A new program designed to enhance the accounting talent pipeline by offering an “earn and learn” opportunity at the entry level was unveiled on Sept. 25 by the AICPA & CIMA, which collectively form the Association of International Certified Professional Accountants.
In the new Registered Apprenticeship for Accounting and Finance Associate program, apprentices will work directly for the participating organization and receive foundational and operational levels of CGMA Finance Leadership Program instruction, on-the-job training, a progressive wage scale, and mentorship, the AICPA & CIMA said.
Apprenticeship programs yield results, according to the AICPA & CIMA, which cites statistics from the Office of Apprenticeship and Training at the U.S. Department of Labor that 91% of employers with apprentices report an improved pipeline and 93% of apprentices remain employed one year after completion.
“The battle for talent is increasing, making the need for more skilled accounting and finance talent even more pressing,” Tom Hood, executive vice president of business engagement and growth at the AICPA & CIMA, said in a statement. “How we address the needs of our finance teams today will better position us for tomorrow. Our apprenticeship combines a world-class learning program with mentorship and on-the-job training, which helps employers recruit and grow their own, providing the kind of workplace the 21st-century workforce expects—diverse, inclusive, collaborative, and innovative.”
According to the AICPA & CIMA, key benefits the new program offers to both participating students and organizations include:
- Recruitment: Promotes social mobility by attracting a wider range of candidates sooner.
- Retention: Promotes retention in two ways: 1) Apprentices continue with the employer post-apprenticeship, and 2) incumbent employees are upskilled to enhance or change roles within the employer.
- Career development: Identifies candidates early who then receive accelerated real-world competency-based training. Eligible candidates must be 16 years of age with a high school diploma.
- Earn while you learn: Bridges education and employment.
“The Registered Apprenticeship for Accounting and Finance Associate is a response to market feedback to help recruit entry-level positions and upskill those in these positions to add more value and achieve more mobility,” said Joanne Fiore, vice president, pipeline and apprenticeships at AICPA & CIMA. “As fewer people graduate from college and the profession faces a talent pipeline crunch, interest grows in roles that do not require a college degree. It made great sense to utilize our learning and apprenticeship program to assist those in entry-level roles to upskill and add value.”
The Registered Apprenticeship for Accounting and Finance Associate program is a stackable apprenticeship that could lead into the earlier established Registered Apprenticeship for Finance Business Partners Program or be the next step after the Youth Apprenticeship Program, the AICPA & CIMA said.
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Tags: Accounting, AICPA, Firm Management
