Takeaways from Our Survey of 10,000 Accountants: The Good, the Bad, and the Private Equity

This past winter, Vault surveyed more than 10,000 accounting professionals. We asked these professionals to rate their firms in various workplace categories, such as culture, compensation, benefits, training, and work/life balance. We also asked these professionals to comment on their satisfaction with their roles with respect to these categories. From the ratings we gathered, we created our new Accounting Rankings. From the comments we collected, we saw several common themes. And here, below, are five of the most common themes about life inside top accounting firms, as told to us by thousands of current accountants across the country.

1. By far, the best parts about working in public accounting are: a) the smart, kind, caring, supportive people, and b) the friendly, collegial, team-oriented cultures.

When we ask accounting professionals to tell us about the best aspects of their jobs, the vast majority cite their great coworkers and great workplace cultures. In fact, it’s nearly unanimous that “the people and culture” are what accounting professionals love most about their jobs. Almost never did we hear from accounting professionals about any sort of cutthroat, competitive, zero-sum aspects of their workplace cultures. And almost never did we hear about non-supportive, uncaring, unhelpful coworkers. Indeed, it’s safe to say that public accounting is filled with smart, ambitious, motivated people who care about each other’s growth, development, and success.

2. “The ability to work remotely” is a close second when it comes to the best aspects of working in accounting. However, with many firms increasingly requiring more in-office workdays, professionals worry that their work/life balance will soon be a lot less balanced.

Public accounting firms were way ahead of the game on remote work. Long before Covid made working from home the norm, it was commonplace for accounting professionals to WFH (at least part-time). Schedule flexibility has also been a longtime perk of working in accounting. And both of these offerings are what, in large part, made it possible for accountants to have long, fulfilling careers (historically, accounting has been a very family-friendly industry). However, many accounting professionals now find themselves caught in the wave of return-to-office mandates crashing through other industries like Wall Street, BigLaw, and Big Tech. Indeed, many accounting firms are now scaling back remote work. And almost none of the accountants who took our survey are pleased about this. In fact, most say it’s killing employee morale, not to mention one of the best parts about their working lives.

3. Life in public accounting is a tale of two seasons: There’s the busy tax season, which typically comes with grueling hours, high stress, and no time off. And there’s the easy off-season, which comes with great work/life balance, 40-hour workweeks, and lots of PTO.

If there’s one thing more certain than death and taxes it’s that tax season for accountants is brutal. Indeed, inside tax season, most accountants are working more than 50 percent longer each week than they do outside of tax season (60- to 70-hour weeks vs. 40-hour weeks). And there’s an accepted rule at most firms that PTO isn’t allowed during tax season, which now lasts about four months each year. On the other hand, accounting firms have been bending over backwards, offering various wellness perks and benefits, to make the not-so-busy off-season a walk in the park for accountants. And firms are, for the most part, succeeding. All of this leads us to this half-a-million-dollar (an accounting partner’s salary) question: Does the off-season offset the busy season? While some accountants say yes, others say no, and the undecided say this (in so many words): if the busy season gets any longer [which at some firms it is], then count me out, too.

4. While it’s true that overall compensation isn’t bad, it’s also true that, considering the number of hours public accountants work (see the busy season discussion above), overall compensation isn’t good.

For the most part, accountants are moderately satisfied with their salaries, benefits, and bonuses (if their firms offer them). However, few accountants are extremely satisfied. In fact, many tell us that, given the level of pay they receive, rarely does putting in an extra effort feel worth it. And who can blame them? Some accountants now report working Wall Street hours without making Wall Street wages. Others report that their firms offer a poor (or no) 401(k) match, as well as very expensive insurance plans. And some firms even force their staff to pay for their own parking when they come into the office. All of which, like fewer remote-work hours, is impacting employee morale. In fact, more than a few accounting professionals tell us that morale is at an all-time low at their firms.

5. Private equity firms are buying ownership stakes in accounting firms, ramping up anxiety among accountants, who are extremely worried about the future of their work/life balance, workloads, and job security.

There’s a growing trend in public accounting for firms to sell ownership stakes to private equity firms. And it’s a trend that has the vast majority of accountants concerned, worried, or extremely afraid. Some insiders tell us that PE investments have been followed by return-to-office mandates, increased workloads, and offshoring (work going to India, the Philippines, and elsewhere overseas). Others say that culture and morale have been negatively affected. While there are some accountants who are optimistic that PE infusions will lead to growth, the vast majority are worried about the cost of that growth. To that end, we’ll leave you with the words of one accountant whose firm recently sold a significant stake to a PE firm:

“I’ve had a great experience with my team’s leadership. They care greatly about my well-being and ensure that I’m getting what I want out of the job. However, with the recent private equity deal, it’s clearer than ever that profit comes before anything else. Firm culture is slipping, and priorities are not where they should be to catch our culture before it falls even further. With the size of the PE deal, you would hope some of that cash influx would go to the people who keep the gears turning. But that doesn't appear to be the case.”

For more, check out our 2026 Accounting Rankings, Accounting Resource Center, and new accounting firm profiles.

Derek Loosvelt is Vault’s Editorial Director.