Traditional firm hierarchy set to lose prominence
The current hierarchical business models in the accounting space are set to have less significance in the next five to 10 years, as the next generation of accountants seek more flexible and less stressful workplaces.
The current prestige of the partnership model is set to keep “buckling under stress” according to Connect Financial Service Brokers chief executive Paul Tynan, who said new accounting industry hopefuls are not looking for additional risk or pressure given they are likely to be in their own personal debt of either the student or housing variety.
Similarly, Xero’s head of accounting James Solomons said that while there is prestige associated with the partnership model, graduates are seeking more entreprenurial opportunities and flexible working environments.
In fact, he believes there are many accountants eyeing senior positions and career progression who would choose significnatly lesser salaries over partner-type positions.
“With the entrepreneurial spirit of the next generation of accountants, they may even forgo $50K on their salary to be able to work whenever they like, wherever they like, with the clients that they like,” Mr Solomons said.