Відео

ChatGPT routinely gets simple math wrong. Use that information as you wish.

No shortage, just high expectations on us and end up getting rejected cuz we dont have enough experience for an entry level job😂

Parents who say that they would not support their child going into a 4-year college are most likely those who have been or know people who have been disillusioned by the promise of high pay after graduation and then the reality of paying back student loan debt. It would be wiser for parents to find opportunities for work experience or apprenticeship in a career field before committing to supporting a child attending college and who then changes their major several times or worse does not even graduate. Furthermore, information technology degrees pay $10,000 - $20,000 more on average after graduation compared to accounting majors. A CPA license can increase pay by $10,000-15,000 but so can the plethora of certifications in IT. Are there opportunities for high school students to shadow CPAs? On another note, personal stories from a forensic accountant would be interesting. Would you please consider having someone who works for the FBI on your channel?

Hello there! I just wanted to thank you for sharing your knowledge. I am researching careers for my son who is going to be 15. He is currently learning basic accounting and so far are the concepts are easy for him. I am hopeful that he will see beyond the basic desk job to more exciting possibilities such as contract work or tax preparation. For him, enjoying the work and having adequate time to pursue hobbies would be more important than making a large amount of money and having very little time to himself.

Students: Accounting, You can’t pay low wages (60k mcol hcol) AND be boring. Accounting firms: India. 😮😂 sad but true

I think the disconnect is that firms that hire accounting firms or accountants don’t want to pay top dollar for “regulatory work” which is how accounting is perceived. But accountants want better pay. Companies aren’t willing. Standoff.

We (experts in health care admin) know what PE is doing in health care - lower quality, increased prices and caused bankruptcies.

The description is spelled wrong “Padgett”

Pay accountants more, there is no shortage there is only cheap employers and AICPA gave everything to the accounting firms and the firms turned around and just outsourced and trained non accounting degreed people instead.

This was a great video. I am in my final year of my bachelor's degree in accounting and have applied for many internships and jobs in public accounting because that was my plan, but have barely heard back from any. I cannot even get an internship as they say I don't have enough experience. How does that even work the whole point of an internship is to get experience. I even had relatives that worked at the places I applied and had them refer me. I would not advise anyone to enter this career at this time due to the inability to even get your foot in the door. I know accounting is not the only profession going through this, but it has to be in about the worst shape as the whole system feels broken. I am wondering if there any other ways I could use this degree, and what other business related jobs can you get with it?

The number one reason for the low talent pool is compensation. Accounting is very specific and requires serious education. For example, firms are asking for talent that requires 6 years education but pay recruits like someone who has two year degree is radiology tech. If that’s the case why would anyone choose accounting over the radiology tech course.

Try to spin it however you want, but selling to PE groups is just boomers and Gen Xers cashing out for retirement at the expense of future CPAs. Profit-share will be watered down, worker stress goes up from revenue growth and cost cutting being pushed harder than ever, work will get shipped offshore for the cheap labor in places like India because the decision makers don’t see what the work product looks like before their teams fix everything, and the already long weeks will just get longer as PE pushes firms to run leaner. What used to be an incredibly stable and rewarding career is slowly dying from the way partners have been running their firms the last 5-10 years and this is a push down the stairs. If I wanted to work 70-80 hour weeks in a toxic environment, I would’ve gone into investment banking. At least the pay is worth it there.

Terrific and valuable discussion.

Management and supervisory practices are miserable at many firms, which pushes turnover, especially at the big firms.

Accounting firms are not making the right investments in people. They are not interested in talented people, only in cogs to replace the ones that have retired. Companies like Pilot and blackline will evolve and disrupt the market.

CFO's are going to transition into CVO's (Chief Value Officer).

I think i would be the strategic advisor getting paid $2million dollars for the value i provide as an CGMA 😊🤑

Hi! I'm willing, Train me to be skillful I'm Accountancy Graduate.

CIMA student here and i loved listening to this.

😅😅😮

There needs to be a justification for taking (one or more) staff 'offline' to gain competence on a tech product that is new to our firm. Making a staffmember unproductive so that they can learn the new product has a cost, and unless it's clear that the cost will be recovered, this is likely the #1 reason for slow adoption of tech products in accounting. And this is the important bit: the clarity concerning the cost recovery of a temporarily unproductive staff member - CANNOT COME from the product's vendor, for obvious reasons.

Long hours, low pay, high educational requirements, heavy responsibility loads, etc.

Why do you say talent instead of accountant? Maybe that mindset is also part of the problem.

Shitty pay, long hours, and intensive schooling are the issues and now we have AI coming in and taking jobs.

