As most of you have probably noted by now, our recent salary/job satisfaction survey yielded some interesting results. If you haven’t read it already, download a copy at www.kulaconsulting.com.
Conducted last November, the survey polled accounting professionals in public accounting and in the private sector. This was our first salary survey and, I believe that it contains useful information for employees and employers.
Of interest is the significant percentage of accounting professionals planning to seek new employment in 2008 - despite the high level of job satisfaction.
The facts paint a realistic picture of Bay Area accountants
Check out these trends we found in the survey:
In public accounting firms:
- 98% like the content of their job
- 41% are not happy with their work/life balance
- 25% are not happy with their compensation
- 28% plan to make a job change in 2008, with another 6% planning a leave of absence or a return to school
It appears that the content of the job must be out-weighing the distress about a balance between work and “life,” or a greater percentage would be seeking to leave public accounting.
In the private sector:
- 90% like the content of their job
- 90% are happy with their work/life balance
- 21% are unhappy with their commute
- 20% are unhappy with advancement opportunities
- 14% are not happy with their compensation
- 43% plan to seek new employment in 2008
Based on their survey responses, accounting professionals in both public and industry like the content of their jobs. To me, this means that accounting professionals made the correct choice by majoring in accounting. Accounting work is challenging, rewarding and offers accountants a high degree of satisfaction. When combined with good compensation levels, the accounting profession should be attracting a higher number of accounting students than it does. We need better PR!!
The survey confirms many of the issues we hear during our interviews. CPAs in public accounting travel a lot, work long hours (busy season seems to be all year long), feel stressed, and could make more money in corporate accounting. But many of them thrive on the competition to “make partner,” feel part of an elite team, and enjoy the work they do.
Sometimes working long hours is perceived as a badge of honor for being able to do it. The shortage of new CPAs (evidenced by the almost flat number of new CPAs over the past 15 years) and the increasing demand for public accounting firm services, points to a continuation of the job satisfaction trends we found in this survey.
I don’t think we know why there are such a high percentage of private sector professionals planning to change jobs this year. Turnover is a very expensive and disruptive force in any part of business. I live in a very high-turnover profession - new recruiters have a 50+% turnover rate - so I understand the impact on the bottom line.
My next blog will deal with one reason for turnover and my “solution” for it. Meanwhile, I’m going to do more research into why 43% of our industry respondents plan to make a job change, when 90% of them like their job and work/life balance. I’ll write more when I have more information for you.
Don’t forget: Kula has lots of jobs for those looking for a new one!
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