In the past I have done entries, like this one, on how accountants seem to be recession-proof. Still, it seems like the global financial meltdown is finally catching up with bean counters, although you would hardly call it a sector in trouble.
As reported here, CPA firms are recording slower growth in fees. For firms collecting more than $2 million of fees every year, annual net fee growth was 8.2%, down from 10.8% in 2007. At firms with fees exceeding $10 million, earnings were down 8%. With so many companies going belly up or winding back, there was less Sarbanes-Oxley work to do and less internal audit. Still, that's not shabby. They were still pulling in more than $9 million.
Significantly, fees per partner continued to soar and firms were still growing. While the rest of the world suffers with the global crisis, accountants continue to rake it in.
no comment untill now