Marcum-Hofstra University CEO Survey
A periodic gauge of middle-market CEOs’ outlook on the current business environment and their priorities and concerns for the next 12 months.
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2022
Marcum Year in Review
From Our Chairman & CEO
Finally!
With supply chains and workplaces re-opened in 2022, businesses stepped up in a big way.
We all found the post-pandemic environment a bit changed. Unemployment levels dropped to historic lows, exacerbating the national talent shortage, while inflation and interest rates climbed to highs not seen in decades. Simultaneously, the character and nature of the workforce underwent a profound shift as hybrid work arrangements redefined the way many companies operate.
The challenges for both businesses and individuals were formidable, but in true entrepreneurial fashion, our clients rose to the occasion. Marcum is proud to have played a role in helping you navigate the new landscape and adjust your planning to avoid the landmines and capitalize on emerging opportunities.
As a result, 2022 was one of the most productive and interesting years in Marcum’s history. Below we are honored to share some of the highlights.
We thank you for your continued confidence in us this past year, and look forward to a fruitful future together in 2023 and beyond. It is a privilege and an honor to work with you. It is only through your success that we can celebrate our own.
Jeffrey M. Weiner
Chairman & CEO
Growth
Marcum’s commitment to meet our clients’ current needs and future goals took on new dimensions last year, as we accelerated our mergers and acquisitions activity to continuously broaden our service offering and deepen our bench of talent. In 2022, eight firms joined our organization, each bringing specific assets to our services portfolio for the benefit of our clients.
2022 Transactions
Industry Growth
Many of Marcum’s specialized industry groups experienced double-digit growth in 2022, as our immersion in our clients’ industries continued to deepen.
| INDUSTRY GROUP | GROWTH % |
|---|---|
| Food & Beverage | 71% |
| Consumer & Industrial Products | 49% |
| Capital Markets | 41% |
| Technology & Life Sciences | 38% |
| Alternative Investments | 33% |
| INDUSTRY GROUP | GROWTH % |
|---|---|
| Healthcare | 33% |
| Real Estate | 32% |
| Construction | 23% |
| Nonprofit & Social Sector | 19% |
Snapshot: Food & Beverage
Marcum’s team of F&B leaders has deep roots in the industry. With seven committees dedicated to F&B thought leadership, education, assurance, tax, advisory, technology, and competition, the team is tightly focused on the issues driving our clients’ businesses. Among the highlights of 2022:
Client Experience
In 2022, we were deeply gratified to learn that a great majority of you who participated in our client feedback programs feel we are living up to this promise, even as we continuously work to improve the way we deliver services and earn your satisfaction. Highlights of your feedback included the following:
- 100% of clients interviewed say they enjoy the relationships they have with us.
- 96% of clients believe the quality of Marcum’s work is exceptional.
- 95% feel Marcum’s understanding of their business and industry meets or exceeds expectations.
- 91% say Marcum’s fees align with the value they receive.
- 91% believe Marcum’s communication and responsiveness meets or exceeds expectations.
At long last, in-person events returned to Marcum’s robust calendar of activities in 2022.
It was genuinely heart-warming to once again interact with our clients and friends in settings that did not necessarily require a device. Having conquered Zoom, ON24, and Teams in the heyday of COVID, we continued to offer a diverse program to bring you the latest in regulatory updates, industry insights, strategic planning, and even some long-overdue toasting, online as well as in person.
Thought Leadership
Marcum is widely regarded as a thought leader in the accounting profession. In addition to a robust library of newsletters, technical articles, and regulatory updates, we regularly contribute commentary and analysis to professional trade journals in our clients’ industries.
276
INSIGHTS
72
CONTRIBUTED INDUSTRY ARTICLES
Marcum’s Most Popular Research from 2022
Awards
Our firm and the people who make Marcum Marcum are frequently singled out for recognition by the journals and organizations comprising our business markets. Some of our honors in 2022 included the following:
- Best Accountants – St. Louis Small Business Monthly
- Best Cybersecurity Provider – Long Island Business News
- Best Firms for Technology – Accounting Today
- Best Of – Legal Intelligencer (clean sweep!)
