People leave audit primarily due to extreme burnout from long, intense hours, particularly during "busy season," combined with, for many, unsatisfactory pay relative to the effort. High turnover is driven by poor work-life balance, high stress leading to mental health issues, and, for many, the desire for more creative or less routine work.
But the real reasons for quitting are all negative traits of big 4s: unpredictable schedules, crazy hours, bad clients, bad teams, internal disorganization, billable hours, tight budgets, time sheets, offshoring, you name it, which all makes it extremely stressful to work there.
Burnout. The intense nature of audit work can lead to burnout. Overworked staff are more likely to leave in search of less stressful roles.
The situation is worst at Big Four accounting firms. Almost three-quarters (71%) of survey takers who work for them said they feel their mental health suffers because of work pressures. Additionally, 51% of them said they've considered resigning from their job because of wellbeing issues.
A large segment of experienced accountants are reaching retirement age, and younger generations often prioritize work-life balance, purpose-driven work, and flexible career paths. This causes organizations with more traditional accounting roles to struggle to appeal to emerging talent.
The average audit partner in our sample has, on a scale from 1 to 9, an IQ score of 6.82, which is higher than the average IQ of the rest of the population, which is 5.0.
Introverted sensors, ISTJs are known as the best personality type for accounting jobs, CFO positions, or careers as auditors. This type is loyal, hardworking, and understands the importance of their roles; but the real predictor of success here is their analytical nature that enables them to work quickly and precisely.
MEDICINE MOST STRESSFUL MAJOR
Students studying in medicine-related fields led the pack. Right behind them were the law, social work, and engineering majors.
Red Flags are indicators or warning signs that suggest potential issues, weaknesses, or irregularities in an organization's financial processes, compliance, or operations.
The 2-year rule for audit is quite simple. If a company meets two or more of the above criteria for two years in a row, then it must have a statutory audit. Conversely, a firm that currently has to be audited can't qualify for an audit exemption until it fails to meet at least two over the criteria over two years.
Declining interest among students
Fewer students are choosing accounting as a major, and the pipeline of future CPAs has been shrinking for years. Enrollment declines today translate directly into fewer entry-level hires now and a smaller pool of experienced accountants down the line.
The 5 Cs of audit (Criteria, Condition, Cause, Consequence, Corrective Action) are a framework for structuring clear, actionable audit findings, explaining what should be (Criteria), what is found (Condition), why it happened (Cause), what the impact is (Consequence/Effect), and how to fix it (Corrective Action/Recommendation) to drive organizational improvement and compliance.
The 7 E's in operational auditing are Effectiveness, Efficiency, Economy, Excellence, Ethics, Equity, and Ecology, forming a comprehensive framework for internal auditors to assess an organization's success beyond mere compliance, focusing on goal achievement, resource optimization, quality, moral conduct, fair treatment, and environmental impact to add significant value.
Inquisitive and curious people can make for great auditors. Professional skepticism (having a questioning mind), objectivity (open-minded), and good judgment are important traits to have when reviewing a company's financial statements.
Yes, auditors generally make good money, with U.S. median salaries around $80,000-$100,000+ depending on experience, specialization (like IT or financial auditing), certifications (CPA, CIA), location (major cities pay more), and firm size, with potential for high earnings, especially in senior roles, although it requires dedication, potentially long hours, and continuous professional development for maximum income.
10 Careers That Require the Highest IQ
Will AI replace accountants? Not entirely—but it will change accounting. Firms that embrace AI and technology will attract forward-thinking clients and top talent. Accountants who pair their expertise with AI tools will stay ahead of the curve.