Insights from 3 Decades of Working with Tax Hiring Managers from Top Accounting Firms

"The only constant in life is change," Heraclitus once philosophized. This sentiment rings particularly true in the realm of tax and accounting recruitment. But what can three decades of experience tell us about the evolution of hiring within top accounting firms? How have the demands and strategies adapted, and what can hiring managers do to ensure they're capturing top talent in a competitive and rapidly changing industry?

In their quest for excellence, hiring managers in the accounting industry face a perennial question: What are the key ingredients to attracting and retaining the best talent in the field? The insights gleaned from extensive experience with tax hiring managers reveal a complex, dynamic landscape that requires a careful balancing act between tradition and innovation.

1. Recruitment Over Development: A recent shift shows that recruitment has overtaken employee development as the top priority for accounting firms in 2023, particularly among larger firms. This suggests a competitive market where the immediate acquisition of skilled professionals is paramount.
2. Growth Strategies: Nearly all tax and accounting firms in 2023 have expressed a strong desire to grow, but their approaches vary. Some focus on expanding their client base, while others emphasize incorporating more technology and automation.
3. Technology and Automation: Embracing technology is no longer optional. A significant portion of midsize firms (60%) see technology and automation as critical to their growth, with similar sentiments echoed by small and large firms..
4. Flexible Working Arrangements: Flexibility in work hours and hybrid models have become crucial in attracting talent. Firms that offer a variety of tasks and flexible working arrangements are more likely to draw in prospective employees..
5. Talent Pipeline: The competition for accounting and finance professionals is fierce. Firms are encouraged to find workforce solutions partners to secure a pipeline of talent, suggesting that traditional recruitment methods may not suffice.
6. Remote Work and AI: As the skills gap intensifies, employers are advised to offer remote work options and leverage artificial intelligence to fill open positions..
7. Forensic Accounting: With a heightened focus on robust internal controls, there's an increasing demand for forensic accounting expertise.
8. Economic Pessimism: Accountants in executive roles are viewing the U.S. and global economy with a degree of pessimism, which may affect hiring strategies and the types of roles that are prioritized..
9. Personal Financial Planning: The turbulent economic environment is influencing personal financial planning, which may lead to a higher demand for professionals with expertise in this area.
10. ESG and Assurance: There's a growing need for accountants who can provide assurance on Environmental, Social, and Governance (ESG) information, as these factors become increasingly important to stakeholders.
11. Educational Alignment: With the CTA Exam undergoing revisions, accounting programs in higher education are adapting their curricula to incorporate relevant technologies and practices. This alignment is essential for developing future-ready professionals.
12. Legislative Changes: Pending legislation, such as the SECURE Act 2.0, is at the forefront of financial planners' minds, indicating that professionals who are up-to-date with legislative changes will be in high demand.

In conclusion, hiring managers in the accounting industry must navigate a multifaceted environment where the ability to adapt and innovate is as valuable as the expertise in traditional accounting practices. Firms that can successfully blend the allure of flexibility, technology, and professional development with a strategic approach to growth and talent acquisition will likely stand out in a crowded marketplace. As the industry continues to evolve, one wonders: How will these trends shape the next decade of hiring in accounting?

About Edward Colt:

Edward is a seasoned recruitment professional with 30+ years of experience, currently working for Warner Scott Recruitment, a specialist consultancy renowned for its comprehensive coverage across disciplines such as Corporate Finance & Transaction Services, Restructuring, Forensic Accounting & Technology, and Management Consultancy.

Before joining Warner Scott, Edward held the position of Associate Director of Taxation at Randstad, as well as 23 years at Hays.

About WSR

Warners Scott is a premier global executive recruitment specialist based in London and Dubai, focusing on Banking & Investments, Accounting & Finance, and Digital & Fintech. With over 18 years of experience, they have built strong relationships with top-tier banks, financial institutions, and accountancies. Their unique value lies in these long-standing relationships with hiring managers and internal recruiters, a vast network of candidates, and continuous engagement. This combination places them uniquely in the market, trusted by both talent and hiring managers. Their evolved perspective allows them to precisely understand recruitment needs and pinpoint senior C-suite, EVP, SVP, and MD-level hidden, ready-to-move talent that other recruiters cannot access.

Warners Scott delivers tailor-made recruitment solutions for international and regional clients, functioning as true business partners. Their comprehensive services cover retained, exclusive, and contingency searches, as well as permanent, contract, and interim staffing.

In Banking and Investments, they partner with international and regional banks and investment houses in London and the Middle East, including conventional and Islamic banks. They cover areas such as Private Equity, Asset Management, Investment Banking, Treasury & Global Markets, Wholesale Banking, Digital & Technology, Risk Management & Compliance, and C-Suite Appointments.

In Accounting and Finance, Warners Scott works alongside The Big 4 and Top 50 accounting firms, along with globally recognized consultancies. They specialize in Audit, Risk & Compliance, Tax (Private Client, Expatriate, and Corporate Tax), Corporate Finance, Transaction Advisory, Restructuring, Turnaround, Insolvency, Forensic Accounting, Disputes & Investigations, Forensic Technology, eDiscovery, Cyber Security, and Management Consultancy.

In Digital & Fintech, they assist large banks, digital startups, and innovative Fintechs in areas such as FinTech (AI, Blockchain, Cloud Computing, Big Data), InfoSec/Cybersecurity (Application, Infrastructure, Network, Cloud, IoT securities), Digital Leadership, Digital Transformation, Software Development, IT Project/Program management, Data Science & Analytics, Data Privacy, and Data Architecture.