Acording to the CCH Young Accounting Professional Survey, fewer than half of firms received a very good rating on their ability to deliver on the attributes most important to young CPAs. The attributes fell into four areas: firm resources and infrastructure, benefits and compensation, professional training and development, and firm culture.

"Young CPAs with four to seven years of experience are an important asset to firms that want to grow their business," said Kevin Robert, CCH president and CEO. "These individuals have the base experience and are eager to move into the more challenging positions that are both being vacated as baby boomers begin to retire and are being created as new demands on the profession develop." Robert said this group is evaluating career options and weighing whether or not to stay with their current employers.

At a glance, the most important attributes to this specific segment of CPAs are:

• 74 percent - good compensation
• 67 percent - comprehensive resources to get the job done
• 63 percent - an ethical leadership culture
• 56 percent - work/life balance
• 51 percent - flexible hours
• 49 percent - support for continuing professional education
• 24 percent - high-quality feedback

However, the survey found a gap between what young professionals want and what the firms are actually delivering:

• Just 19 percent rank their firm's offering for compensation as very good, and 20 percent ranked their firm as very good when it came to rewarding based on merit.
• Less than half said their firm provides necessary resources, such as the latest technology or the leading tax and accounting software -- an important attribute to this technology-savvy workforce.
• Only 38 percent gave a very good rating for work/life balance programs, and 45 percent for flexible hours.
• Just 13 percent of firms do a very good job at giving employees constructive feedback.

While there is not an overwhelming majority, firms managed to fair better in some areas: 55 percent gave their firm's ethical leadership a very good rating, and 67 percent said their firms provide very good CPE/training.

The survey participants also explained why they became a CPA. Thirty-seven percent reported they entered the profession because they thought it offered good career opportunities, while 20 percent did so seeking a challenging work environment. Fifteen percent reported job stability, and another 15 percent cited financial security.

Firms need to pay attention to this apparent gap between what is most important to young professionals today and how well firms are doing in meeting those needs, warned Mike Sabbatis, CCH executive vice president of global sales and marketing.

Demand for accounting professionals is expected to grow faster than many other professions in the coming years, with an anticipated 18 to 26 percent growth rate through 2014, according to U.S. Bureau of Labor Statistics. This increased demand, however, comes at a time during which the supply of accounting professionals is shrinking fast. With the aging baby boomer population taking its toll on the accounting profession, the American Institute of Certified Public Accountants has noted that within 14 years, 75 percent of its membership will be eligible to retire.

"As the tug-of-war for talent in the profession continues, firms must utilize every lever that they have ... to ensure they have a competitive edge in finding and keeping the best employees," said Sabbatis.

The survey was released recently at the CCH User Conference in Boca Raton. It was conducted by Harris Interactive.