Research Symposium

BIO

Hanna Oria is a second-year student at Florida State University pursuing a Bachelor of Science in Accounting with a minor in Political Science. She is a participant in the Undergraduate Research Opportunity Program (UROP), where she researches private equity investment in public accounting firms under the mentorship of Aleksandra Zimmerman, Ph.D., CPA (OH), CMA. Her research examines how private equity acquisitions are transforming the accounting profession, including their effects on firm governance, compensation structures, and long-term strategic decision-making.

Beyond research, Hanna is actively involved in student leadership and public policy. She serves as a Student Senator representing the College of Business at Florida State University, where she advocates for more than 8,000 students. She is also a member of Florida State's SGA Finance Committee, reviewing and voting on fiscal legislation ranging from $400 to $50,000+ that allocates student-fee funding to registered student organizations (RSOs) and student-run agencies. Additionally, she serves on the Budget Committee, which oversees the distribution of Florida State University’s $15 million annual student organization budget.

Hanna also works as a legislative intern at the Florida Senate, where she conducts policy research on pending legislation and monitors committee agendas and bill movement. She plans to establish a career in finance and accounting prior to transitioning into the political sphere of public service.

Private Equity Investment in Accounting Firms: Financial Innovation or Professional Disruption?

Abstract

The rapid entry of private equity (PE) firms into the accounting industry represents a significant structural shift in the profession. Traditionally structured as partner-owned partnerships, it is becoming more popular for accounting firms to transition to PE-backed models to access capital, scale operations, and compete in a consolidating market. This research examines the motivations behind PE acquisitions in accounting, the structural changes introduced during these transitions, and the potential implications for firm operations, independence, compensation, and long-term firm stability.
To evaluate these transitions, 41 in-depth interviews were conducted with employees who experienced PE transitions within accounting firms and individuals who initiated the transactions. With participant consent, all interviews were recorded, transcribed, and systematically coded in Excel using thematic analysis to identify recurring structural changes and financial, strategic patterns. Additionally, we analyzed data from 1,314 private equity investments in accounting firms between 2020 and 2024 to contextualize qualitative finds in correlation to broader market trends.
Findings indicate that PE ownership facilitates rapid scale by accelerating acquisition activity, centralizing operations, restructuring compensation models, and increasing technological modernization. However, interview data also reveal emerging tensions related to cultural change, short-term performance pressures, and evolving definitions of professional autonomy. The combined quantitative and qualitative evidence suggests that PE transitions are not only reshaping payouts and financial records, but the governance of accounting professions overall.
Overall, this research contributes empirical insight into the financialization of accounting services and provides future implications for practitioners, students, regulators, and investors navigating the increasingly PE-backed accounting landscape.

Keywords: Private Equity, Accounting, Consolidation, CPA Firms, Audit, Tax, Debt, EBITDA,