Marcum-Hofstra University CEO Survey Highlights Concerns Ahead of 2024 Election

OCTOBER 8, 2024 (New York, NY) – As the 2024 election approaches, middle-market CEOs express significant apprehension about the potential economic and regulatory impacts of policy changes. These concerns are the leading takeaways from the latest Marcum-Hofstra University CEO Survey.

Election-Driven Economic Concerns Dominate CEO Sentiments

The survey reveals that 90.5% of CEOs are either very or somewhat concerned about economic uncertainty as the 2024 elections draw near. This anxiety overshadows other issues, highlighting the weight that political outcomes may have on the business climate. Regulatory uncertainty follows closely, with 80.9% of CEOs citing it among their top concerns. Additionally, corporate tax rates, along with trade policies and tariffs, worry approximately 75% of CEOs surveyed.

“With the overwhelming economic and regulatory uncertainties shared by CEOs, it is clear that businesses are bracing for potential upheavals ahead of the 2024 elections,” said Jeffrey Weiner, Chairman & CEO of Marcum LLP. “Our survey data reflects deep concerns over how political changes may influence economic stability and regulation. Marcum is actively providing strategic advice to help businesses plan and prepare so they can remain focused on growth and innovation in any political landscape.”

The Marcum-Hofstra University CEO Survey also presents a nuanced view of the current business climate. Here are the key findings from this CEO survey:

Business Environment

• Decreased Optimism: Only 9.1% of CEOs rated their outlook as “very positive,” down from 13.9% in June.
• Sector-Specific Optimism Drops:
  • Financial services: 25% (down from 38% in June).
  • Healthcare: 30% (down from 58%).
  • Technology: 45% (down from 63%).
  • Wholesale/distribution: 27% (down from 62%).

Influences on Business Planning

• Top Influences:
  • Economic concerns: 55.6% (up from 50.4% in June).
  • Availability of talent: 37.7% (up from 34.6%).
  • Rising material/operational costs: 37.7% (up from 33.5%).

External Issues Impacting Business

• Political Uncertainty: 51.6% of CEOs consider it a top-three concern, surpassing economic concerns.
• Economic Slowdown: 48.5% of CEOs remain concerned about its impact on their business.

The survey was developed, conducted, and analyzed by Zarb School MBA students, led by Dr. Andrew Forman, associate professor of international business and marketing, in partnership with Marcum.

“The data highlights the significant economic concerns that CEOs have as we approach the 2024 election. It’s evident that political outcomes are perceived as directly impacting business operations and planning,” shared Dr. Forman. “This emphasizes the importance of strategic adaptability and resilience in the face of policy changes and economic fluctuations. Our survey offers a snapshot of the priorities and challenges that CEOs are currently facing.”

About the Survey
The Marcum-Hofstra CEO Survey is a periodic gauge of mid-market CEOs’ outlook and priorities for the next 12 months. The survey polled the leaders of companies with revenues ranging from $5 million to $1 billion-plus and was conducted the week of June 24, 2023. Two hundred fifty-four mid-market CEOs participated.

“Our collaboration with Marcum allows us to glean crucial insights directly from industry leaders, which informs our curriculum and ensures that our students are well-equipped to meet the demands of today’s business environment,” said Janet Lenaghan, dean of the Frank G. Zarb School of Business at Hofstra University. “The decline in optimism about the business landscape and the increased focus on economic concerns and talent availability highlights the shifting priorities within the corporate world. It is imperative that we equip our students to lead with innovation and resilience, particularly as political and regulatory uncertainties become more pronounced.”

About the Frank G. Zarb School of Business at Hofstra University
Hofstra University’s Frank G. Zarb School of Business prepares students to become tomorrow’s global leaders. Located just 25 miles from New York City, Zarb students have access to internships and networking opportunities across every industry. The Zarb School combines entrepreneurial, hands-on learning and research with real-world experience and mentorship in state-of-the-art facilities, including a Behavioral Research Business Lab, Institute of Innovation and Entrepreneurship, Core Skills Lab, and academic trading room. Our undergraduate and graduate programs in accounting, management and entrepreneurship, marketing and international business, finance, and business analytics are ranked and recognized by US News & World Report, Princeton Review, and Poets & Quants. Visit hofstra.edu/zarb for more information.

About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.