Connecticut Public Accounting Firms Reach National Rankings

The largest Connecticut-based public accounting firm, BlumShapiro, earned the #54 position in the nation’s top 100, according to the publication Inside Public Accounting.  It is one of a handful of Connecticut firms to make the annual top 300 list, in addition to regional firms with offices in Connecticut. BlumShapiro is the largest regional business advisory firm based in New England providing accounting, tax and business consulting services. The firm serves clients from six offices offices in Connecticut (West Hartford and Shelton), Massachusetts and Rhode Island. BlumShapiro ranked #53 last year. 

Noted among the nation’s top 200 public accounting firms is Hartford headquartered Whittlesey & Hadley.  The firm, ranked at #155 this year, up from #178 a year ago, and #192 in 2014, has two additional offices, located in Hamden, CT and Holyoke, MA. The firm provides a comprehensive array of accounting, auditing, tax, and advisory services to a broad range of businesses and individuals.

Ranked #285 is Reynolds & Rowella LLP, which maintains offices in Ridgefield and New Canaan.  “We are proud to be counted among the top-ranked accounting firms nationwide on a list that includes Deloitte, PwC, Ernst & Young and KPMG,” Frank Rowella, Reynolds & Rowella’s managing partner, told the Fairfield County Business Journal. “The IPA list is known as one of the most thorough and accurate sets of rankings in the accounting profession. Our inclusion reflects our determination to provide the very best quality compliance and financial services solutions to our valued clients.”

At #296 is Glastonbury-based Fiondella Milone & LaSaracina.  FML was founded in 2002 “for the purpose of providing professional auditing, tax and business consulting services to a wide range of clients and industries throughout the Northeast,” the company’s website indicates.  After working together at Ernst & Young, the firm’s founding partners, Jeff Fiondella, Frank Milone and Lisa LaSaracina launched FML.

Inside Public Accounting (IPA), founded in 1987, is published by The Platt Group. The Platt Group publishes both the award-winning Inside Public Accounting newsletter and the award-winning National Benchmarking Report.

Beginning in 1994, INSIDE Public Accounting’s Survey and Analysis of Firms and the resulting national benchmarking report on the nation’s largest accounting firms has served as a barometer of the overall health, challenges and opportunities of the profession, according to the publication.

Annually more than 500 accounting firms across the North America complete the in-depth financial and operational survey. The data is then used to compile the annual ranking of the nation’s largest accounting firms, which is unveiled in August of each year. The annual IPA rankings are considered to be among the longest-running, most accurate and up-to-date for the nation’s largest accounting firms.

Leading the list nationally were Deloitte, PricewaterhouseCopers, Ernst & Young, KPMG, RSM, and Grant Thornton.  Ranked at #11 is New York based CohnReznick, which has offices in Hartford.  Marcum LLP ranked #16, Citrin Cooperman & Company, also based in New York and ranked #21, has offices in Fairfield County.

Whittlesey & Hadley Joins BlumShapiro Among Nation’s Top 200 CPA Firms

Whittlesey & Hadley, P.C., one of the area's largest regional accounting firms, ranks #192 in the Inside Public Accounting (IPA) fifth annual ranking of the Top 200 public accounting firms in the United States.  It is the firms’ debut appearance on the industry ranking list. West Hartford-based BlumShapiro was the highest ranked Connecticut headquartered public accounting firm, ranking at #56, up from #68 a year ago.  BlumShapiro and Whittlesey & Hadley are the only Connecticut-based firms among the top 200.

Inside Public Accounting (IPA), founded in 1987, is published by The Platt Group. The Platt Group publishes both the award-winning Inside Public Accounting newsletter and the award-winning National Benchmarking Report.

The top 10 firms – ranked by U.S. net revenue - include some well-known national names, and large regional firms not well known by businesses and consumers outside their regions.  The top 10 are:  Deloitte, PwC, Ernst & Young, KPMG, McGladrey, Grant Thornton, BDO USA, Crow Horwath, CliftonLarsonAllen, and CBIZ  & Mayer Hoffman McCan.  CohnReznick, which has a footprint in Connecticut (including a recent consolidation of suburban offices in downtown Hartford) ranked at #11.

Whittlesey & Hadley’s managing partner, Drew Andrews says, “We are pleased to see our firm join this prestigious list of growing CPA firms in the United States. This ranking represents our strategic plan to expand our professional services and talented team throughout the northeast.”

BlumShapiro was also named among the fifty “Best of the Best” by the publication, a category described as firms that “show strong growth and profitability, and rank high on numerous key metrics, they also demonstrate an enviable culture. These Best of the Best firms are at the top of their game.”