Value 🔥

@Smithjonny45 as an accountant do you think AI fears are overblown or do you think there are real risks such as compliance being completely replaced?

The reputation of accountancy has been broken by the number of fines given to the Big 4 for shocking faults .

If it's those hours,that toxic culture with those awful Senior reports and behavior better of by 5* salary being a lawyer where you get the same treatment.

I am an online accounting student. My only gripe with the learning is that they throw so much information at you so fast its like your brain doesnt have time to fully absorb everything. The major things like the accounting equation, some cost/managerial accounting, debits and credits and financial statements are the only things I have been able to retain. I am a alittle worried over this though as I would be terrified in a job interview if they asked me trick questions outside of the basics. Originally I was studying computer science but discovered I am pretty bad at programming and not sure I enjoy it. Currently I am in the trades but want to get out, I dont want to destroy my body anymore.

Sorry about your flower sorry not life not buy heart supper star) not close from jesus sorry your good flowrrsfrom your heart only not change only friend) you are couple

The "tell a better story" is what the president of NASBA or the AICPA said when they were asked about how they were going to turn the pipeline around. Nobody is going to tell a better story than the people on Reddit who complain constantly about the hours and low pay that comes with the profession. People who could go into accounting are choosing to go into other fields because the pay is higher, comes at a much faster rate, and there are less barriers to entry such as 150 hours. Until the profession addresses these 3 things, we will continue to see the pipeline dwindle. And this is all coming from someone who genuinely likes being an accountant.

A challenge for the pace of change is - a firm with 30 SMB clients submitting a 'box of receipts' or equivalent. There are fans in accounting to digitize as much as possible, or everything. But SMB clients, struggling with their own 'employee satisfaction' issues and the burden to sustain a healthy business - won't digitize everything too quickly, or adopt new tech. Jody mentioned this at time 22:20: "About 2% of accounting practitioners are cutting-edge innovators" A possible way to handle this challenge is to set expectations about the pace of change. An analogy might be adoption of all-electric vehicles. There is a fanbase to be sure. But overnight adoption by everyone is probably unrealistic.

Glassdoor will destroy any self-perception a firm has of itself. Their reputation is only as good as the people who exit it.

It would be interesting to (1) have a survey to acquire a count of existing software tools already in common usage in the industry, and (2) opinions from vendors/accounting practitioners on which of those can be substituted for (replaced by) generative AI or AI agent. The number of software vendors providing products and services to Accounting is probably vast. It would be interesting to hear if industry people are willing to step away from the existing solutions and what the timeline might be expected to make the transition (or if that's even feasible). This was a great episode, especially having a technologist like Daniel weigh in. .

I have a bachelor in accountancy and part qualification of ACCA and planning to CMA (USA). I have 15 years experience as a senior accountant and finance Manager. From Doha Qatar, can we apply for USA Job Market. I would like to move for a challenging Job in USA

Accountants and potential students have identified the underlying issues and the AICPA has just out and out done NOTHING to improve things. In reality, the AICPA is actively working against accountants in the US by encouraging international CPA's and making it easier for everyone else before they make it easier or more lucrative for us here. I'm a current accounting student and I'm 99% sure I will never actually work in the field because the field just doesn't want me unless they can pay me $14/hour and work me 60+ hours a week. Why bother? Virtually ANY work in accounting requires a four year degree, with the vast majority of positions requiring a CPA or 5+ years of experience. Why get a Masters level education for a career that pays about as well as retail sales for the first five years? The AICPA has created this problem and needs to own and fix it, period.

Gosh this is a good podcast. Each guest or group gives valuable ideas. RB is good at choosing guests, organizing the discussion, to make these episodes quite valuable. Because most of us are new to AI, I probably share the need with others to intellectually "pin down just what AI is" The subject came up in this episode around time 9:40, so it seems like a common desire: "let's get the most out of this new tool, and one way to do that is to pin down its capability" AI is like a muse. As Isaac pointed out: - it offers suggestions, like a muse does when you're writing a piece of music - it does NOT provide a 'correct answer' AI is a muse and it feels much less of a 'business threat' because of that. "AI does NOT have 'all the answers.' "AI has all the suggestions." Great episode! .

I'll have my AAS in Accounting in May and have quickly realized that it qualifies me to earn nothing more than $14/hour. I really wish I would've gone in a different direction, because accounting seems like a garbage career path, now.

