State of Accounting Profession - Boomer webcast
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State of Accounting Profession - Boomer webcast



Is accounting ripe for disruption? Despite some great bright spots, the profession was recently ranked as the second most likely to be disrupted by the Economist magazine. ...

Is accounting ripe for disruption? Despite some great bright spots, the profession was recently ranked as the second most likely to be disrupted by the Economist magazine.

Tom Hood talks about the shift change and the bright spots and challenges facing our CPA Profession in the future. He concludes with the skills needed to navigate and turn these disruptive threats into major opportunities.

The old 80's party tune from Timbuk 3 aptly describes the state of the accounting profession in 2014 - "The future's so bright, I gotta wear shades." Accounting was ranked as the third best career by a US News and World Report's Best Jobs issue in 2014. With an unemployment rate of half the national average (3%) and a growth rate of 13% for the next ten years according to the U.S. Bureau of Labor Statistics most recent report, demand for accounting professionals is at an all time high and projected to continue into the future.

This presentation covers the current state of the accounting profession and includes research about the future from the AICPA CPA Horizons 2025 Project.

For more information on strategic planning, curriculum development and training on the new skills (success skills) needed see our website at



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State of Accounting Profession - Boomer webcast State of Accounting Profession - Boomer webcast Presentation Transcript

  • State of Accounting Tom Hood, CPA, CITP, CGMA April 30, 2014 Prepared for:
  • If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today Tom Hood, CPA, CITP, CGMA ! Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 ! Top 150 Influencer by Linked-In ! Top 25 Influencers in Learning & HR by HR Examiner ! Top 25 Public Accounting Thought Leaders by CPA Practice Adviser ! Working on Learning Management with AICPA/ CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations CEO Maryland Association of CPAs (MACPA) Business Learning Institute (BLI)
  • The future of accounting is bright – accounting students from six Maryland universities at MACPA – NABA event View slide
  • Expects a 13% growth rate in accounting and auditing jobs from 2012 to 2022 View slide
  • # 3 2014
  • CPA credential in high demand! Source: Wall Street Journal, 8/13/13 Employers: Most desired credential Solid salary growth Entry-level demand also strong Robert Half 2014 Salary Guide
  • The CPA Brand The
  • We  are  in  a  race…!
  • Caused by this guy…!
  • It’s really a math problem…! 2006!
  • The Shift Change 1.  Leadership! 2.  Learning! 3.  Technology! 4.  Generations! 5.  Workplace!
  • The challenge & opportunity is to make the shift from the first curve to the second curve at the right time and with the right strategy
  • "We live in a transformational time. In the next five years, guaranteed, we're going to transform – not change, but transform – how we sell, how we market, how we communicate, collaborate, innovate, train, educate.
  • Top Five Issues Facing CPA firms Source:AICPA PCPS
  • Top Five Issues Facing CPA firms Source:AICPA PCPS
  • 1.  Doing more with less 2.  Keeping pace with Health Care Reform PPACA 3.  Uncertainty – Economic, Political, Regulatory 4.  Competition and Cash Flow 5.  Succession and talent development Top Five Issues Facing CFOs
  • What would Rita say? ! Competitors and customers have become too unpredictable, and industries too amorphous. ! The forces at work here are familiar: the digital revolution, a “flat” world, fewer barriers to entry, globalization. ! To stay ahead, they need to constantly start new strategic initiatives, building and exploiting many transient competitive advantages at once. ! Though individually temporary, these advantages, as a portfolio, can keep companies in the lead over the long run. Innovate often, decide quickly, succeed or fail, repeat   Rita McGrath, Columbia Business School! Author – End of Competitive Advantage!
  • Cambrian “Big Bang” Explosion
  • "One out of five organizations has discovered a secret source of competitive differentiation. It allows them to serve customers in new ways and reimagine their business models. It can help surface valuable insights from their data and transform how they make decisions. It enables them to tap expertise from across their entire ecosystem.And one more thing: It helps these Pacesetters grow revenue and gross profit faster than other organizations.What’s their secret? It’s cloud computing -– their engine for growth." Source: IBM Report – Under Cloud Cover – How Leaders are Accelerating Competitive Differentiation
  • How can we escape the “pull of the past”? From: Systems of Record To: Systems of Engagement
  • • Identify Competencies • Career Path (Ladder) • Curriculum • Cloud Learning Our approach –The Four C’s The right talent with the right skills at the right time
  • theBounce
  • Anticipation is showing up across our Profession CFO  Roundtable,  Gov’t  CPAs  &  Biz  &  Ind   Roundtable  
  • Now what: The New Strategy Playbook •  Continuous Reconfiguration •  Healthy Disengagement •  Deft Resource Allocation •  Innovation Proficiency •  Discovery Driven Mindset •  Entrepreneurial Career Management Rita McGrath
  • Tom  Hood,  CPA.CITP   CEO   Maryland  Associa8on  of  CPAs   Business  Learning  Ins8tute   (443)  632-­‐2301   E-­‐mail   Web  hNp://   Blog  hNp://   Blog   hNp://       Follow  me  on:   ü   TwiCer:  hCp://   ü   LinkedIn:  hCp://   ü   Facebook:  hCp://   ü Slideshare:  hCp://   ü Youtube:  hCp://