Accounting
Growing Demand for CPAs Exceeds Current & Future Supply
The pandemic and its many related business implications underscored the crucial need for CPAs trained to serve as trusted advisors for individuals and organizations. With a decrease in undergraduate enrollments, increased competition between majors ...
Nov. 18, 2021
The pandemic and its many related business implications underscored the crucial need for CPAs trained to serve as trusted advisors for individuals and organizations. With a decrease in undergraduate enrollments, increased competition between majors and rising tuition expenses, the CPA pipeline faces significant challenges in the years ahead.
“Travelling the state and connecting with members in order to better understand challenges they are facing is critically important. Again and again, those I’m connecting with identify the talent pipeline as a top concern,” says Indiana CPA Society President & CEO Courtney Kincaid, CAE. “Employers are looking for ways to attract and retain talent at all levels. By committing resources aimed at increasing awareness of the many opportunities the CPA profession offers, we’re taking a critical first step.”
In response, the Indiana CPA Society (INCPAS) has prioritized career awareness initiatives that offer more comprehensive solutions — including earlier exposure to the CPA profession.
Strategy 1: Start Early with High School Presentations
Many students have misconceptions about what CPAs actually do and don’t realize the broad opportunities. Whether it’s working for an accounting firm, not-for-profit, education, startup and more — CPAs are the go-to advisors for every type of organization, with a role that constantly evolves to address emerging issues such as sustainability, IT, data analytics and cybersecurity.
In 2020, INCPAS started CPA Week, a presentation series for high school students to hear from CPAs across different industries about what a typical day actually looks like, highlights of their jobs, and the career paths available with the CPA license. In 2021, CPA Week participation numbers more than doubled for the fall event on November 8-12. Thirty-two volunteers gave 39 presentations and reached nearly 1,000 students — up from 450 students last year at this time.
Schools interested in finding on-demand resources or participating in the Spring CPA Week (May 2-6, 2022) can go to incpas.org/CPAWeek.
Strategy 2: Launch New High School Student Membership
This month, INCPAS launched a new, free member type for high school students interested in finding out more about the CPA profession and resources to support them if they decide to pursue accounting in college. This is a simple, low-commitment way they can engage with the profession while enhancing their resume.
Strategy 3: Build Access & Diversity with INCPAS Scholars Program INCPAS recognizes the need for diversity, equity and inclusion in the CPA profession and continues to collectively work with CPA firms, companies, colleges and universities to address both career awareness and retention challenges for underserved populations.
In 2011, INCPAS aimed to supplement these efforts by launching its Scholars program — a free, year-long career awareness and mentorship program for underrepresented high school students interested in pursuing accounting. To date, 216 Scholars in Indianapolis and South Bend have participated in the program, with several entering the CPA profession and earning their license.
This past week, the 2021-22 class of INCPAS Scholars participated in College Night with their parents. Guest speakers from area universities shared with them what to expect in the application process, tips for success as an undergraduate and resources for financial aid — indispensable information for students and families.
For additional information on INCPAS career awareness resources, visit our High School Hub.