The Trial Balance is CFO.com’s weekly preview of stories, stats and events to help you prepare.
Part 1 — Less than half of client-facing employees in public accounting were CPAs last year
The share of CPA-licensed staff working in public accounting firms dropped below 50% in 2024, according to Inside Public Accounting’s latest Data Dive. Research indicates that from 2020 to 2024, the average percentage of staff holding CPA licenses at said firms fell from 56% to 48.4%. At larger firms — where advisory and consulting services continue to expand as private equity money flows in — just over four in 10 (41.5%) of staff held CPA licenses in 2024.
Despite the trend occurring more frequently at larger firms, the decline spans firms of all sizes. This suggests a systemic change in credentialing trends, recruiting strategies and the makeup of public accounting teams — ideas CFOs have shared their thoughts on extensively.
As the accounting profession adapts to talent shortages, how the industry has done so has received mixed reviews. States are now lessening education requirements, while companies have been trying to change the way accountants are perceived through entertainment media and, most recently, highly criticized advertising campaigns from massive technology providers and public accounting firms.
On the inside, firms are increasingly hiring professionals without CPA licenses to fill roles once filled by credentialed or soon-to-be credentialed accountants. Many are also investing in AI tools to automate routine work in audit, tax and financial transformation, further shifting the types of skills they prioritize in new hires. It’s also worth noting that this shift is happening despite a recent, modest uptick in undergraduate accounting enrollment following several years of decline.
For CFOs, these staffing changes have implications beyond the firms themselves. Many finance leaders who rely on these firms for core services like audit, outsourced accounting and consulting expect a certain level of technical expertise. As firms broaden their talent mix, CFOs may need to re-evaluate how they engage with providers and what credentials and capabilities they prioritize when buying services from public accounting firms.
Part 2 — This week
Here’s a list of important market events slated for the week ahead.
Monday, July 14 — None scheduled.
Tuesday, July 15
- Consumer price index, June
- Core CPI, June
- Empire State manufacturing survey, July
- Industrial production, June
- Boston Fed President Susan Collins’ speech
- Dallas Fed President Lorie Logan’s speech
Wednesday, July 16
- Producer price index, June
- Core PPI, June
- Fed Beige Book
Thursday, July 17
- Initial jobless claims, July 5
- U.S. retail sales, June
- Import price index, June
- Philadelphia Fed manufacturing survey
- Business inventories, May
Friday, July 18
- Consumer sentiment (preliminary), July
Part 3 — CFO media appearance of the week: Levi Strauss CFO Harmeet Singh
During a July 11 appearance on Bloomberg Businessweek Daily, Harmeet Singh, CFO and chief growth officer at Levi Strauss, emphasized the company’s resilience as it deals with challenges around global trade disruptions and economic uncertainty.
Singh pointed to the strength of Levi’s brand and customer relationships as key drivers of confidence. “The brand has never been stronger,” he told interviewers. He also added that the legacy of their brand is a considerable help in times of uncertainty. “Especially in moments of crisis, consumers tend to gravitate to brands that are relevant and also the brands they trust.”
On tariffs, he said the “situation is fluid,” noting Levi’s assumption of “an incremental 10% on tariffs from the rest of the world and 30% from China.” He cited Levi’s “fairly diversified supply chain” and global footprint, adding, “60% of our business is international.” Singh said the company’s agility and long-standing vendor relationships allow it to respond quickly to shifting conditions. However, it appears the process of navigating tariff-induced challenges is continually ongoing. “Yesterday, after earnings, when we received news about certain tariffs, we went back and game planned that through another scenario,” Singh said.
