September’s Publisher’s Column, “We Are Running Out of People,” motivated a number of readers to respond:

Counteracting Partner Greed

Although I agree with most of what Grumet said, especially about the CPA’s lack of “image,” I disagree with his final conclusions. I agree that education is very important and that we need more accounting scholarships. But I disagree that education alone will solve the issue. The real issue is money. Until the bubble bursts on the “sexy” opportunities in high-tech industries and consulting firms, the CPA profession will consistently be consumed in the “war for talent” that affects our profession as well as traditional brick-and-mortar industries.

I have been involved in mentoring programs for young accountants and college accounting students. The biggest gripe of the first- and second-year staffers at Big Five firms was two-fold: Their peers in high-tech were making substantially more than they were (stock options) and they perceived overt partner greed. Because of the monetary differences between them and their peers, it was hard to explain to 23- and 24-year-olds why they should finish their time and get certified. They were afraid that the money train would leave them behind. I tried to talk about how the CPA designation is perceived in industry, especially for those who transition into other business disciplines. With each of my employers, both in private industry and public accounting, I have been able to expand my role into many areas, much like the AICPA campaign talks about the CPA as a trusted advisor. I hope I imparted to the students and young accountants I mentored the idea that the CPA designation continues to pay dividends.

I think the profession should capitalize on and promote the successes of those of us who have branched out into those other business areas. Let’s face it: Any campaign to promote the benefits of spending one’s entire career in a CPA firm will probably send kids running away. If we show how the CPA makes better businesspersons in all areas of business, I think we can attract new blood.

Of course, this does not solve the need to raise the current wage rate for new CPA candidates. Motivating young CPA candidates is difficult when they see the most overt display of the accountant stereotype: cheap and greedy partners.

James D. Floyd, CPA
Westmont, N.J.

The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at public practitioners, management, educators, and other accounting professionals. It is edited by CPAs for CPAs. Our goal is to provide CPAs and other accounting professionals with the information and news to enable them to be successful accountants, managers, and executives in today's practice environments.