- Expert Witness
- Expert Witness: Economic
- Accounting Firm
- Business Accounting Firm
- Forensic Accounting
- Litigation Valuation Provider
- Litigation Consulting Firm
- Bob Scott’s Top 100 VARs – ERP Global Insights
- Diversity and Inclusion – Providence Business News
- Excellence in Client Experience – CXps
- Excellence in Human Resources – South Florida Business & Wealth
- Most Powerful Influencers – Long Island Business News
- Most Prestigious Women in Business – South Florida Business & Wealth
- Most Promising Robotic Process Automation Solutions Providers – CIO Review
- Ones to Watch – Accounting Today
- Power Leaders in Business – South Florida Business Journal
- Sage Intacct Partner of the Year
- Top 50 Women Leaders of DC – Women We Admire
- Up & Comer Awards – South Florida Business & Wealth
2022 Best Places to Work
IN THE VAULT
In one of the most meaningful, independent assessments of workplace culture in our industry, Marcum was extremely proud to advance into the Top 15 on the VAULT ACCOUNTING 25 list of top-ranked accounting firms. Marcum is fully committed to providing rewarding, enriching careers for our associates at all levels, and continues to prioritize initiatives that enhance the career experience for our team members.
- No. 13 – Overall
- No. 14 – Prestige
- 22 Top 20 rankings in all Practice Area, Quality of Life, and Diversity categories
Marcum U
In 2022, more than 760 Marcum U courses in continuing professional education and technical training delivered in excess of 137,000 hours of CPE credit.
| ESSENTIAL PROFESSIONAL SKILLS | |
|---|---|
| Courses Offered | 82 |
| CPE Credit Hours Awarded | 16,734 |
| TECHNICAL SKILLS | |
|---|---|
| Courses Offered | 681 |
| CPE Credit Hours Awarded | 120,617 |
TECHNOLOGY CONSULTING
An outgrowth of Marcum’s advanced technology solutions capability for our own business, Marcum Technology shares our solutions with clients as well as other accounting firms to help advance their digital transformation. Through strategic consulting, enterprise solutions, cybersecurity, infrastructure, automation, and managed services, the Firm facilitates the convergence of business and technology, helping clients and others deliver a more personalized and seamless experience to their customers.
2022 highlights
- 2 Acquisitions – BinaryNetworks and CyZen.
- Launched a virtual security and operations center (vSOC), expanding our managed security service provider (MSSP) capabilities.
- 35% team growth.
- Won several industry recognitions, including 2022 Most Promising Robotic Process Automation Solutions Providers (CIO Review) and Best Firms for Technology (Accounting Today).
Diversity, Equity & Inclusion
A highlight of our DEI programs in 2022 was the launch of a college scholarship program funded by Firm partners to help address the shortfall of accounting professionals from underrepresented groups and to help build a diverse pipeline of future accountants.
- $60,000 raised for the Marcum Diversity Scholarship Fund.
- Top 15 Accounting Firm in Diversity for Women and LGBTQ+ categories (Vault Rankings).
- 9 Associate Resource Groups.
Community Giving
Marcum Foundation strives to be a leading contributor of time and funding to organizations that provide fundamental human services to children in need. Thanks to the generosity of Marcum associates, partners, clients, vendors, and friends, Marcum Foundation was able to further expand our impact in 2022.
- $1.2 million raised for St. Jude Children’s Research Hospital.
- $5 million pledged over 5 years.
- Launched Marcum Gives, a new employee giving program including a 100% Marcum match.
- $879,360 raised in the inaugural year.
- $50,000 donated through Meals on Marcum to assist children facing food insecurity.
- Established an associate grant request program, enabling Marcum team members to support organizations serving children in their communities.
- $50,000 donated to Children of Fallen Patriots to fund two college scholarships for military children who have lost a parent in the line of duty.
- $10,000 donated to LEAP, an organization providing peer support to children in disadvantaged communities.
- The annual Marcum Day of Service—a treasured tradition—resumed live and in-person. Each year, all Marcum offices are closed for business on Thanksgiving Eve so that partners and associates can spend the day volunteering with local charities in their communities. The Marcum Day of Service is a paid Philanthropy Day for all staff of Marcum LLP, Marcum Technology, and Marcum Search.
Fast Facts*
43
OFFICES
3,576
SERVICE PROFESSIONALS
524
PARTNERS
157
NEW PARTNERS ADDED
*As of 12/31/2022. Includes Marcum, Marcum Technology, Marcum Search, Marcum Wealth
Moving Forward into 2023
The increasing complexity of the world in which we live and work demands sound, strategic advice and pragmatic, industry-focused insights. Never has the challenge been greater. As we look ahead to 2023 and beyond, our priority remains squarely on partnering with you to help you achieve success as you define it, bringing you the intelligence and resources to enable the hard decisions that will get you to your goals. Your Marcum team is at the ready, any time, every time you need us. Thank you for the faith and confidence you place in us. We value our relationship with you—our clients and friends.