“We are honored to be recognized for this prestigious award,” said Carl Johnson, BlumShapiro Firm Managing Partner.  “To be distinguished as one of the best firms … is a testament to the teamwork, leadership and vision of all employees at BlumShapiro,” said Johnson. BlumShapiro is the largest regional accounting, tax and business consulting firm based in New England, with offices in Connecticut, Massachusetts and Rhode Island.

According to the publication, net revenue at Whittlesey & Hadley grew by 7.9 percent from the previous year; at BlumShapiro up 6.5 percent.

“With more than 540 firms participating in the IPA annual Survey and Analysis of Firms this year, along with many CPA firm associations contributing to the search to identify the IPA 200, this (is) the definitive ranking of the nation’s largest public accounting firms,” said Kelly Platt, principal of The Platt Group, the publisher of IPA.

Among the industry trends cited by the publication are tighter margins, leadership changes, globalization, new regulations, acquisition pressures, evolving technology, cultural shifts, fierce competition, and commoditization of services (firms struggling to differentiate in the marketplace).

Three firms earned positions in the Top 100 for the first time, and 12 firms – including Hartford’s Whittlesey & Hadley – debut on the Top 200 list.

Other industry trends, as highlighted by Inside Public Accounting:

• Cultural shifts – Younger employees often have different motivations and expectations than their elders at the firm. Up-and-comers who have “the right stuff” aren’t willing to wait the traditional 12 to 15 years to become partner and will challenge the firm to re-think normal career paths.
• Lack of diversity among partners – The ever-diversifying population – in age, ethnicity, language and gender – is not reflected in the makeup of the owners of accounting firms and change is glacially slow.
• Work environment challenges – Technology makes it possible for professionals to work anytime, anywhere. Balancing the needs of the individual with the needs of the firm, colleagues and clients can be tricky.

The IPA 200 are also engaged in acquisitions to grow in size, scope and capability, with 21 mergers reported for the group last year, adding more than 200 staff and more than $22 million into the aggregate numbers of the group.

UConn Accounting Master’s Program Ranked in Nation's Top 10

The University of Connecticut is getting high marks for its online master’s degree in accounting, earning a spot in the top 10 nationwide among online business programs ranked by U.S. News & World Report. UConn’s program, run by the School of Business, was ranked No. 8 among 213 online graduate business degree programs that the publication’s editors reviewed at colleges and universities nationwide. UConn’s online master’s of science degree in accounting (MSA) received particularly high scores for the credentials and training of its faculty, along with factors that measure student engagement such as retention, selectivity, graduation rates, and class sizes.

U.S. News also praised the program last year in a broader review of online business school learning initiatives, though it did not issue overall rankings then. The rankings were released this month.

According to the U.S. Bureau of Labor Statistics, jobs for accountants and auditors are expected to grow by 16 percent between 2010 and 2020.  The U.S. Department of Labor agency reports that “Stricter laws and regulations, particularly in the financial sector, will likely increase the demand for accounting services as organizations seek to comply with new standards. Additionally, tighter lending standards are expected to increase the importance of audits, as this is a key way for organizations to demonstrate their creditworthiness.”

The UConn program is designed to give students the knowledge they need for successful careers in public and private accounting, allowing current CPAs to expand their skill set and helping aspiring accountants meet the 150-hour educational requirement to seek CPA testing and licensing in most states.

“There are exciting innovations planned for the next year to continue keeping the MSA on the cutting edge. New tools will increase interaction and continue to develop strong online community ties,” says Amy Dunbar, the MSA program’s faculty director and an associate professor of accounting.

UConn’s MSA program started in 1999 and transitioned to a completely online program in 2003. It’s particularly popular with working professionals who want to boost their careers with advanced credentials. The average age of new entrants is about 28 years old, and the student body is split almost evenly between men and women.

New full-time students attend a one-week class in May at the Storrs campus to become familiar with the program, technology, instructors, and each other. They then take courses online during the following summer, winter, and spring semesters to complete the program’s requirements.

The course content is delivered through course-specific websites on a School of Business server. As a result, the activities do not have to take place at the same time for all students. That gives students flexibility to finish their work on their own timeframes, as long as it is completed by the assignment’s deadline. There are also several part-time options, including completing the degree over two summers or taking 10 courses over multiple semesters.

Recently, Robert Half, the world's first and largest specialized financial recruitment service, projected accounting salaries would grow 3.3 percent in 2013, while technology salaries will grow approximately 5.3 percent.

The UConn program has been recognized by the United States Distance Learning Association for best practices in the field, and it is accredited by the Association to Advance Collegiate Schools of Business (AACSB).