Accounting students influenced by internships, social media

Work or internship experience has the most significant influence on the career choices of Indiana accounting and business students, according to a new survey, but social media also plays a role.

The survey findings, released Monday by the Indiana CPA Educational Foundation, came from a poll of students at 11 Indiana universities and colleges, with the majority in their sophomore, junior or senior years. Some 39.5% of respondents in the Hoosier state said social media has had an influence on their career choices, but research indicates Indiana candidates find the most influential experience is a work or internship experience, followed closely by a class or relationship with a parent or guardian. 

The survey also found that creating supportive, healthy environments for staff should be a top concern if the accounting profession hopes to attract future talent. When asked to describe their long-term ultimate career goal, CFO and partner in a public accounting firm were the most common responses among the students polled.

Another item on the respondents' list for "ultimate career goal" was work-life balance. Alongside stability and enjoyment of the work, work-life balance ranked third as the most important factor, when considering only issues deemed very important.

"My ultimate career goal is to find fulfilling and rewarding work in the field of accounting that will enable me to positively influence the operations of a business or society and comfortably support a future family," commented one survey respondent.

Another of the main findings from the survey is that 59% of the Indiana accounting and business students surveyed plan to work in the state after graduation. That retention rate outpaces the state's average by a long way. Indiana has 85,000 teens who turn 18 each year. While there are 75,000 high school graduates and 42,000 students who go on to college, only 25,000 graduate and continue living in Indiana, making for a 29% workforce retention rate, according to Leaking Talent Pipeline Study, Indiana Chamber of Commerce 2022.

Even better for the Indiana accounting profession, the students who participated in the CPA Educational Foundation's survey indicated they're interested in a job within the accounting profession (68%).

A top driver for going into accounting and staying in the profession is salary. Both the long-term earning potential and starting salary made the top 10 among the students surveyed. "Though long-term earning earned the top spot with 94.5% of respondents sharing it was either very important or somewhat important to them personally," said a report on the findings. "Job stability and/or having a job that's always in demand came in a close second, when considering factors that are both very important or somewhat important. However, if considering only very important factors, job stability took the top spot."

Respondents also put high value on personal fulfillment and growth opportunities, as well as diversity. While 84% of the respondents indicated that working in an environment that's welcoming to people of all races, ethnicities and backgrounds is important, that was ranked higher in importance among non-white respondents.

The Indiana CPA Society plans to use the results of the survey to help its members attract and retain a diverse accounting talent pipeline.

More survey results are available here.