"I had to learn to be a political animal."

Big 4 Transparency

By Dominic Piscopo, CPA

For CPA Trendlines

In a candid conversation on the Big 4 Transparency show, former CohnReznick CEO Frank Longobardi offers a sweeping view of the accounting industry's transformation, advocating for private equity investment as a necessary catalyst for modernization. Speaking with host Dominic Piscopo, Longobardi explains how traditional partnership structures have often hindered strategic decision-making, especially in large firms where a board of ten or more can slow progress. “You’ve got people on the board at different ages, different objectives, and different disciplines,” he says. “A smaller circle with clear strategic goals allows partners to do what they do best: serve clients and lead people.” 

Longobardi also highlights how the profession’s talent model is out of step with the expectations of today’s workforce. 

“You hire a top student and tell them they’ll make partner in 16 years,” he notes. “Meanwhile, their friends in finance are seeing returns now—when they’re raising kids and buying houses.” 

Private equity, Longobardi argues, can address this by offering earlier equity opportunities and aligning incentives across generations. “We need to make accounting a profession of choice again,” he says, pointing to declining enrollment in accounting programs and the deterrent of the fifth-year requirement for CPA licensure.