating from college $50k in the hole just isn't a sustainable model. If school didn't cost as much we wouldn't have to ask any elected officials to drop some of that debt.
Public accounting isn’t that bad. People just like to complain a lot. Partners make 200-600k which is more than most professions. The downside of public accounting is the starting wages aren’t great… but they go up relatively fast.
I’ve been in acctg for 30yrs and way back in ‘93 they promised the paperless office, which has only recently been realized at my S&P 500 company. It’ll be 30yrs before they replace people bc businesses and the people that screw things up are way too dynamic to be “automated”….I basically spend my days fixing transactions & problems other people create by subverting the policies & procedures we have.
Accountant here. Graduated master's without tuition fee. Jobs are boring but pay is decent and more than that lessons are invaluable. Thanks to my understanding of money I'm investing every paycheck with hurdle of 10 to even 30% (again thanks to my knowledge). Compound that to 10 or perhaps 15 years and I can retire at 35 while pulling out 9k month passively.
Depends on how narrowly you define accounting. An accounting background is great for business analysis and there aren't enough people with pulses that will show up let alone a proper degree to fill that hole.
DO you know a science that is great for business analysis? Business
Where are they going?
I think 95% of CPAs just wouldn’t recommend this profession to young people. I definitely wouldn’t. It’s a good way to guarantee a job, but it’s not really a good life relative to other choices that pay just as much or more and require less work.
I'm an accountant and I work for a large organization. Not a CPA, not an accounting firm. The work is agreeable and the pay isn't bad at all. If you're thinking of going into accounting, it's like going into law. There are options out there that will work you to the bone and may/may not compensate you for it, and there are options that will have reasonable expectations and give you a fair salary.
I feel like the only reason to do accounting rn is to get your foot in the door for high finance or data analytics
After working 5 yrs as an accountant and with a bachelor degree in accounting. I have worked in multiple private owned companies but it really sucks and I did not find my passion and myself in accounting now I just quit my job and looking for another career.
same here
@@AMAL_AMPZ now u still work in accounting ?
@@idontknow8011 currently working as a research analyst, still running behind the corporate life🙂
The pay is way too low.
This sounds great! I’m going to go into accounting within the next year. Seems like I will be in pretty high demand!
If you can get past the depression then you'll be fine.
If AI doesn't take all the jobs.
@@robertd9850 AI isn’t taking anything relax.. lol maybe those bookkeeping jobs but that’s about it CPAs are fine and no robot would completely take over our profession.
@@robertd9850People who say this don't understand accounting other than spreadsheets
Who is going to do your tax retunrs?
IDK maybe the goverment? they already know how much you owe
I'm not from the US but I have family there is so alien to me how people in the States become crazy for tax season meanwhie I just get an onlie form with all my yearly taxes just to add the deductibles
(also double checking them)
@@donaldothomoson Dude, I'm from the US, and I 100% agree with the OP -- the US tax system is stressful, wasteful, and counterproductive for no real reason whatsoever.
Assurance should adapt to real time technology. Traditionally, by the time a company's audited financial statements come out, it is already well into the next year! For those who are only interested in tax, you might want to just get your EA (Enrolled Agent) instead or if you want to do more tax consulting and perhaps litigation, go get a law degree instead!
I'm becoming an an accountant!!!!❤
I've done my own taxes for about 15 years. It's really easy and it's saved me a lot of money.
Anyone who doesn't own a business can do it on their own.
@@jamesknapp64Yet most people don't because they think it's too complicated.
They need to pay for last 3 years, including room & board.
Accounting is absolutely a profession which could be automated. Same with most standard legal duties.
“AI” will be stepping in. Perhaps those leaving have seen the writing on the wall.
You do NOT need a masters in accounting to become a CPA. Many accountants use an MBA or MHA for that extra year. It’s so important that we have well trained CPAs and not rush to fill the field - it’s an important job.
Not an important job. Produces nothing. Easily replaced by software.
@@michael2275software makes auditing easier but it can’t confirm the validity of financial transactions.
@@michael2275Spoken like someone that has no grasp on the accounting world. Accountants serve an essential need in the business world, and cannot be replaced with artificial intelligence or “software”. This is a trope that has been echoing about the field for years now. If it were true, it would have already happened.
@@ThePolarSunlight Better dust off your resume. 90% of accountants will be out of a job from software/AI by 2030. Denial is an ugly look.
@@michael2275Cite your sources, Michael. You clearly have no knowledge of this field. Demand for experienced and specialized accountants will be higher than ever come 2030. Did you even watch the video?
Most corporate accounting jobs have been offshored to Manila, Guatemala. Bulgaria/Romania etc. Cos. have laid off thousands of accountants in the US. Harder to do that in EU because of laws. The pay has dropped significantly. Why waste your time doing accounting when Ups truck drivers make 150k with no college loans. An accountant i know became a truck driver as he makes more money with job security
But why?
After reading The Pale King, I’ve decided to take the CPA test and work for the IRS. A wonderful fulfilling life awaits me.
