Welcome to June, the official first month of summer. For me, this month marks a major (and bittersweet) milestone – my oldest son’s graduation from high school. And while he is planning on majoring in environmental science at the University of Oregon this fall, he has also committed to at least taking an introductory course in accounting. I can only hope this first step might ultimately result in him double majoring in Accounting and Environmental Science. I am proud of his achievements and am pleased that the work we do every day at the CAQ – in sharing the value of accounting as a career option with high schoolers across the country, has had a direct impact closer to home.
June is also a very important month of recognition. At the beginning and through the end of the month, we don our rainbow colors to celebrate Pride. But Pride is more than raising our rainbow flag – it’s recognizing the progress made on LGBTQ+ human rights and the work we still have to do.
In the middle of this important month is Juneteenth, our most recent federal holiday. This important day commemorates the emancipation of enslaved people in the U.S. Juneteenth reminds us that while this country has made important progress in equity, so much more work remains in achieving true equality.
I had the distinct privilege of celebrating this Juneteenth National Holiday at the 2024 NABA Inc. Convention and Expo in Las Vegas. This Juneteenth celebration was like no other, and one that I know will stick with me. The energy and excitement of thousands of students and professionals, the fun parties and celebrations, the informative panels, Viola Davis (!), and even some time with my husband at a Dead and Co show at the Sphere… I will expand on some of these highlights below, but the most impactful part of this experience for me was seeing firsthand how NABA Inc. has effectively facilitated direct connection and support to students, by creating meaningful experiences and ultimately driving equity for students and accounting professionals at all levels.
Please note that these perspectives are my own. If this email was forwarded to you, subscribe here so that you never miss an update.
CAQ Attends the 2024 NABA Convention and Expo
The Accounting+ team was onsite at the 2024 NABA Inc. Convention and Expo once again this year, with a booth at the Expo, and a separate podcast booth, we captured numerous compelling stories from students and accountants about their experiences and perspectives, which will be shared with students over the next year as part of the Accounting+ brand awareness campaign.
Other highlights included my participation in the Accounting Pipeline Research panel with AICPA’s Crystal Cooke and AAA’s Yvine Hinson, where we discussed how current data and research help us find solutions to address the accounting pipeline deficit. I also had the distinct honor, as a recipient of the NABA 2023 President Award: DEI Leader of the Year award, of presenting this year’s 2024 President Award: DEI Leader of the Year to Katie Patel, US Diversity Talent Acquisition Leader of PwC.
This award brings significant pride and appreciation in knowing the work we are doing is valued and appreciated by those who are most impacted by our efforts.
Wednesday’s Juneteenth was truly memorable – with dancers, musicians, Viola Davis, and the inspirational words of Guylaine Saint Juste, NABA Inc.’s fearless leader. And when I say fearless… I was in awe as Guylaine took to the stage, leading a sing-a-long amongst thousands of attendees to Bob Marley’s “Redemption Song”, and Rhianna’s “Diamonds”, and for those that were lucky enough to be there, for a moment, we were ALL shining bright like fireflies in the sky– truly inspirational. Later that night was THE PARTY, at Drea’s nightclub. I do have to give a special shout-out to Mark Baer, CEO of Crowe, who not only showed up but stayed way past all of our normal bedtimes!
On Thursday, our President and CEO, Julie Bell Lindsay, participated in a C-Suite plenary, alongside Robert Fauber, President & CEO, of Moody’s, and other C-Suite representatives from Meta, Warner Brothers, and TIAA & Prudential. While Julie shared the impactful steps the CAQ is taking to ensure the accounting profession reflects the population it serves, the discussion also centered on AI, navigating change, and leading in times of uncertainty. What was most striking about this session, is that it was open to ALL. NABA Inc.’s vision in creating equity for its members, in opening up this discussion to students and professionals at all levels, demonstrates how equity can drive engagement.
Accounting+ Hosts Student Events in Newark
In 2022, the CAQ formed another strategic partnership with EVERFI, the nation’s leading social impact education innovator, to reach students in the classroom with an accounting curriculum. Fast forward two years later, the CAQ continues to host “Accounting for your Future” events with EVERFI, allowing Accounting+ partners to volunteer their time to interact directly with students in cities across the country.
Our most recent event took place in Newark, New Jersey, where more than 70 students learned about the diverse career opportunities in accounting. Students heard from professionals from Northfield Bank, EisnerAmper LLP and Withum and attendees included Newark Mayor Ras Barak, the CEO of NJCPA and Dhani Jones, former NFL linebacker. The CEO of NJCPA, Aiysha Johnson, also shared what she believes needs to be done to address the profession’s pipeline challenges, including showing the relevance of the profession to young people.
