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Today in the Market (10/17/2023)

Good Evening! On Tuesday, U.S. stocks ended the day with little change after the release of retail sales data that exceeded forecasts, and companies continued to report profits.

The S&P 500 just barely finished the day down by 0.01%, while the Dow Jones made the cut by 0.04%. However, it wasn’t the same story for the Nasdaq Composite which decreased by 0.25%.

NEW PAYMENT FOR THE YOUNGER GENERATION?

Ferrari (RACE), the renowned Italian luxury carmaker, is well recognized for manufacturing highly desired vehicles. The brand functions inside a closed, exclusive network, catering to a select group of affluent customers who make frequent automobile purchases. However, there may be a shift happening for the company.

So what’s the new change? Ferrari has introduced the option to make payments using cryptocurrency. Despite the decline in the popularity of cryptocurrencies in recent years, Ferrari discovered there is still demand from customers who want to purchase new vehicles using cryptocurrencies. Furthermore, these customers represent a distinct demographic compared to previous clientele.

But why? Enrico Galliera, the chief commercial officer of Ferrari, said embracing cryptocurrency would enable the company to engage in conversations with the younger generation and maybe attract them as Ferrari customers, thus expanding their clientele.

Why is it a big deal for a company like Ferrari? Ferrari carefully considers new initiatives before taking action. The company has always been dedicated to preserving its brand and heritage. As an example, it is well-known that Ferrari does not pay for advertising.

NO ACCOUNTING FOR IT

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Based on the latest data from the American Institute of Certified Public Accountants (AICPA), there was a significant decline of 7.4% in the number of US students who earned their bachelor’s or master’s degree in accounting during the 2021-2022 academic year. There has not been this big of a decline since the 1994-1995 academic year.

So what are some reasons making students pursue a different career? As reported by the WSJ, the average initial wage for recent college graduates is $56,000, a figure that has remained unchanged since 2008 when accounting for inflation. Moreover, it falls significantly below the beginning salary for other industries like technology and financial

What else? Accountants now face the need to complete a fifth year of education, which has become a significant financial burden for many individuals contemplating a career in the field. This expense is particularly challenging for those from lower-income backgrounds who used to see accounting as a means to achieve upward mobility within the middle class.

A new shift in the industry? Due to the departure of nearly 300,000 accountants and auditors from the profession in the last two years, and the decrease in available candidates, both major and small American enterprises are abandoning the idea of seeking local accountants. For example, PwC has engaged in outsourcing operations to Malaysia, Argentina, China, India, Mexico, and the Philippines.  Deloitte‘s US company employs nearly as many individuals outside US as it does inside the country.

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