The accounting profession is facing two interrelated staffing challenges these days: a shortage of people coming into the profession overall, which makes it difficult for staff engagements and just plain getting work done, and a shortage of people taking and passing the CPA exam, which makes it difficult to create the next generation of firm leaders and partners.
Since studies have shown that one of the key determinants of whether an accounting graduate pursues their CPA license is whether they are encouraged and supported by their firm, it's not surprising that many of the 2022 Best Firms to Work For offer resources to their young staff in this area.
For instance, Alexandria, Virginia-based Kearney & Co.'s Growth, Excellence, Achievement and Respect, or GEAR, CPA Program "provides financial aid for study materials and paid time to take the certification exams for employees pursuing their CPA designation," the firm reported.
Meanwhile, New York-based Anchin provides staff with loans to prepare for and take the exam — and forgives those loans "to encourage timely completion of the exam."
While both Kearney and Anchin are Top 100 Firms, it isn't only large practices that are helping staff: At Devon, Pennsylvania-based GMS Surgent CPAs & Advisors, "employees will be provided a loan of up to $2,500 to assist with payment of review course tuition, materials and CPA exam fees."
The cost of prep courses and exam fees can be a formidable obstacle, so footing some or all of the bill can be a major help, but firms can help would-be CPAs overcome another major hurdle without spending a dime, by giving them time to study. Top firms routinely report giving studying staff time off, and organizing their work schedules in a way that fits their exam prep needs.
One final way firms can encourage younger accountants to pursue the CPA credential is to reward them when they complete the process — like Santa Rosa, California-based Dillwood Burkel & Millar, which offers employees a $5,000 bonus when they successfully pass all four parts of the CPA exam.
In the end, whether it's through financial help with exam prep and the cost of sitting for the test, or giving candidates days off or rearranging their schedules so they have time to study, or just incentivizing them with a reward for passing, firms that want to become workplaces of choices will find that it's in their interest to support their local CPA.
This is Day Five. Click here for other installments in