Had to google that. You didn't really read it did you ?
@@eddenoy321 I did in fact.
Accounting for me was just boring and too repetitive. It wasn't very rewarding at all and it wasn't too hard. But I will say I wasn't apart of the tax area of accounting vs the international and receivables side.
What many companies do is recruit a newly gratuated single person, no dependents, pay them a modest amount with the promises of promotion, get them working 60-70 hours a week, then after 10-15 years, depending on the situation they will move to another company, probably take on more responsibility with a grander job title. By the time they are 45-50 they want out, they see others earning higher salaries oftern multiples, who can take holiday without rules about audit time, month-end, reporting time, budgeting, re-forecasting.
Also, as more and more jobs are for companies with private equity investors, they just want the returns, to turnaround in 3,5,7 years, whatever the plan. They have no interest in the careers of most of the people in the finance team. They want the job done to super standards, with the numbers as they want (ahem), and pay 1/4 or 1/3 of the value. They want cheap people to keep churning out the numbers, without the proper planning and implementation that good experienced people know how to do well.
As someone who's starting the journey of learning accounting by buying a self study bookkeeping course, I can see why no one wants to be a CPA. Personally I don't want the credential, I want the knowledge because accounting is very useful in all other aspects of life. Especially forensic accounting because that knowledge allows us to hold our local governments accountable
I can't imagine this job is actually difficult, my cousin is pretty dumb and she managed to become an accountant.
LMAOOO 😂
It's really boring and pretty difficult to get the CPA.
I am studying for the CPA and can relate to you 🥲
@@shankare2286 Not an accountant myself but this is what my friends tell me. A lot of memorizing tax code stuff.
Crazy cause I'm considering going to school for accounting right now 😮
Continue studying accounting & some computer languages. You'll be fine.
I also echo the computer languages… So many accountants don’t have solid computer and analytics skills, so it makes them a rare and much needed skill set.
It’s not bad. Just don’t work for a big firm. Midsize firms offer pretty good work life balance. I work 30 hours a week all summer
In an AI age, accountants are obsolete. Their human nature make them flawed. They operate within the boundaries of their own ethics/values. A machine doesn't make errors and will not object to any of the parameters its "client" wishes it to operate. A machine will also always be up to date regarding legislation, where its human counterpart often slacks behind. In 5 to 10 years tops, accounting firms will need only a fifth of their employees to be even more competitive than they are today.
The biggest problem for me was the toxic AF workplaces and shitty, abusive managers.
My mom recently graduated last semester and she’s complaining that is harder to get a job, like you’re almost jumping through hoops to get the job.
I was in accounting, major in college 15 years ago. I switch to business after three years most of my classes transferred into the major neatly. Business was slightly easier and less demanding
No way I could do a CPA. So basically I did a similar thing.
Accountants got the CPA barrier to entry to protect thier "postitions", then add the Rube Goldberg tax code on top, what reasonable person would want to go into the profession?
Very well presented and thought provoking but perhaps in a way that only accountants, past and present, would truly understand, which in itself feeds into the problem.
My only (mild) criticism is that the presentation, in its terminology, reference points and imagery, is entirely US centric - TH-cam gives you a global audience, the underlying message could be presented in a more generic context and be just as effective.
Ironically I just wrote my accounts exams today.
There’s the issue. She never mentioned pay..
Not exaggerating we are pressured to work 8 to 6 come home eat for 1 hour then work 9 to midnight this job sucks don’t do it it’s not even busy season
I read a convincing article that said bookkeeping and accounting will be the first jobs replaced by AI 🤖
Absolutely, AI and tech in general are doing accounting work.
this is what i was looking for.
this professional mentioned every other reason under the sun except the main one : AI
Technology always replaces humans, good or bad it is the future, the new generation sees that so they move into other professions without thinking it twice.
I wish I had this woman as a professor or teacher back in the day
Pay higher salaries and there will be more accountants, it’s that simple.
Former tax accountant here. I quit because I was overworked and underpaid. As of now, I am a Pentester with four years experience making 178k twice as much as I used to make.
Pentester?
@@lapu1602 have you ever heard of this thing called Google?
It might start to happen in more professions given the conditions of work, working to just be alive? We should be alive by right, we need basic necessities by right works is appealing only after that, academics are already forced to children, or they'll die. Not a good way to approach.
A lot of software tools have started handling basic accounting entries so that even a high school boy can start book keeping. Also the pay grade is good only when you reach a level of experience with costly certifications. The truth there are many entry level IT jobs that pay much more than an accountant with 5 years of exp. You can earn better with lesser skills that doesnot reauires mind numbing calculations. Classic book keeping has already been disappeared. With generative ai and ML the auditing may become much more easier for companies than to hire an accountant.
Who tf wants to sit for 4 years when you can do it in 2 but won’t allow it
There's a social media major? WTF?
There used to be a basket-weaving major, it was the easy-A class for all the jocks who needed to keep their scholarship.
What about the scenario where its automated by AI?
