CPA Horizons 2025 - Top Trends to Watch - Maryland Edition
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CPA Horizons 2025 - Top Trends to Watch - Maryland Edition

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What is over the horizon for the CPA Profession? What are the Top trends to Watch and the Time to Address is Now. ...

What is over the horizon for the CPA Profession? What are the Top trends to Watch and the Time to Address is Now.

The MACPA's Business Learning Institute was engaged to design and develop the grassroots future forum process used by the AICPA and the MACPA to get participation and feedback from the Profession.

Starting with research by several futurists and using our i2a: Insights to Action Strategic Thinking System to engage grassroots CPAs in thinking about the future. They identified the Top Trends to Watch and implications for the future. It culminated with a re-calibration of the original CPA Vision developed in 1998.

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CPA Horizons 2025 - Top Trends to Watch - Maryland Edition CPA Horizons 2025 - Top Trends to Watch - Maryland Edition Presentation Transcript

  • MACPA Future Forums April – June, 201114 Forums – 420 Participants
  • CPA Horizons 2025 ReportThe American Institute of CPAs (AICPA) initiated a project to re-visit the CPA Vision 2011 and called onmembers of the CPA Profession to embrace the challenge of defining the future for themselves and thosethey serve looking out to 2025. The AICPA commissioned research from several leading futurists that wouldserve as the starting point of a conversation with the grassroots CPAs.http://www.aicpa.org/research/cpahorizons2025/pages/cpahorizons2025.aspxThe AICPA formed an internal team that would focus on the project and selected MACPA’s Business LearningInstitute (BLI) to design and facilitate 16 in-person future forums in 8 cities across the US for interactive,grassroots feedback about the future. BLI used its i2a: Insights to Action Strategic Thinking System, co-developed with Gretchen Pisano of Sounding Board Ink as a framework to engage CPAs and capture theirinsights about the future. The next two slides illustrate the i2a: Insights to Action system and the application tothe future forum process.MACPA was selected based on our prior experience with the CPA Vision project from 1999 – 2003 and ourexperience as a leading strategic planning group in the CPA Profession. Our CEO, Tom Hood, was tapped tolead the CPA Vision Team after the Vision was created in 1998 under the leadership of Jeannie Patton (CEOof the UACPA at the time and now with the AICPA).Tom Hood and Gretchen Pisano facilitated the national future forums during April – June, 2011 in Hartford,Dallas, Chicago, Albuquerque, Denver, Miami, San Francisco, and Pittsburgh. Our past chair, KimberlyEllison-Taylor serves on the AICPA CPA Horizons Task Force that will be presenting the results at the AICPACouncil meeting in Arizona in October, 2011.Note: The i2a:Insights to Action strategic thinking system is also used in building leadership, strategicthinking, collaboration, and alignment skills in the AICPA Leadership Academy, the MACPA LeadershipAcademy and the Utah Association of CPAs Leadership Academies. 2
  • Future Forum Process – Desired Outcomes>  The wisdom of the crowd! > Identification of the most important trends facing the CPA profession in the future (2025) > Crowd-Filtering of the trends with the time to address as now > Creating our Vision for 2025 by revisiting the CPA Vision 2011 created in 1998 and recommending any changes including Vision, Purpose, Values and Top 5 Services and Top 5 Competencies > Insights to Go – Your takeaway of insights back to your organizations or to use with your own career – a takeaway to help you strategically think about the future © 2011 American Institute of CPAs
  • is a custom i2a application designed and developed by BLI and SBI • www.bizlearning.net © 2011 “CPA Horizons 2025.” All rights 4reserved.
  • Macro Agenda is a custom i2a application designed and developed by BLI and SBI • www.bizlearning.net © 2011 “CPA Horizons 2025.” All rights 5 reserved.
