Study Overview

Why do accountants leave public accounting — and does how they leave shape their future relationship with the firm? My recent study published in Contemporary Accounting Research explores this question by surveying both alumni who have left public accounting and experienced professionals who have stayed. By examining both the exit phase — when accountants are considering and making the decision to leave — and the post-exit phase — after they've moved on — the study provides a comprehensive view of the turnover process and its long-term impact on firms.

The results reveal several key findings:

• Turnover is rarely sudden. Most leavers spend months weighing the decision, often discussing their intentions with mentors or supervisors. Firms that recognize early warning signs — like declining work quality or disengagement — have a real opportunity to intervene and retain valuable talent.

• Work-life balance is a fairness issue. Dissatisfaction with work-life balance is the leading driver of turnover. Promises of better balance must be genuine and meaningful — empty commitments can accelerate departures rather than prevent them.

• Social bonds are a powerful retention tool. Relationships with coworkers, mentors, and supervisors play a crucial role in keeping professionals engaged. The shift toward remote work and reduced intentional team-building threatens these connections and may increase turnover risk.

• Mentoring programs pay dividends. Effective mentors can help retain employees, but they need proper training and incentives. Investing in mentoring benefits both retention and long-term alumni goodwill.

• How you say goodbye matters. Alumni who feel respected and supported during their departure are far more likely to recommend their former firm for business in the future. Not all turnover is harmful — departures driven by personal reasons or unsolicited offers do not damage alumni loyalty when handled well.

Read on to learn about the study's full findings and implications for accounting professionals and firm leaders.

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