In just the last 24 hours, we’ve gotten tips about layoffs at Moss Adams, Elliott Davis, and CohnReznick. This on top of audit layoffs at KPMG first reported by WSJ yesterday. What. Is. Happening.
Here’s someone on r/accounting who says they were among the people let go at CohnReznick seemingly out of nowhere:
Been at CR for six+ years, overall a good job and I liked it. Got an email yesterday titled “Important Meeting” with no context. Had a feeling something was off. Quite a few other coworkers got the email. Turns out they’re downsizing and got let go. Not sure where to go from here. Thanks for listening to me vent, any tips/help appreciated.
Edit: To add some extra context, based in Texas. Went full remote since covid. Worked mainly Gov side majority of my time there. SR Consultant by the time I got let go. Other coworkers that got let go were Managers with more time put in than I had.
Edit 2: Was told 25 people got laid off. Pretty wild
Two other sources have confirmed there were indeed layoffs at CR including some east coast people. We don’t have full numbers at this time, will update if we get them. If you have more info, get in touch via email or text.
Is CohnReznick perhaps cleaning house ahead of a private equity deal?
I guess that going from 150 hours of accounting to 120 hours of accounting is just a farse to keep more accounting majors coming while keeping salaries low (below engineering, finance, etc.). Now accounting starting salaries are not even a top salary achiever for business majors.
There has been all this talk in media of there being a shortage of CPAs and it’s all hog wash. The reality is, if I can say so after 35 years, you work your heart and bones to the limit, get low pay, low upward movement, low ability to change career and then let go. CPAs that are my age of 61 are disgusted as the firms only work for the few at the top. And the few at the top of these firms don’t want anyone else there, so they apply professional hurdles, discrimination etc to keep other highly qualified CPAs from ever achieving any true breakout success.