Building a more diverse CPA pipeline
Against the black and gold backdrop of the Pittsburgh Steelers, some inspiring conversations are taking shape.
The Steelers Showcase, powered by Accounting+, is a series of events helping to educate curious high school students about accounting careers and the broader scope of the profession. From Acrisure Stadium to the UPMC Rooney Sports Complex, the Steelers practice facility, participants from Ernst & Young LLP (EY US) and other Big Four firms team up with members of the Pittsburgh accounting community to explain what it is like to be an accountant and answer students’ questions about career experiences.
More than just bean counters and number crunchers, accountants draw parallels between their daily endeavors and the high-stakes, game-time decisions made by football players. Because accounting, much like football, is a dynamic field centered around strategic problem solving and innovation. It’s about navigating complex scenarios and finding solutions, just without the imminent threat of a linebacker waiting, poised for a tackle. And by connecting with high school students around America’s sport, EY, the Center for Audit Quality (CAQ) and the rest of the profession are making accounting tangible and accessible, hoping to usher in a new generation of future CPAs.
Accounting, much like football, is a dynamic field centered around strategic problem solving and innovation.
Where are all the accountants?
The accounting profession is facing a critical challenge. Demand for accountants remains robust, but the number of students sitting for the CPA exam is simply not keeping pace. The need for accounting graduates remains strong while the pipeline contracts.1 In fact, the number of new CPA candidates declined by more than 35% between 2016 and 2022.2
One challenge in attracting students to the profession is the added time and cost associated with CPA licensure. In its report, Increasing Diversity in the Accounting Profession Pipeline: Challenges and Opportunities, the Center for Audit Quality (CAQ) found that 52% of non-accounting students point to the 150-hour CPA requirement as a financial barrier to considering a career in accounting, with even higher levels of concern among Black (62%) and Hispanic (69%) students.
While the challenge is not new, the way EY US and other firms are taking action to have a lasting impact on the future of the profession is.
One challenge in attracting students to the profession is the added time and cost associated with CPA licensure.
A bold investment
In June, EY US took a bold step that we hope will be a catalyst for broadscale change. The firm announced a $1 billion, three-year investment in compensation and technology. To attract and retain the next generation of accounting talent, firms need to offer salaries that are competitive with those offered to other business majors — especially when they are required to invest in additional education to become a CPA. Our intent is to help “move the market” for accounting professionals, so that salaries reflect the value CPAs bring to the companies we serve and to the capital markets.
There is no denying that pay is a powerful motivator; however, our investment in the future of accounting is much broader. To attract and retain diverse talent to accounting, we are helping students see themselves in the profession. We also are creating the early career experiences that give them a platform to build a career that is uniquely suited to their interests and passions.
There is no denying that pay is a powerful motivator; however, our investment in the future of accounting is much broader.
Accessible and affordable career pathways
Our latest investment builds on the EY Career Path Accelerator — a program that provides an alternative pathway to CPA licensure, making the profession more affordable and accessible. Since 2021, the EY Career Path Accelerator has helped EY US interns interested in pursuing accounting undergraduate majors who need a more accessible and affordable path to becoming CPA-eligible. Through a series of virtual courses offered by Hult International Business School and hands-on learning during their internships, participants learn future-focused skills and gain subject-matter knowledge they will need to eventually pursue licensure. The EY Career Path Accelerator has assisted 845 interns since inception, with the Ernst & Young Foundation awarding over $820,000 in financial aid.
A shared responsibility
As ambassadors for the accounting profession, it is our shared responsibility to engage with students — sparking their interest in the world of accounting. Each of us can ask the insightful questions that unlock that opportunity for the next generation of accounting professionals. By showcasing the dynamic and impactful nature of accounting and providing accessible pathways into the profession, we can open their eyes to the diverse opportunities that accounting offers and secure a thriving future for the industry.
The views reflected in this article are the views of the author and do not necessarily reflect the views of Ernst & Young LLP or other members of the global EY organization.
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About the authors
Ken Bouyer is the EY Americas Director of Inclusiveness Recruiting, responsible for driving the EY Americas diversity recruitment strategy. Ken is involved with several professional organizations, including NABA and ALPFA, and has been recognized with awards for his work in promoting diversity in accounting. He holds a bachelor’s degree in Accounting from Manhattan College and is a Certified Internal Auditor. Ken lives in New Jersey with his family.
Diana Kutz is the EY Americas Assurance Talent Leader, with over 20 years’ human resources experience operating as a strategic partner enabling business goals, driving talent management and fostering a positive culture, and a visionary for innovative talent solutions. Diana sits on the Conference Board with select senior executives committed to advancing work at the intersection of business performance and societal advancement and has been recognized by the Association for Talent Development (ATD) for elevating the employee experience.
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