Research Symposium

BIO

Maura Myers is currently a sophomore from Daytona Beach, Florida pursuing a Bachelor of Science in Accounting at FSU. She is a participant in the Undergraduate Research Opportunities Program (UROP), and her research focuses on private equity, including investment strategies and the broader economic impact of private capital. Maura has worked under the mentorship of Aleksandra Zimmerman gaining experience in financial analysis and academic research.
Following graduation, Maura plans to earn a Master's in Accounting and pursue a career in public accounting, with a particular interest in auditing.

Private Equity Investment in Accounting Firms

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, Finance