  • CPA Horizons 2025 ReportThe Maryland Association of CPAs (MACPA) ran a series of fourteen (14) Future Forums covering420 participants and including their Board of Directors and a New/Young Professionals group. Wealso ran two student-only sessions with a total of 34 college students.http://www.macpa.org/Content/26046.aspxThe Maryland results are in substantial alignment and agreement with the results of the nationalfuture forums. While the top eleven (11) rankings were different, only one trend was different in the topten list – Maryland CPAs added Shift to Consumer Power (moving from push to pull) in their Toptrends to Watch list.The Vision alignment was even stronger in Maryland, possibly due to the additional and recurringcommunication of the CPA Vision 2011. However the students thought the 2011 Vision was evenmore relevant than both the National and Maryland groups.When we look at the results in students, young professionals, and the average forums (which hadmore “older” professionals, we see the young professionals focused on work/life balance, generationgap, non-traditional services, value-added services (like value pricing), and technology. The studentsstarted with mobile technology and were much more globally focused with diversity, globalization,IFRS (standards), and technology.An interesting note is that Steve King, Emergent Research in California (the futurist contracted byIntuit Corporation for their 2020 project) validated the trends and noted that these same differences(based on age of participants) came out of Emergent’s focus groups and research. He said thetrends from the Future Forum session he participated in (San Francisco) were similar to Intuit’sresearch about the future trends out to 2020. 6
  • Summary – Top Trends to Watch - Maryland 1.  Information Security, Privacy & Data Protection 2.  Changing Communication (mobile, text, social) 3.  Shift to consumer power (push to pull) 4.  Increasing complexity of rules & standards 5.  Generational Differences & Succession Planning 6.  Technological evolution (cloud, XBRL, and Social) 7.  Information overload 8.  Work-Life Balance (4) 9.  Increased Globalization and Competition 10.  Diversity 11.  US Deficit is a custom i2a application designed and developed by BLI and SBI • www.bizlearning.net © 2011 “CPA Horizons 2025.” All rights 7 reserved.
  • Line of Sight – CPA Vision Nat’l MD studentsI can see myself in the CPA Vision 2011 4.4 4.2 4.6The CPA Vision 2011 is relevant & on target 4.1 4.2 4.4Core Purpose & Core Values are relevant 4.4 4.4 4.7Core Services continue to be relevant 3.9 4.2 4.2Core Competencies continue to be relevant 4.2 4.4 4.4Reference  the  three  summary  reports  from  mee1ngs  and  individual  CPA  Vision  Feedback  Forms  as  follows:    1.  Top  Trends  to  Watch  includes  summary  and  details  by  forum  by  city  2.  Line  of  Sight  includes  the  group  insights  aGer  the  CPA  Vision  exercise  &  discussion  3.  CPA  Vision  Feedback  Summary  is  a  summary  of  all  future  forums’  individual  forms    Together  these  can  be  used  to  edit  the  CPA  Vision  2011  and  bring  forward  for  2025   8
  • CPA Vision 2011 is a custom i2a application designed and developed by BLI and SBI • www.bizlearning.net © 2011 “CPA Horizons 2025.” All rights 9 reserved.
  • Feedback from Participants Overall  Session  Ra1ng    8.42   (overall  comment  was  too  short)     Discussion  Leaders      8.70  The  forums  were:   is a custom i2a application designed and developed by BLI and SBI • www.bizlearning.net © 2011 “CPA Horizons 2025.” All rights 10 reserved.
  • Top Trends and ImplicationsSeveral other facilitated sessions with MACPA’s Board and several groups of young professionalsprovide additional insights to this report. All of which involved the i2a:Insights to Actionmethodology:1.  MACPA Board of Directors – after reading in-depth reports from the future in 2020 – 2025, developed the Top Trends and the Time to Address is Now.2.  MACPA New/Young Professionals (NYPN) participated in a session at the MACPACPA Summit in June, 2011 and developed the trends and opportunities3.  AICPA EDGE Conference for Young Professionals in New Orleans (August, 2011) weighed in after a keynote speech by Tom Hood on Leadership in the New Normal and developed the slides on how leadership is changing & what do young professionals need in the future.4.  Tom Hood & Pam Devine facilitated a session at the AAA Conference in Louisville, KY in June, 2011 where CPA firm COOs and administrators developed the Top 7 Leadership Issues facing CPA Firms.5.  MACPA’s Leadership Academy facilitated a conversation about Leadership and emerging leaders in September, 2011 is a custom i2a application designed and developed by BLI and SBI • www.bizlearning.net © 2011 “CPA Horizons 2025.” All rights 11 reserved.
  • Top  10  Trends  from  MACPA  BOD   (and  the  1me  to  address  is  now)  1.  Pressures  on  Gov’t  &  rising  deficit  2.  Changes  in  learning  –  informal  &  on-­‐demand  3.  The  cloud  =  flex,  global,  work  anywhere  4.  Increasing  complexity,  ambiguity  &  change  5.  Globaliza1on  and  economic  shiGs  6.  Informa1on  overload  7.  ShiG  to  consumer  power  (push  to  pull)  8.  Workforce,  demographics,  the  “she”  economy  9.  Going  mobile  10.   Social  media  =  business  
  • MD New / Young Professionals is a custom i2a application designed and developed by BLI and SBI •13 www.bizlearning.net © 2011 CPA Horizons 2025. All rights reserved.
