Face Off: Accounting leaders on succeeding in challenging times
July 2025 — With the New Jersey Society of Certified Public Accountants (NJCPA) considering new channels for licensure in the state, the industry is searching for new solutions to fill the talent pool in an increasingly competitive environment. Attracting and retaining top professionals while investing in new tools is the key differentiator between firms growing and those on the decline.
Invest: recently spoke with Horatiu Maiorescu, executive vice president of CLM Financial Enterprises and Patrick Walsh, CEO and managing partner of Withum, to understand how their firms are navigating industry challenges, while maintaining people and innovation at the center of their strategic visions.
What is the state of the accounting and advisory sector in New Jersey?
Horatiu Maiorescu:
The overarching theme we see in the accounting profession as a whole starts with the fact that colleges and universities see that fewer students are pursuing this profession. At the same time, having fewer accountants in the pipeline creates more demand for accounting services. Whoever will be able to attract and retain the best talent will gain a competitive advantage in our industry. This is a reality in our industry, which makes it more competitive for companies like ours to attract the best of the best. This is the main reason we are pursuing our strategy because without a model that resonates with prospective talent, we will certainly fall behind.
We also see a lot of firm consolidation. I am confident that things will settle as there will always be ebbs and flow in the industry but, if one thing is for sure, is that there will always be a need for high caliber accounting professionals within the professional services industry.
Patrick Walsh:
New Jersey’s outlook for our profession mirrors the national outlook. Across the United States, fewer talented young people are going to college, and there are fewer young people in general.
These demographics impact not just the accounting profession, but also college and executive college graduation rates. The war for talent isn’t going away anytime soon. Attracting the best talent with accounting degrees is crucial, so we want to become the employer of choice for students entering the workforce.
In the accounting profession, we need strong talent, but we also need cutting-edge technology. We need to maintain relevancy and have the technology to deliver the solutions our clients need. Balancing our investment in team members alongside technology is key to driving the firm’s success.
How are integrating technology into your services to enhance client experience and improve operational efficiency?
Maiorescu: AI is an interesting topic. I believe our industry needs to embrace AI because ignoring it would not be the smartest approach. With that said, we do not see a way in which AI will totally replace what our clients need and what they approach us for, which is the human element and expertise that comes with it. We want our professionals to be skilled in all the latest software and platforms. However, I believe the way we use technology is not front of mind for our clients; rather, they want a trusted adviser who will ensure there is a face to all the recommendations we provide. It is much more about human capital and the exceptional people and processes that we have in place for our clients.
Walsh: We’ve always been a technology-forward firm. For over 50 years, we’ve invested more than our peers in technology. We created an Innovation Department with about 20 people globally, executing ideas from our 2,500 team members.
On the assurance side, we use technology to analyze data, identify exceptions and ensure audits accurately represent what’s presented to regulators. These advancements, managed through our Innovation Department, remove repetitive tasks, automate them, and let our team focus on higher-level advisory work. No one wants to be a compliance accountant just putting numbers in boxes—it’s not fulfilling. People want to be valuable, and clients want to pay for value. Technology helps us deliver that value more efficiently every day.
What makes your firm differentiate in the broader accounting and advising landscape?
Maiorescu: Our advisory services are a combination of accounting, finance, strategy and helping the clients work on their business while providing all the accounting and finance support that they need. This approach continues to evolve and it is working well. One way to quantify and gauge this success is how long some of our client relationships last – most of them are made up of years of collaboration. The positive impact of our services can also be exemplified by our clients’ growth, especially as it relates to top line revenue growth and enterprise value of the companies. We want to make sure that when we select and work with our clients, there is an alignment of the minds and mindsets, which is one the keys to our success.
Walsh: People think we’re in accounting and consulting, but we’re in the people business. Trust and relationships are crucial. Staying active in the market to attract new clients is possible by being thought leaders. Growth is intentional, providing opportunities for the next generation. We’ve had 51 years of consecutive growth since 1974, which is a testament to our entrepreneurial spirit. We’re stewards of the firm, growing it for our team members’ success.
The accounting profession is highly trusted, and we take that seriously. Trust is the foundation when working with livelihoods, money and businesses. It starts with our people — building trust so they perform at their best for our clients. Withum is an aggregation of the unique talents our diverse team brings daily.
What is your outlook for the accounting space in the coming years, and what will be your top priorities?
Maiorescu: As a professional services firm, there is a logical way of evaluating things. You have to grow in order to create opportunities for your employees. This is not about growth just for the sake of growth. This is more about ensuring that we provide more and more opportunities for current and future employees. Our focus is to expand and attract more clients. This is a large country, a vast industry and there is an abundance of opportunities.
We also do not want to be everything for everyone. We want to be selective and respect the integrity of our processes and our brand for both our talented professionals and for our clients. There is a need for our services and we want to make sure that we help as many clients as we can and that we attract as many high caliber recruits as we can so they can grow their careers at our firm. It is all about creating opportunities for all the parties involved. We want to continue to build our brand and work with the right talent and clients. My top priority is to successfully execute on our mission for our clients, which is to create meaningful value for entrepreneurial-minded executives by driving enterprise growth and enhancing their personal well-being.
Walsh: The clear trend in our profession is consolidation, with firms combining at a rapid pace. A significant problem is the lack of talent entering the profession and fewer students graduating. However, the accounting profession will continue to serve as a trusted advisor to the business community. Building and maintaining trust and transparency will allow the profession and our firm to succeed. Fewer people will be needed, leverage models will change, and technology will become increasingly relevant as generative AI integrates into our tools. The key will be maximizing the use of these tools.
I firmly believe generative AI won’t replace knowledge-based professions, like accounting or law, despite what some may claim. Instead, firms that master and effectively use AI will thrive, while those that resist it will struggle.
We’ve always been thought leaders in technology, investing considerable dollars in these tools since our founding. This positions us well to capitalize on changes. Disruption, while unsettling to some, represents opportunity for us. It’s a chance to guide clients through uncertainty, leveraging trust and well-trained teams. If we stay positioned correctly, we’ll remain a successful firm for the next five, 10, and many more years to come.
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