Blog Series: Is the Profession facing a succession crisis? Study reports 71% of millennial accountants in regional firms don’t currently aspire to reach Partner level

In 2017 Rutherford Cross conducted a study into the issues surrounding succession planning in regional firms alongside the award-winning University of Strathclyde Business School MBA programme.

Based on observations gathered through many years of working with regional accountancy firms, Rutherford Cross perceived that a talent gap was appearing across tax, audit, and advisory service lines in the profession and that this issue, set against a backdrop of a retiring population of ‘baby boomer’ generation Partners in the near future, could lead to a succession crisis.

Amidst other disruptive changes occurring in the profession, the need to have a strong, pipeline of talent to lead firms of the future has never been more important.  Regional organisations, large and small, rely on their professional advisors to help them to grow and thrive in a competitive and increasingly regulated environment.  Without appropriately motivated and skilled leaders at the helm, there is a danger that accountancy firms could face increasing resource pressures affecting their ability to adequately service client needs.

The study gathered the opinions of over 150 millennial accountants and 15 senior Partners based in regional cities across Scotland and England to investigate why this phenomenon is occurring.

Over the coming weeks we will be discussing the key themes which the research uncovered in a Blog Series, which will explore:

  1. Why so many millennial accountants are choosing to leave the profession at middle management level
  2. How multi-generational attitudes towards career planning differ in the profession
  3. If the current business model of Partnership is flawed in the eyes of potential next generation leaders

We’d like you to get involved in the conversation. We’d like to know:

  • Do you aspire to be a Partner in practice?
  • Why are you or your peers choosing to leave the profession?
  • What skills do you think future leaders in the profession need?
  • Is the business model of Partnership attractive to you?

Join in the conversation at @RutherfordXNW  in Manchester or @RutherfordCr0ss using #nextgenleaders #shapingtheprofession #Partnersofthefuture

A full copy of the study is also available on request from [email protected]