  • MD New / Young Professionals Top Opportunities is a custom i2a application designed and developed by BLI and SBI •14 www.bizlearning.net © 2011 CPA Horizons 2025. All rights reserved.
  • AICPA  EDGE  How  is  leadership  changing?  
  • How  is  Leadership  changing?  •  More  democra1c  –  moving  from  push  to  pull  •  Flexible  &  adaptable  –  capable  of  responding   to  faster  rates  of  change  •  Increased  risk  &  less  1me  to  make  decisions  •  Con1nuous  learning  (L>C)  for  individuals  and   organiza1ons  •  Need  for  more  younger  leaders  •  Long-­‐range  vision  +  strong  core  values    
  • AICPA  EDGE  What  do  Young  Professionals  Need   to  become  Future  Leaders?  
  • What  do  young  professionals  need  to  be  leaders?   •  “SoG  skills”  broader  and  more  diverse  knowledge  in   leadership,  management,  change  &  business  development   •  Ability  to  tap  into  networks  (AICPA,  others)  to  con1nuously   learn  (including  social  media)   •  Learn  and  teach  collabora1on,  &  leadership   •  How  to  embrace  change  and  be  flexible  &  adaptable   •  Learn  how  to  lead  teams   •  Bridge  the  gap  between  “older  leaders”  and  “younger   leaders”   •  Learn  about  themselves  (Strengths-­‐based  leadership)  so  they   can  be  more  purposeful,  proac1ve  &  mo1vated  
  • AAA Conference – Top 7 Leadership Challenges 1.  Succession  planning   2.  Accountability  and  buy-­‐in   3.  Communica1on  (lack  thereof)   4.  Managing  millennial   5.  Work  /  life  balance   6.  Leadership  development   7.  Managing  change   is a custom i2a application designed and developed by BLI and SBI • www.bizlearning.net © 2011 “CPA Horizons 2025.” All rights 19 reserved.
  • Leadership Mind Stretcher 20
  • Summary – Top Trends to Watch - Draft1.  Information Security, Privacy & Data Protection – cloud (12)2.  Changing Communication (decline of face-to-face) (11)3.  Shift to consumer power (push to pull) (9)4.  Global rules & standards –IFRS – complexity (7)5.  Global Competition, Rise of the Rest (7)6.  US Deficit (6)7.  Aging population, loss of wisdom, knowledge transfer (5)8.  Information overload, complexity (5) (Need for critical thinking & filter)9.  Work-Life Balance (4)10.  Increased Globalization (4)11.  Diversity – Cultural Fusion – Beiging of America (3)12.  Education (2)Note: Only #3 was new relative to national results (ranking was different) 21
  • “It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.” Source: Charles Darwinis a custom i2a application designed and developed by BLI and SBI • www.bizlearning.net © 2011 “CPA Horizons 2025.” All rights 22reserved.
  • LinksAICPA CPA Horizons websiteshttp://www.cpahorizons2025.orghttp://www.aicpa.org/Research/CPAHorizons2025/Pages/CPAHorizons2025.aspxFuture Forum overviewhttp://www.youtube.com/watch?v=w1TkFXX7F78&feature=relatedVideos from the road:Students (from educators perspective)http://www.youtube.com/watch?v=e0OA651O1yohttp://www.youtube.com/watch?v=iAFeTZjOpRAhttp://www.youtube.com/watch?v=d81NqdeAV_I&feature=relatedYoung Professionalshttp://www.youtube.com/watch?v=a48Q-W_D1Pshttp://www.youtube.com/watch?v=fhtZv3MlSOg&feature=relatedhttp://www.youtube.com/watch?v=0jJfsxwUCbE&feature=relatedhttp://www.youtube.com/watch?v=e0OA651O1yohttp://www.youtube.com/watch?v=iAFeTZjOpRAPictureshttp://www.flickr.com/photos/macpa/sets/72157625988187664/ 23
  • Meeting Details MACPA CPA Horizons 2025 Facilitated Future Forums Apr – Jun, 2011This booklet is a graphic meeting summary of the series of fourteen (14) Future Forums held from April – June, 2011 in Maryland for the AICPA’s Horizons 2025 Project.The pages are reductions of large visual displays created on-site using BLI s I2A Insights to Action – Strategic Thinking System, provided by Tom Hood, CPA.CITP, CEO of theBusiness Learning Institute & Gretchen Pisano of Sounding Board Ink (a strategic partner of BLI). The meetings were facilitated by MACPA Team Members certified in the i2a: Insights to Action Strategic Thinking System www.bizlearning.net/live/i2astrategicplanning For more information regarding this gathering and its outcomes, please contact Jackie Brown, COO of the Maryland Association of CPAs 24
  • For  more  informa1on  on  the  Insights  to  Ac1on™  Strategic  Thinking  System:    Tom  Hood,  CPA.CITP                Twimer  @tomhood  CEO            Maryland  Associa1on  of  CPAs            Blog  www.cpasuccess.com    Business  Learning  Ins1tute              Blog  www.bizlearningblog.com    hmp://www.bizlearning.net/live/i2astrategicplanning  hmp://www.bizlearning.net/live/i2afutureforums  hmp://www.bizlearning.net/live/i2aleadership                  (800)  888-­‐481-­‐3500  (toll  free)        tom@bizlearning.net                                                                                                        LinkedIn:  hmp://www.linkedin.com/in/tomhood