june2022 - 34

AICPA NEWS
AICPA News is a round-up of recent announcements
from the American Institute of Certified
Public Accountants.
Diversity Hiring is Increasing
in the Accounting Profession
The diversity of graduates, including those who identify as
Asian or Pacific Islander, Black or African American, Hispanic or
Latino, Native American or Alaska Native, Multiethnic, and other
non-white categories, hired by U.S. CPA firms has increased from
30.1 percent in 2018 to 34.8 percent in 2020, according to the " 2021
Trends: A report on accounting education, the CPA exam and public
accounting firms' hiring of recent graduates, " released by the AICPA
(https://tinyurl.com/3tk9ccue).
The report, first published in 1971, provides data reported to
Integrated Postsecondary Education Data Systems (IPEDS) as well
as projections and expectations based on university responses for
the abbreviated 2019-2020 and 2020-2021 academic years and firm
responses for the 2020 calendar year. The data provides a snapshot
of the profession, set against the current economy and the ability
to forecast future trends.
More broadly, the accounting profession was not immune to
the pandemic-related global shift in the workforce and in college
enrollments, and this included the hiring of new graduates. Overall
firms hired 10 percent fewer graduates in 2020 than in 2019. However,
the report data showed an increase (two percent) from 2019 in hiring
new master's degree graduates. While COVID-19 attributed to the
decrease in the number of CPA exam candidates in 2020, between
2020-2021, there was a six percent increase in new candidates.
One of the ways AICPA is working to address this trend is through
the CPA Evolution project, in partnership with the National Association
of State Boards of Accountancy. CPA Evolution will ensure that
CPAs continue to have the competencies needed in a changing
profession by transforming the CPA licensure model in 2024.
Additional report highlights:
■ Accounting graduates trended downward in the 2019-2020
academic year, with decreases of 2.8 percent and 8.4 percent at
the bachelor's and master's levels, respectively.
■ New non-accounting graduates hired into accounting and finance
functions increased by 10 percent in 2020.
■ 74 percent of CPA firms expect to hire the same or more accounting
grads in 2022 compared with 2021.
■More U.S. CPA firms expect to hire more new accounting graduates
into accounting and finance functions for 2022 (36 percent) vs.
2021 (28 percent) as compared to 2020.
■ New accounting graduate new hires are increasingly being
assigned to audit - a shift of 11.5 percentage points between
2018 and 2020. ■
Oracle Partners with AICPA & CIMA to Tackle
the Technology Skills Gap in Finance
Oracle, the AICPA, and the Chartered
Institute of Management Accountants (CIMA),
recently announced an introductory certification
series to address the technology skills
gap in finance and accounting. Created in
collaboration with Oracle, AICPA & CIMA's
new " Agile Finance Transformation Certification
Series " is designed to equip finance
leaders with practical knowledge required
to embrace the latest finance technology,
processes, best practices, and skills to help
them succeed in changing business environments
and accelerate their careers.
The course materials walk
through
critical steps for finance leaders to begin
the transformation journey from the perspective
of a finance practitioner who has
successfully completed a transformation
project. The certification series features key
elements including:
■ Practical steps to guide a finance transformation
journey
■ Proven best practices and corresponding
operational blueprints
■ New skills that support and accelerate
career development
■ Real world experiences delivered by Oracle
finance leaders based on their own finance
transformation
The " Agile Finance Transformation
Certification Series " is now available globally
from the AICPA Store. Attendees can earn
21.5 Continuing Professional Education (CPE)
credits for the three-part certification. The
total cost of the program is US$1,485 for
non-AICPA or CIMA members, and US$1,195
for members. Learn more about the Agile
Finance Transformation Certification Series
here and enter code " Launch15 " to save 15%
off the training through July 31, 2022. ■
AICPA Building Diverse
Talent Pool of CPAs Through
Leadership Workshop
The AICPA is encouraging qualified
students to apply for the 2022 Accounting
Scholars Leadership Workshop (ASLW), being
held Oct. 12-14 in Litchfield Park, AZ.
The annual workshop gives ethnic
minority college students who either major
in accounting or have an interest in majoring
in accounting the opportunity to strengthen
their professional and networking skills. They
also increase their understanding of the
career possibilities and benefits of earning
an accounting-related credential.
The U.S. Census projects that minority
populations will comprise more than 50% of
the total population in 2045, with the largest
growth among multiracial individuals. Firms
will need to better reflect the ethnic and racial
makeup of their communities and clients.
During the three-day program, students
will learn how their unique backgrounds
34 JUNE 2022 ■ www.CPAPracticeAdvisor.com
and experience add value to the accounting
profession. They will participate in sessions
and panel discussions covering an array of
topics, including mentorship, building your
brand, and what to expect from CPA licensure
and the CGMA designation. Additionally,
the event runs concurrently with the AICPA's
Accounting Professional Diversity Symposium,
which focuses on the pipeline. This
will expose students to countless networking
and relationship-building opportunities.
Applications will be accepted through
June 15, 2022. The AICPA Foundation funds
the ASLW and covers the cost of attendees'
experience.
More information about the program, as
well as instructions to apply, is available at
thiswaytocpa.com. ■
https://www.tinyurl.com/3tk9ccue http://www.thiswaytocpa.com http://www.CPAPracticeAdvisor.com
june2022

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