The accounting profession is at a critical turning point. In 2020, accounting graduates were down 2.8% at the bachelor's level and 8.4% at the master's level, and total hiring of new accountants decreased by 10%, according to
On top of that, despite efforts for years, the profession has not been able to attract strong diverse talent across the country. According to the AICPA Trends Report, of all new accounting graduates, only 7% identify as Black, 9% identify as Asian, and 13% identify as Hispanic. The data is even more daunting when you look to CPA candidates, and most concerning when you look at new CPAs.
To increase diversity and tackle declining CPA numbers, we must change the narrative at firms. Unfortunately, our profession is not seen as a modern, inspiring career with purpose like it could be. It's seen as a total grind — long hours, late nights, hectic deadlines and ever-changing regulations.
Let's start with inspiration — showing an expanded talent base that a career in accounting can provide great opportunities. Let's consider education — recruiting widespread talent from an early age and promoting an inclusive culture that welcomes all races, ages, genders, sexualities and abilities into the profession.
I believe taking the steps below can improve our profession's staffing and diversity challenges:
1. Elevate the profession: Help accountants be recognized for fueling the economy. We provide assurance for transactions that drive capital for expansion. We consult to make organizations stronger. And we serve so many passionate leaders of organizations that drive impact in the United States and globally.
2. Empower students early to increase interest in the profession: Let's go into high schools in a meaningful way, invest time in our community colleges — even middle schools — and share stories about the critical work being performed by CPAs. When meeting with students, it's less about discussing credits and debits, and more on the impact a career as an accountant can have, how you can direct your career, and how you can build your financial wealth.
3. Encourage all individuals to consider a career in financial services: Revisit messaging to add inclusive language and diverse representation. Bring underrepresented team members to the forefront of recruitment — in person and digitally. Help individuals of all ages feel more empowered by showing others who have been successful in these roles.
4. Hiring and training non-college graduates: Offshoring is often brought up as a primary strategy to combat the profession's staffing problem, but that doesn't need to be our only answer. Focus on having more skill-based hires in addition to degree-based hires. Consider creating an accounting certification program like popular IT certification programs, which are online and in-person courses aimed at getting more people trained for entry-level IT jobs. We need to be much more inclusive as an industry, especially given the inherent challenges of the 150-hour college credit rule to become a CPA. We can train people who didn't attend college or who want to change fields. We believe that with a strong certification and training program, we can create thousands of new accounting jobs in the United States in the coming years.
5. Recruit diverse talent: Expand recruitment to more colleges, including historically Black colleges and universities and other higher education institutions with significant BIPOC populations. In addition, consider teaming up with external organizations that are committed to increasing diversity and inclusion. We joined forces with the National Association of Black Accountants in 2021 to promote DEI in the industry with a keen interest in recruiting underrepresented talent and putting equitable recruitment and hiring processes in place. Since then, we have attended NABA's annual conference to connect with Black accounting professionals and committed $1 million over five years to seed NABA's Pathway to College program, which is intended to bridge the opportunity gap for Black accounting and finance professionals. We believe strategic relationships are key to our progress.
6. Retain diverse talent: It's key that we focus on retention of this great talent, not just recruiting. Retention is all about knowing your team and listening to their needs and values. To start, consider the following:
- Diversify your supplier base and provide pro bono CPA services for new diverse entrepreneurs.
- Give your team the opportunity to create affinity groups for connection and provide mentorship for underrepresented employees.
- Hold regular listening sessions for the entire company to share input.
- Most importantly, be receptive to feedback and commit to making changes.
7. Prioritize and demonstrate a commitment to ESG: Environmental, social and corporate governance is a critical deciding factor for prospective employees. Make your impact on surrounding communities clear, report your diversity numbers, and openly outline how you plan to continue to improve upon representation. Teaming up with external organizations and investing in a cause that is aligned with your mission is key to generating visibility and demonstrating your commitment.
8. Grant flexibility: An accommodating and flexible culture improves employee productivity and satisfaction. Offer hybrid, flexible work environments, robust benefits, work-life balance and wellness resources. Recognize your team members have priorities outside the office and are making sacrifices to show up to work each day. Mental health services, generous paid time off and parental leave are no longer "nice to haves."
9. Have fun: Working at a professional services firm can be stressful at times — but with great teams, it can be managed and extremely fulfilling. You spend a significant amount of your time at work — why would you work at a place that didn't bring you joy? That's why we say people and culture are our competitive advantage.