Conversations with the Texas Society of CPAs and the New Jersey Society of CPAs
In April, I sat down with Jodi Ann Ray, President and CEO of the Texas Society of CPAs, for a discussion about the pivotal role culture plays in the future of the accounting workforce. In our conversation, I shared how the CAQ and our partners are driving positive change and debunking misconceptions about the profession. I also discussed how the Accounting+ program is designed to empower underrepresented minority high school and college students to explore an accounting career. In May, I had a similar discussion with NJCPA’s Chief Marketing Officer Don Meyer. Both discussions underlined how important it is that we all do our part in engaging with students directly while ensuring the messages we deliver resonate with student audiences.
Reaching Gen Z Where They Are
Accounting+ continues to reach future talent where they are while busting some common misconceptions about a career in accounting. In June, musician DannyLux sat down with Accounting+ and shared that he can enjoy his career, stay financially responsible, and plan for his future with the help of his trusted accountant. The conversation emphasized the endless possibilities of a career in accounting, including working alongside industries like entertainment, sports, and the environment.
On the accounting field, he said, “With accountants, they don’t have to just work with musicians. A sports team can have an accountant, a chef can have an accountant. It’s really easy to make a career out of it.”
Ainatou Tapsoba, audit & assurance senior at Deloitte & Touche LLP, also shared the benefits of an accounting career in her conversation with TeenVogue. In her interview, Tapsoba discussed the misconceptions about the role of an accountant and how the career is always in demand regardless of job market volatility.
“There are many opportunities related to the accounting profession that are available within the field. The skills acquired with an accounting degree can be leveraged into different career paths within the accounting profession,” said Tapsoba.
We’re also encouraging future talent interested in accounting to take this BuzzFeed quiz to find out what accounting field they should work in, from the sports industry to entertainment. While the answer might surprise them, one thing is for sure: possibilities in an accounting career are endless.
CAQ Commemorates Pride Month and Juneteenth with Lauryn Johnson
June is Pride Month, a month that celebrates and commemorates the LGBTQ+ community while calling for equal justice and opportunities. During June, we also observed Juneteenth. Celebrated on June 19, this important day commemorates the emancipation of enslaved people in the U.S.
To mark these important milestones, the CAQ was honored to feature Lauryn Johnson, Digital Assurance & Transparency (DAT) Experienced Associate at PWC, for an in-depth conversation. In our discussion, Lauryn shared unique perspectives and guidance for accounting students and professionals from diverse and underrepresented backgrounds looking to make a change. Read the blog: Commemorating Juneteenth & Pride Month: Lauryn Johnson.
States Taking Action to Address the CPA Shortage
Audit quality is driven by talent quality, and the accountant shortage is a critical challenge that could have a significant impact on the US capital markets. To address this looming crisis, many states, including California and South Carolina, are taking action to incentivize talent into the accounting pipeline. In May, Bloomberg Tax spotlighted the steps states are taking to lay the groundwork for a more flexible approach to Certified Public Accountant (CPA) education requirements.
The CAQ previously shared our findings in the “Increasing Diversity in the Accounting Profession Pipeline: Challenges and Opportunities” report. In our research, we discovered that while the 150-hour requirement is a top barrier across the board, it is even more pronounced for Black and Latino students, resulting in these students opting out of accounting at higher rates. These findings are significant and provide the profession with actionable insights that can help to remove top barriers to entry for talent.
How the New CPA Exam Can Change the Future of the Profession
While the accounting profession can be rewarding and full of potential, changes are being implemented to ensure that the profession plays an integral role in the financial planning process. Accounting Today reported that for the first time, the questions in one of the optional sections of the CPA exam will focus on financial planning.
This change indicates the shift in the traditionally perceived role that CPAs play: accountants work beyond the April and October filing deadlines. They should be involved in the financial planning process year-round instead of being relegated to the busy months of tax filing. This development comes as more actions are being taken to address the misconceptions about the accounting field.
INCPAS Conference Discusses Diversity
In May, the Indiana CPA Society (INCPAS) held the Vision 2027 conference and echoed the urgency of diversifying the talent pipeline amidst the accountant shortage. I was honored to represent the CAQ and discuss our shared vision with colleagues from all over the country and leaders across the profession.
At the conference, I shared the CAQ’s findings and current challenges the profession faces in bringing the next generation of talent into the field. I also emphasized the progress by organizations to help retain Black and Latino accounting students and ensure that they complete their education without additional obstacles. Learn more about the steps the CAQ is taking.
Allyship: The New DEI
Forbes highlighted the value of allyship programs in the wake of DEI discourse across professional sectors. To many, the word allyship can be a polarized one. However, it doesn’t have to be. You can be an ally by supporting someone of a different and historically marginalized identity group from yours. To help bolster DEI initiatives, companies can invest in allyship programs that teach people how to manage microaggressions, reduce bias in hiring and recruiting practices, and other impactful actions that can improve business performance and work culture. Take a look at the article here.
Rescuing diversity from the DEI backlash
This quote, “When it comes to talent, it’s pretty clear there’s a business case for it (DEI). It’s an existential threat of building the talent pool needed to survive,” from Joelle Emerson of Paradigm and most all of the points raised in this recent Financial Times article demonstrate that we are on the right track with Accounting+. Our member firms agree and are by no means stepping back our collective efforts to increase the diversity of the talent pipeline entering the accounting profession.
