Has the work-life balance in accountancy changed?
I don’t think this really applies to public Accounting, as I believe work-life balance has always been somewhat of a myth in that realm. However, I’m interested in hearing others’ observations or experiences regarding changes in the industry over the past few decades.
I have a theory that prior to some vague point in the 2000s, Accounting was perceived—at least in its promotion—as a typical 9-5 office job. You would complete your public Accounting training, then join a corporation that wouldn’t demand excessive hours, allowing you to enjoy a more balanced work-life throughout your career, with progression bringing improved balance.
Even within public accounting, it seemed that managers and partners had climbed the ranks to a point where they could achieve a better work-life balance compared to staff and seniors.
Now, it feels like public accounting managers and above are experiencing little to no balance at all, and any work-life balance you might obtain tends to plateau (or even worsen) after reaching the senior level.
In private industry, many standard accounting roles advertise 45+ hour work weeks, the expectation of weekends, and a focus on “fast-paced” environments.
Has it always been like this? Or have things gradually worsened due to offshoring and accountant shortages?
One response
You’ve raised some interesting points about the evolving nature of work-life balance (W/L) in the Accounting profession, especially in recent decades. It seems that the perception of Accounting as a stable 9-5 career has shifted significantly, particularly with the demands of public Accounting (PA) and the private industry.
Historically, many viewed accounting as a reliable profession with predictable hours, largely due to the structured nature of the work and the corporate environment. However, as you’ve noted, the landscape has changed. The move toward longer hours and the expectation of availability beyond traditional working hours has been influenced by several factors, including:
Increased Complexity: The rise in regulatory requirements, financial regulations, and global accounting standards has increased the complexity of the work accountants must manage, leading to longer hours.
Client Expectations: In public accounting, clients often expect higher levels of service and faster turnaround times, which can translate into increased workload and longer hours for staff and managers alike.
Technological Advancements: While automation and technology have streamlined certain processes, they have also raised expectations for productivity. The “always-on” culture facilitated by technology means accountants are often reachable outside of traditional hours.
Competition and Profitability: Firms may feel pressure to maintain high performance and profitability, leading to longer hours as they strive to meet client demands and financial targets.
Talent Shortages: As you pointed out, accountant shortages can place additional pressure on existing staff, leading to increased workloads and further stress on work-life balance.
For managers and partners in PA, the assumption that they would achieve better work-life balance as they climbed the ranks has not held true for many. The demands of client management and business development often mean that the responsibilities amplify rather than lessen with seniority.
In summary, while the profession may have historically offered more predictable hours, recent trends indicate a shift towards greater demands and expectations. It’s a complex issue, and the changes appear to be driven by a combination of factors rather than a singular cause. Acknowledging and addressing these issues within firms could be essential for retaining talent and promoting a healthier work culture in the future.