November 2025 — In an interview with Invest:, Jonathan Hirschfeld, managing partner for New Jersey at PwC, highlighted how rapid geopolitical and technological shifts have shaped client strategies and firm priorities. “Change creates opportunity,” he noted, emphasizing PwC’s role in helping clients navigate uncertainty across industries.

What have been the most significant changes shaping PwC’s operations in New Jersey over the past year?

We’re obviously in a time of constant change, whether in New Jersey, across the country, or around the world. When I think about the past year and 2025 so far, it’s been full of discussion around political developments, both in the U.S. and globally, tariffs, and tax law changes. Every day, there’s something new being discussed both in the United States and internationally. That creates a lot of complexity between countries, states, and companies.

We’re seeing change layered on top of change. Clients may be ready to act, but shifting circumstances often force them to pause and wait for clarity. This level of volatility feels more sustained than we’ve seen in some time.

But in our world—accounting, audit, tax, and consulting—change is an opening. It creates the space to step in with insight, offer stability, and help clients move forward with confidence amid uncertainty.

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How are clients’ needs evolving across industries like life sciences, tech, and financial services?

Global issues, especially tariffs, are top of mind. For product and service companies, especially in pharma and life sciences, these changes affect more than taxes. They’re thinking about where and how to do business, where to invest, and where their people should be.

There’s also the technology piece. The pace of technological change is incredible. Every day, there’s a new tool or platform, and AI continues to evolve rapidly.

From a client perspective, they’re constantly asking: How can we do this better? How can we be faster? Maybe more cost-effective? That applies to how they manage operations, deliver products, and stay competitive. We’re focused on this in how we serve clients and how we operate internally.

What makes New Jersey an ideal location for PwC’s growth today?

New Jersey is an interesting location for many reasons. I’ve spent a lot of time in the pharmaceutical and life sciences space, and there are so many companies here in that sector, from startups to some of the biggest in the world. Many of them have been reinvesting in New Jersey and in the United States, and there is a lot of great thought leadership and innovation coming from this state.

There is also the geographic advantage. New Jersey is centrally located between New York and Philadelphia. You’re close to Wall Street and major financial centers, and right on the water, which is important for global trade and logistics. When I look at our practice in New Jersey and the range of industries we serve, the opportunity here is huge. The diversity of businesses across the state sets it apart.

How can the industry attract more young professionals to combat the CPA shortage and generational shifts?

As a CPA, born and raised in New Jersey, who went to college here, and has been with PwC for more than 30 years, I’m a big supporter of the profession. I do what I can to encourage the next generation to consider beginning their careers in this profession.

One of the challenges we’ve seen is the growth of the industry. The demand for CPAs keeps increasing, which is a good thing, but we haven’t seen the same growth in the number of people entering the field. Part of that is the result of the requirement to have 150 credit hours to become a CPA. For many students, that means another year of college. Given the cost of college and the desire to start working sooner, some other business careers have been more appealing.

Now, we’re seeing some efforts to rethink the path to becoming a CPA. There’s been significant progress in New Jersey and across the country to create alternate pathways that don’t require all 150 hours but include work experience or other qualifications. I believe this will bring back interest and excitement in the accounting profession.

At PwC, we’ve also been doing more to connect with students earlier, not just recruiting but educating them about what the accounting profession is and what a career at PwC can look like. Many of our interns start with us in their second year of college, and we’re finding that the earlier we start those conversations, the more interest and excitement we can build.

What new partnerships has PwC built to strengthen its community impact in New Jersey?

When I think about partnerships in this context, we’ve focused on getting our staff and partners more engaged in the community over the past few years. That means connecting with not-for-profit organizations, colleges, and local community groups — most of them right here in New Jersey.

There are so many great not-for-profit organizations doing important work for the people of New Jersey and beyond. When I stepped into this role as managing partner, it became even more clear how many of these groups would welcome support from PwC, whether that’s volunteering, raising awareness, or just being present.

We’ve been building and expanding relationships where we can get our people involved. A lot of our employees want to give back but don’t always know how to start. We help connect them with opportunities, whether it’s volunteering at events or, as they become more experienced, joining advisory boards or committees.

The firm also gives everyone a certain number of hours to spend on community work as part of their regular schedule. It sends a clear message that you are not just an employee doing accounting or consulting work. You are part of the community, and this is part of your role. It adds value, not just for the community, but also for personal growth and job satisfaction.

What are the most pressing challenges facing the accounting industry, and how is PwC responding?

I’ve been at PwC a long time, and one thing I can say is that change has always been part of this business. But what we’re seeing now is the pace of change accelerating. Clients are asking for things faster, and new technologies are coming into play constantly.

One of the biggest challenges is making sure our people stay current; what we call upskilling. Just a few years ago, we weren’t talking much about AI, prompting, or tools like ChatGPT. Now, they’re front and center. We’ve invested hundreds of thousands of hours in training across the firm to make sure our teams are ready.

We also have leaders and champions within the firm who are going even deeper into these areas and then helping bring the rest of us along. It’s not just about knowing the latest tools. It’s about making sure we use them appropriately and effectively in a regulated industry.

The other big challenge is the geopolitical environment; changes in tax law, tariffs, and policy. All of this affects our clients, whether they’re trying to make investment decisions, manage operations, or stay compliant. Our job is to stay ahead, offer insights, and help them move forward with confidence. That’s where we see real opportunity.

What are PwC’s top priorities in New Jersey, and how do they align with the firm’s broader global strategy?

Our priorities in New Jersey align closely with PwC’s overall strategy. One of the biggest focuses is technology, helping our clients adopt and implement it, and advancing our own capabilities internally.

On the consulting side, that means guiding clients as they take on digital transformation and helping them get the most out of these tools. On the compliance side, including tax and audit, it’s about staying current and understanding how our clients use technology and how that affects their reporting.

At the same time, we need to be on our own technology journey. We need to enhance how we work, stay on the leading edge, and make sure everything we’re doing remains high quality. Also, because we operate in a regulated environment, the tools and techniques we use must meet the standards required for our work. Quality is always at the forefront.

Want more? Read the Invest: New Jersey report.