Each quarter, I’ll spotlight an individual within the accounting profession who is driving diversity within accounting. This month I spoke with Heather McBride Leef, Managing Director of Deloitte’s DEI Institute, about her group’s latest report, “The Power of I in Equity.”
Q: Why did Deloitte decide to conduct this research?
While many businesses have focused on becoming more diverse and inclusive, there is a continued need for actionable, data-based research in advancing equitable outcomes. Deloitte’s DEI Institute aims to do just that and help organizations drive meaningful change toward equity.
In 2021, Deloitte published The Equity Imperative | Deloitte US which is a call to action for business leaders to make meaningful progress toward equity in the workforce, marketplace, and society. While the actions of organizational leaders are crucial, equity isn’t just an organizational imperative — it’s an individual one as well. After all, each organization is comprised of individuals who have immense potential to influence each other. Our recently released report, “The Power of “I” in Equity“, focuses on individual actions, from senior executives to frontline workers, and provides practices to develop a holistic approach to awareness and action.
Q: What were the most interesting takeaways from the report for you?
One of the report’s most interesting takeaways was how respondents perceived individual roles in advancing equity in their organization. While three-quarters of respondents agreed everyone, across all levels of their organization, should play a role in advancing equity, only 59% agreed they have a personal responsibility to take action to advance equity for all within their organization. This gap is what inspired us to develop the seven practices and highlight the importance of every individual’s role, responsibility, and power to advance equity.
Another standout data point is that only 61% of respondents indicated they feel supported to take action to advance equity within their organization, with others citing responses such as feeling a lack of influence or decision-making power to be truly effective. This underscores the theme we saw play out throughout this research: the opportunity for organizations to embrace the collective power of individuals to make progress on their equity goals and commitments.
Q: How can organizations like Deloitte encourage individuals to embrace practices to advance equity?
We identified seven actions to help unlock equity-focused behaviors: observe, acknowledge, question, challenge, accept, act, and connect. Each practice can help individuals understand how to engage in daily circumstances, guide the habits they develop, the choices they make, and the impact they have on others. However, change requires each individual to adopt a learning mindset—these actions aren’t just one and done situations. Each individual must be willing to examine their assumptions, understand how systems may be reinforcing the status quo, and, most importantly, have the courage to challenge them.
These seven actions, when practiced regularly, can help shift the question from “Who is responsible for advancing equity?” to “How can I contribute to advancing equity?” We know that change doesn’t happen in a vacuum; ultimately, these individual and group actions, combined with organizational strategy, have the potential to collectively impact change at scale.
Q: What do you hope both organizations and individuals take away from this report?
My hope is that organizations use the findings in this report to activate and engage their employees in equity-focused efforts, and help all individuals see their role in building an inclusive culture. But even beyond that, I hope people use these seven practices not just at work but in their daily lives to help take actionable steps toward achieving equitable outcomes—for everyone in their spheres of influence, including teams, workplaces, social circles and society at large.
Q: In the current environment, what is needed for the progress we have made in DEI to continue?
It’s important to emphasize that the work of DEI benefits everyone; taking collective action to advance equity can drive innovation while creating a sense of belonging and bolstering organizational culture.
At Deloitte’s recent 2024 Chief DEI Officer Forum, we had the opportunity to connect with and hear from leaders who are working to advance equity in the workplace and broader society. This year’s event spoke volumes to leaders’ —and, by extension, their organizations’ —continued commitment to DEI in all of its multitudes, ranging from neuroinclusivity to sustainability to AI, and from equity-centered design to effectiveness of DEI practices.
There’s a reason why this year’s Forum focused on ‘the collective power of “I”—merging individual actions with organizational change can have the potential to create tremendous value and equitable outcomes for employees by enhancing and strengthening their well-being, skillsets, sense of belonging, and connection to an organization’s overarching purpose. Ultimately, such organizations are poised for long-term, mutually beneficial outcomes.
Do you have questions about Bold Ambition or Accounting+? Send them to jgermain@thecaq.org, and we’ll answer them in our newsletter next quarter.
Enjoy the summer, the sun, the barbecues, and the warm weather. I’ll be back with Bold Ambition Quarterly in the fall!
Liz Barentzen
Vice President, Operations and Talent Initiatives
Liz Barentzen is the Vice President, Operations and Talent Initiatives at the Center for Audit Quality, where she oversees day-to-day and long-term strategic operations, as well as leads and advances strategic profession-wide initiatives to attract and retain talent.
Barentzen has 20 years of experience in Human Capital and is an Associate Certified Coach through the Georgetown Leadership Coaching program. A member of the New York Bar, she holds a JD from Brooklyn Law School and a BA in psychology from New York University. Liz also serves as a member of the American Accounting Association’s (AAA) Board of Trustees, where she helps to guide and facilitate the programming and activities of the AAA.