CPA Australia faces member revolt over job cuts, losses

Angry accountants have taken to social media to blast their professional bodies over millions in losses and rising membership fees after Accountants Daily revealed last week that CPA Australia was cutting jobs to cope with its financial woes.

According to insiders, CPA Australia has embarked on a rolling redundancy program that will cut 60–70 of its 600-plus employees to stem a $31.3 million loss in 2022, following a $12.4 million loss in 2021.

“Overstaffed and overpaid, just a sign of the unaccountable corporate times,” one reader said in response to the Accountants Daily story, “CPA Australia cuts staff in an attempt to curb losses”.

One commenter, an external examiner, said they were “disgusted” with the way the body had been run and how it treated its staff.

“The way they terminated the CPA external examiners without even advising them is a total disgrace,” they said, adding that it was “interesting that CPA Australia pays such high wages and makes such huge losses".

Others were unsurprised at the need for redundancies and even welcomed the attempt to become more efficient.

“Predictable,” a member said on LinkedIn, “hopefully a good clean out can fix and not make it worse.”

“I am a big fan of the ‘fresh set of goals’! Communication has been poor throughout, changes in CPD without consultation etc,” said another.

Comments on social media also expressed discontent over the body’s growing membership costs, with application fees ballooning from $180 in 2020 to $212 in 2023, and renewal fees rising from $720 to $837 for associates or CPAs over the same period.

“I was shocked to discover the massive increase to my membership fee for 2024,” said one.

The rise in fees had not been reflected in a rise in the quality of membership services, others said.

“Even now the online library is offline … well my member renewal notice always arrives on time with shocking increases,” one said.

“Most people I speak to are members of a professional organisation because it is a legal requirement … In my opinion, the best thing they can do for their members is to significantly cut costs and use that to stop membership fees from increasing dramatically every year,” said another.

Another reader added: “The likes of CPA are meant to exist as facilitators of the accounting profession, whether as providers of education or advocacy … yet it would appear that an organisation meant to represent accountants seems to have completely lost sight of who they represent, and that's very disappointing.”

News of CPA Australia’s troubles comes after CA ANZ posted a $13 million loss in its latest annual report although many executives, such as CEO Ainslie van Onselen, received pay rises.

Accountant Jason Andrew said it was time “for the other member body to follow suit” after his LinkedIn post questioning CA ANZ’s finances garnered over 1,200 likes and 174 comments in October.

“Perhaps a tipping point has been reached and it’s time to reconsider amalgamating the three bodies into one. Surely there is strength in numbers,” one member suggested.

Another long-time CPA said: “In the 32 years I have been playing the game not one client has asked me are you a CPA, CA or IPA … lack of member services, the lack of holding the big accounting firms to account, and the lack of representing the small accounting businesses who pay a substantial subscription seems to be across the board. I do wonder what is the point of these organisations as they appear to only serve themselves.”

Some members had already resigned due to dissatisfaction with the services.

One said: “600+ employees? Are they kidding? What on earth would that many staff do? I am certainly glad I resigned when the first lot of "rot" occurred.”

Long-time CPA Australia member Tony Alizzi, who was instrumental in the board spill that removed disgraced CEO Alex Malley in 2017, said he resigned from the body this year after more than three decades.

“Over the past two years CPA has recorded the highest losses in the history of the profession. However, over this time CPA’s executive remuneration increased by 10 per cent last year and 31 per cent in the year prior. This is not sustainable.”

“The funding into the membership pool (its revenues) are going backwards, and explains the many members I’ve encountered who have expressed their displeasure in the jump in renewal fees this year.”

He said he was no longer prepared to “fund the largesse of this loss-maker”.

“A shake-up is required for both the strategy and executive line up. However CPA seems unwilling to communicate directly and candidly with members, with news leaking through exiting employees.”

“The strategy is a collection of motherhood statements and its overpaid execs are not executing.”