As a accounting faculty, I agree with Rick completely. The undergraduate student who has the best "analytical" talent considers accounting, finance, marketing and analysis, quantitative methods, various engineering programs, and other quantitative majors. Among those, accounting requires an extra 30 credits, a challenging professional exam, and a very stressful and challenging entry level. And for accepting those professional challenges the entering accounting professional receives the lowest entering compensation. It's a tough sell.

The profession is ready for some major changes.

Having Randy participate was pretty brilliant because, although his background is not a traditional accounting career, what he brought to the forefront is: "Accounting profession - ripe for disruption" and the other participants, and especially the moderator at time 50:05 backed this up: "Many accounting firms are still dealing with Excel spreadsheets and shoeboxes of receipts and haven't automated bank feeds, and AI is very much down on their list of priorities" In addition to the disruption angle: when I graduated with a computer science degree, the 4-year vesting of a startup's stock options led to choosing some firms and ignoring others. (EDIT: to clarify, we ignored secure jobs at HP, Microsoft, etc. in favor of a chance to vest stock options in a startup). One of the guests mentioned 'equity participation' and if Accounting tackles that, it will have to barricade the doors to keep new applicants out. .

It sort of feels like automation in robotics that occurred (auto assembly lines). Puzzle is a notable accounting startup that's providing functionality akin to combining Stripe, QBO, and a couple other common tools. Founded by Sasha Orloff in 2023. I just looked at their home page. It is 100% worth a look. They are offering a tailored product for startup companies for now. Definitely check the 'pricing' menu option if you go to the home page.

I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?

Accounting has existed since the beginning of civilization, it’s also a safe career. He’s just fear mongering. I’ve been doing taxes for a while now and that’s never gonna change

Advisory can be contrary in outcome to "future-safing" your career. ANALOGY: A fee-based investment advisor. You pay them to recommend placement of your capital. You pay them for their expertise. You fire them when the naturally-chaotic conditions in markets manifest and their advice turns out wrong. Future-safing your career can mean avoiding selling your predictions. "Here are best practices that are relevant to your business at this time, in this market." Okay, perhaps. "Bring us on retainer, Mr. Client, and we can update 'best practice' guidance to you on an ongoing basis." Fine. Anything more and I'd rather be what Randy described as "reactive" (financial reporting work, compliance work). With forward-looking advisory, even if your client signs something akin to "past results do not guarantee future outcomes" the client who pays for the advisory service can't help but not re-hire if the advice leads to a neutral (or worse) outcome. Not being pessimistic about Advisory, just focusing more on re-hire-ability and avoiding 'dice rolling'

Because college students, many who just scrape by perhaps with part-time jobs, have the most acutely-honed survival instincts - and knowing that for humans, the survival instinct is the strongest instinct we have - - compare Accounting to what Computer Science majors are confronted with: 1) "my survival instinct has me very much attentive to employment after college" 2) "and AI can write code" If accounting prioritizes *_"how are we undermining the PERCEPTION that the incoming generation has about the career?"_* it has a chance. But failure to prioritize that is GUARANTEED to result in low interest. If you're a computer science major just now, you are probably aware of two things: 1) AI 2) "I noticed during my internship that no one over the age of 40 was working in that company" and you've made a list of 100 other career options. "Student loans to pay, rent to pay for, parents want to see me launch a career," etc. ,

So will quantum computing with ai replace accountants?

Thanks for this show. It was very informative and put my mind at ease about the many things that I was worried about in regards to the future of accounting. Could you do a show on preparing for the CPA exam and what resources (other than CPA exam prep courses) there are for those of us who will be taking the CPA exam in the next couple of years? Are there organization out there that can help speed-up the prep work and get a passing score? Are there tutoring or mentoring organization that can help CPA candidates do well on the exam? It just feels like a very lonely road preparing for the CPA exam...so, it would be great to get some guidance from experts in the field. Thanks again for this show.

As a millennial I get the focus on Gen Z. The elephant in the room is the simple fact the AICPA forgot or never listened to us millennials. The focus also needs to be on the millennials as well!!! Great work man. Just my 2 cents.

I’ve been a CPA for 47 years and a CFO for 30 years - ten years in public accounting with one of the largest firms. I stopped watching this at the six-minute mark after I heard the term “value proposition” for about the 15th time. I’m sure there’s a good message year, but the first six minutes were not well presented - I can’t offer an opinion on what comes after that. Here’s my advice - script it, rehearse it, rehearse it again, and again, and have someone edit the video before posting it. To do this right involves a time commitment of more than two hours. I recently did a 23-minute video on AI for our firm - another partner and I spent about 40 hours, all in. Don’t try to shortcut it. This makes you look weak and incompetent, which I’m sure you are not.