Does Baker Tilly's merger signal a public accounting mid-market power shift? Trial Balance
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Baker Tilly and Moss Adams closed their merger in June, forming the sixth-largest accounting and advisory firm and the largest backed by private equity in the U.S. The company will operate under the Baker Tilly brand. In a recent interview with Business Insider, former CEOs Jeff Ferro and Eric Miles detailed the merger, their long-term growth plans and how PE backing is helping them scale to meet evolving client demands.
Miles, the former CEO of Moss Adams, who will succeed Ferro as CEO of Baker Tilly at year-end, said the firms are responding to a clear shift in client expectations. 'The needs of the mid-market are evolving,' he told BI. 'Firms have to be bigger and more capable to stay competitive.' Ferro said he hopes the firm doubles revenue to $6 billion in five years, crediting the possibility of that scale to new technology and their private capital.
The move places the company just outside the coveted Big Four ranking, as the combined firm brought in over $3 billion in annual revenue last year and includes 11,500 employees. While Baker Tilly has traditionally served clients across the East and Midwest, Moss Adams brings a dominant West Coast clientele market. For CFOs, the geographic blend and expanded advisory offerings may create a stronger alternative to historically pricey Big Four services, especially for mid-market finance leaders seeking cost-effective services.
The deal also reflects a broader trend: While not directly tied to individual transactions, the tax advantages PE firms receive through mechanisms like the carried interest loophole could help fuel their ability to back large-scale mergers, especially in cash-generating service sectors like accounting. Baker Tilly's 2024 stake sale to Hellman & Friedman and Valeas Capital gave the firm the capital to boost its M&A strategy and invest heavily in AI, automation and the growing trend of fixed-cost service offerings.
For finance chiefs, the merger could signal a shift in public accounting dynamics. PE backing often means faster innovation and improved service packages, but it also raises questions around pricing models, partner accountability and the long-term stability of the firm itself. Traditional partner-run firms, a model that is facing challenges of its own, typically offer continuity and institutional knowledge and longevity, while PE-backed firms may be more focused on growth metrics and scalability.
Here's a list of important market events slated for the week ahead.
Monday, June 9
Wholesale inventories, April
Tuesday, June 10
NFIB optimism index, May
Wednesday, June 11
Consumer price index, May
Core CPI, May
Monthly U.S. federal budget, May
Thursday, June 12
Initial jobless claims, week of June 7
Producer price index, May
Core PPI, May
Friday, June 13
Consumer sentiment (preliminary), June
This week, CFO.com will publish a Q&A with Irina Berkon, CFO of Metallicus, a technology company that builds compliant and regulation-abiding cryptocurrency banking tools for traditional financial institutions. After speaking at Consensus 2025, Berkon shares her experience speaking as a CFO at a large conference, how she believes cryptocurrency and blockchain technology are not taking a backseat to AI, her relationship with CEO and cryptocurrency 'pioneer' Marshall Hayner, keeping cryptocurrency on the balance sheet and more.
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All investment decisions regarding cryptocurrency allocations are made jointly by our CEO Marshall Hayner and me, with guidance from our board. I don't think it was legitimate in the past. There was a lot of talk, a lot of hype, but not much real belief or action. We've been at this for a long time, having conversations with banks and regulators, trying to lay the groundwork. And only now are we seeing credit unions and small community banks come forward and say, 'We're ready. We want to implement this.' The opposite of what most people assume is true. Interest is growing now, and the response we're getting is stronger than ever. Back then, no one was integrating crypto or blockchain into their financial institutions in a meaningful way. There was speculation, and a handful of companies tried to do it, but they didn't stick. There just wasn't a strong use case or a clear path forward. Today, it's different. There are a few reasons for that. 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After my talk, an auditor from BPM approached me and said they had a client in San Francisco — Metallicus — that needed a CFO to complete its audit. I met with [Marshall Hayner], and I asked, 'Why do you need an audit?' He said, 'Because I want to get money transmitter licenses in all 50 states. I want to be a legit crypto company.' He started walking me through the compliance framework he was building, and I thought, 'This is perfect.' After seeing so much chaos in the space, I wanted to work with someone serious about doing things the right way. That was January 2020, and I've been with Metallicus ever since. What's kept me here — and in this industry — is that it's finally moved beyond the hype. There's a real compliance layer now. It's not just about cool tech or internet culture anymore. There are real products being built, and major financial institutions are starting to implement them. This is infrastructure. That said, we still have fun. Marshall is on the board of the Dogecoin Foundation, so we're close to the meme world. But we're also doing serious work, and the space now demands serious skill sets. These are people with backgrounds in public accounting, regulation and financial operations. I talk to my audit team about this all the time, especially the younger folks. I think there's this expectation now that big opportunities will just fall into your lap. And in crypto, I've seen it firsthand, so many people with CFO titles who didn't actually know finance. They got the title, but then what? Firms absolutely should pay people well so they don't burn out or leave public accounting too early. But we also need to be clear: you're not going to land a serious CFO role — or any high-level finance job — without putting in the work. "More people are going to want to work in blockchain and AI, which is only going to deepen the talent shortage in traditional industries." Irina Berkon CFO, Metallicus That means learning the fundamentals, building relationships and showing up consistently. Sometimes it's a grind. Sometimes the hours are long. But that experience matters. That foundation is what prepares you for the next step. If you skip it, you're just not going to be ready when the opportunity comes. Public accounting gave me the discipline, the ability to work under pressure and the confidence to take on something new. When I was at Grant Thornton, we used to host industry conferences for restaurant clients. I remember being a fourth-year associate, sitting in a room with the CEO of Whole Foods and thinking, 'How cool is this?' That kind of access sticks with you. Firms need to do more of that, give people a sense of where this career can take them. Yes, you have to put in your hours. But look at the payoff. No serious company is going to hire a CFO with no experience. More people are going to want to work in blockchain and AI, which is only going to deepen the talent shortage in traditional industries. So if firms want to retain their best people, they need to inspire them early. Recommended Reading Big investors increase their allocations to crypto Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