My accountant lost his home and was almost homeless with his four children 2 years ago. Bailed him out with $25,000 loan and then he ghosted me. Oh we can really trust our accountants... BS. Accounting needs to be fully automated on immutable blockchains. Get rid of these clowns in the garbage software they use
If only you paid him more...
This is a perfect job for a.i
SVB had accountants, and look what happened
Risk managers failed SVB
It's perceived to be a boring occupation. Like I picture someone who's very quiet and drives a beige Camry.
The internet exists and people realize they don’t have to be an accountant.
I do my own taxes and read up on anything else I need to know.
Data Analytics is supplanting traditional Management/Charter Accounting opportunities. Accounting backward looking rule based (contrast with principle based) emphasis is driving this change. Cost of preparing “audited” statements is increasingly prohibitive (in $, but also management time). This is driving entrepreneurial and SME firms to private equity. Use of (reviewed) Financial Statements for tax & external investment (but largely ignored internally). Software (~QB) can handle basic bookkeeping. Focus on market based data analytics for future growth.
Because a nurse with an associates or a nurse practitioner with a four year degree earns the same or more than the average Controller. Nurse practitioners can go up to $150K right out of the gates. Accountants have to have 150 credit hours with advanced level accounting subjects, finance audit and taxes are seen as cost centres and not value Centers. It can take years to become a controller. Never are they nurtured or involved with strategy planning as analysts.are and limited to menial mind numbing repetitive work. Anyone can be an analyst if you have enough excel experience. They don't require special licences like a CPA and don't have to be a jack of all trades. Having a CPA only opens you up for more scrutiny, responsibilities and accountability that can land you in hit water very quickly in hot water if you have a very aggressive but short sighted board or CEO. Because you are getting paid for your signature. One wrong step and you're in deep. No thanks, been there done that see it happen to honest people. Done with being a glorified bookkeeper or janitor for numbers, only good for damage control or cleaning up other people's messes.
Have you worked in an office lately? 90% come in to get the other 10% do all the work. 4 year schools crank out 'Leaders' and people with a brand but no skills. Schools are a business and MBA is a joke. I have yet to meet anyone who wasn't handed an MBA and had horror stories about the cohort being a joke. Business management is rotting from the inside and no one wants to work in these offices anymore.
Accounting is already under AI automation, so majoring in one is going to have tough time ahead.
How about people getting tired of money money money when really there's very little money for them?
Don’t trust, verify.
can we have more in business and finance please !
How about some geography, biology and the consequence of external costs of business & finance on environmental health and communities
My accountant friends make significantly more than the job I’ve had and my other friends jobs. Really no reason to be complaining when most others jobs are making significantly less…
What's going on? The cost benefit isn't there. It costs more to get the education and certification than it's worth. Long hours and low pay. I would never do it again. Not to mention that you don't really need a CPA to do most accounting work. Plus, the work isn't logical - it's based on laws that idiot politicians pass. I wish that I had learned a trade.
I am regretting my decision to choose accounting as a career
Why? I am accounting student 3rd year
Stop it. First off don’t work for a Publicly traded co. The bueacrocy and Bull shit will suck the life out of u. Try for a mid size company and avoid automotive and Mfg in general. Construction, engineering, software, pharmaceutical that’s where u wanna go. Then when u reach a certain level of expertise u become a consultant.
Every professional group is missing young people. Average age of a master plumber is 58. I don’t know where everyone is going.
Everyone is a coding monkey now lol
Long hours with low pay in America. Corporations are outsourcing PHD accountants from 3rd world countries math and computer programming is international. Host didn’t give a real answer
Source:
"Trust me!"
- an accountant
These young ppl are not putting up with bs and little pay
Tax code is a major issue. Abolish the IRS. Flat tax or Fair Tax.
AI and compter prgrams such as Turbo Tax is taking the place of the accountants
It must be too taxing a journey ... It just doesn't add up as a career field, on balance. It has depreciated as a sought after job. 🤣 Sigh. okay, most likely AI will take the bulk of this in a couple of years anyway, like many other jobs, unfortunately . 😔
Everyone is ao afraid of AI. Software devs are all afraid that its going to replace them. Engineers think its going to take major parts of their jobs. Writers, artists, financial advisors, and apparently accountants too. Everyone is claiming AI will replace them in 5-10 years.
Personally I find accounting to be overly complex and why is that? One major reason is so people can find loop holes and game the system. That won't change if we see the profession of accounting make a come back. Maybe if the tax laws in this country were reformed, simplified and made to be fair people would be more inclined to work in the field. When the so called "elite" can get out of paying their fair share of taxes, something is broken.
Well actually there is less need for accountants because a lot of manual tasks are being automated or outsourced to lower cost countries, so we need less but with higher caliber accountants who can perform more analytical tasks and with good communication skills
Oh that's nothing, at least accountants make more than a teacher.
AI. Nuff said. 10 years and your clusterhell of a field is dead. Don't enter that field. Only worth a minor or a mini certification.