The future of accounting is facing some headwinds, especially in recent years, between workers leaving the profession for other prospects and the pipeline for new hires not drawing in enough new talent. This poses a major issue for tomorrow’s business industries, workforce prospects and the overall economy. That’s why leaders in the industry, like the Big Four accounting firm Deloitte, are investing in the next generation of accountants to address the growing need for certified public accountants (CPAs).  

Last Friday, I was in Chicago at the Deloitte building to attend the 2023 NC A&T State University Center for Accounting Diversity Two-Year Bridge Symposium. This event was hosted by the Center for Accounting Diversity in collaboration with Deloitte and the Center for Audit Quality as leading sponsors.  

Building Community within a Profession 

Because I lived more than two away from Chicago, I was able to book a flight from Dane County Regional Airport to Chicago O’Hare International Airport. I took the Blue Line into the city and went on foot through the Loop in Downtown Chicago to the Deloitte building. The walkability is nice and I like the public transit options for navigating the city.  

Arriving at the building felt very official, I really felt like an honored guest. At the Symposium, we covered opportunities within the accounting profession, the educational pathway for transitioning into four-year institutions, planning for the CPA license exam and support resources for scholarships and professional development.  

But overall, I viewed this experience as a major networking experience for professional connections within the industry. The information was accurate, complete and assembled conveniently all in one place for us to see together for contextual value. Still, there’s an inherent factor of the messenger that is delivering the information to us viewers.  

It was validating to know that the people in the room with us were racially, ethnically and gender diverse, just like many of the programs that I’m involved with at school. I felt seen, I felt valued and like I could see myself working for a company that valued diversity and equity in the ways that I do.  

Also attending this Symposium with other students was valuable because we were able to share our experiences and some of the challenges we faced while attending school at a two-year institution. Many students were working either full-time or nearly full-time to support themselves through school. Some were transitioning careers. Some were parents. Some were looking to support their families. We all had stories, and we were all looking to succeed in a career where we could be the masters of our own financial journeys. 

There are several people to thank for setting up this event, chiefly Dr. Kecia Williams Smith, the Director of the Center for Accounting Diversity, and the many support staff from Deloitte and Loyola University who helped make the magic happen.  

Forecasting the Future of Accounting 

Accounting is the language of business. Beyond just recording financial transactions and balancing checkbooks, accounting processes allow companies to understand the bigger picture for their current financial performance and strategize for scenarios that could bring even bigger success in the future. 

According to the Journal of Accountancy, one-in-four CFOs majored in accounting and nearly one-fourth of CEOs in the financial sector have previously held the role of CFO. Even just having the CPA certification raises your prospects for median salary, job security and opportunities for career advancement. 

In 2021, the Association of International Certified Public Accountants (AICPA) published a Trends Report that showcased the decreasing rate of CPA exam candidates and a decline in the success rate of individuals who take the CPA exam. So, it’s clear that there’s a gap between how prepared students are for the exam and the need for individuals to have advanced knowledge of accounting standards. Preparing students earlier through educational events like the Symposium is one way to combat the low numbers, but greater attention must be poured into this area.  

While I acknowledge the challenges within the accounting field, I believe that having a firm understanding of accounting fundamentals is necessary for success, especially with the uncertainty of today’s economy and the essential need for accountants in not just financial industries but every industry.  

I’ve been told that accounting is a “Lego-block” profession, which can be attached to many different types of fields because no matter what sector of work you choose, everyone needs someone to manage their finances. So, I’m proud to be on the pathway towards becoming a CPA!