The imbalance of practitioners entering and those leaving the accounting profession will soon reach a critical level. Demographic and social challenges are to blame, with the number of accountants exiting public practice outweighing those entering. Ric Payne, Principa CEO, describes one aspect of this phenomenon as "Career Peaking" and discusses it in his latest blog, "The Second Half of your Life."
Payne says that "A career peak is a point in your life where you feel your career ceases to hold the allure it once had; a time when you don’t feel inclined to set goals you really want to strive for and which therefore act as a motivational force for you."
He says, 'Some people career peak early in their life and others peak later, but from talking to lots and lots of people in the profession, I believe it’s the norm rather than the exception."
Payne regularly posts blogs that deal with issues impacting the accounting profession on his company's Web site. This week's blog has created a lot of interest with many professionals commenting on its relevance to them.
One professional said, "There is a fair degree of burn-out in the early-mid 40s and, in effect, they feel that there is nothing left." Other comments include, "Career peaking results in a slowing down in motivation, a lessening of pressure, and the dimming of enthusiasm and energy."
Ric Payne, known as an industry thought leader, encourages everyone in the accounting profession to read his blogs and discuss any issues that may be of relevance to them. His blogs not only examine the state of the professional landscape but they also address issues and ideas that today's professionals should be thinking about to build a firm with a future.
For example, on the issue of career peaking Payne suggests dedicating time to build a new practice by transferring half or all of your existing clients to another partner and concentrating on bringing on new clients who you will enjoy working with, given their potential to grow; "who you really get a kick out of working wit," says Payne. 'Professional development programs and useful mentoring will also be beneficial to help understand the condition of career peaking."
Principa is a global accounting and consulting network that since 2001 has been turning the challenges facing small and medium businesses into opportunities for forward thinking accounting and business consulting firms. Principa provides accounting professionals with on-demand access to turnkey consulting and practice growth systems, software, sales and marketing tools, R&D specialists, and implementation support.
More than 6,700 advisors around the world have graduated from Principa's flagship programs – the Accountants' and Business Advisors' Boot Camps – and have discovered how to run a better practice, deliver value added consulting services, and enjoy their work again. To learn more, visit