If you have the impression there has been churn in the BV labor force, you…
John Borrowman, CPC
Borrowman Baker, LLC
Gallatin, TN
You may have read about it. You may have talked with others about it. There’s churn in the BV job market. What’s up with that?
Looking back a couple years, there was churn; the SEC cast its eye on wealth and investment management firms who, in response, beefed up their internal valuation teams with recruits from appraisal practices. This left holes in larger practices that drew candidates from smaller and lower-pay firms.
More recently, churn has been the product of historical norms and the new ability to shift work globally.
Historical norms suggest that BV practices inside large public accounting firms suffer the same growth and shrink as the rest of the firm. The result can be layoffs, as in the rest of the firm. The ability to shift work—particularly financial reporting work—globally has reduced BV teams in more than one large-firm practice.
If you’re caught in the churn, consider whether you want to stay in BV. This could be your chance to pivot in a new direction.
If you do want to stay, flexibility in compensation and geography will give you better odds. No one wants to take a step back in pay, of course. Being willing to do it (even if you don’t have to in the end) puts you in a stronger position. Take a serious look at relocation. Don’t make “remote” your default approach unless you must.
Let’s set up a call if you’d like to look at your options.
John Borrowman
