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State of My Industry: Accounting
The future is so bright, I gotta wear
shades… - Timbuk3
The future of accounting is bright – accounting students from six
Maryland universities at MACPA – NABA event
http://cpa.tc/4aa
The CPA Career
Expects a 13% growth rate in
accounting and auditing jobs from 2012
to 2022
6
# 3
2014
Accounting education records broken
2013 AICPA Trends Report
40,350 CPA firm new hires
82,177 graduates
CPA credential in high demand!
Source: Wall Street Journal, 8/13/13
25%
38%
0
5
10
15
20
25
30
35
40
2006
 2013
CFOs who are CPAs
Employers: Most desired credential
Solid salary growth
Entry-level demand also strong
Robert Half 2014 Salary Guide
The Future
30 Future Forums	

1,000 CPAs	

Identified these top trends	

What CPAs think about the future	

http://www.bizlearning.net/live/i2afutureforums
In	
  1997,	
  the	
  CPA	
  profession	
  crowd-­‐sourced	
  its	
  future	
  with	
  
over	
  3,500	
  CPAs	
  in	
  the	
  CPA	
  Vision	
  Project	
  
That	
  was	
  re-­‐validated	
  in	
  2011	
  by	
  8,000+	
  CPAs	
  
CPAs...
Making sense of a
changing and complex
world.
Core Purpose
Here is what they said…
Core Values
The	
  top	
  five	
  skills	
  for	
  CPAs!
• Leadership!
• Communications!
• Strategic thinking!
• Collaboration & synthesis!
• Technology Savvy!
Our	
  Vision	
  Statement	
  for	
  the	
  future	
  is:	
  
(	
  mandates	
  to	
  ourselves	
  for	
  a	
  successful	
  future)	
  
•  CommunicaOng	
  the	
  total	
  
picture	
  with	
  clarity	
  and	
  
objecOvity,	
  
•  TranslaOng	
  complex	
  
informaOon	
  into	
  criOcal	
  
knowledge,	
  
•  AnOcipaOng	
  and	
  creaOng	
  
opportuniOes,	
  and	
  
•  Designing	
  pathways	
  that	
  
transform	
  vision	
  into	
  reality.	
  
CPAs are the trusted professionals who enable
people and organizations to shape their future.
Combining insight with integrity, CPAs deliver value by:
CPAs	
  are	
  trusted	
  advisors	
  who,	
  combining	
  
insight	
  with	
  integrity	
  deliver	
  value	
  by:	
  
T	
  
Communica)ng	
  the	
  total	
  picture	
  with	
  clarity	
  and	
  objecOvity	
  
Transla)ng	
  complex	
  informaOon	
  into	
  criOcal	
  knowledge	
  
An)cipa)ng	
  and	
  creaOng	
  opportuniOes	
  	
  
Turning	
  insights	
  into	
  ac)on	
  to	
  transform	
  vision	
  into	
  reality	
  	
  
Current State!
The Shift Change!
Historical Context – The
Perfect Storm	

•  Web 2.0	

•  Globalization	

•  Generations	

Source: DonTapscott - Wikinomics
The New Normal - VUCA
State of the Accounting Profession - Linked-In
The Shift Change!
Dealing with the Shift Change – MACPA Young Professionals
The Next Gen CPA Leaders…	

1.  are proactive, flexible, adaptive and collaborative by nature; 	

2.  have regained the trust of their clients and the public at large;	

3.  have successfully bridged the profession’s “leadership gap” by
focusing on succession planning, personal growth, and
generational cooperation;	

4.  have created the profession’s premier global industry
standards and best practices;	

5.  have redefined the profession through work / life integration,
collaboration, and a team-first approach; and	

6.  have earned a reputation as technological innovators.
How?	

1. Professional unity	

2. Work / life integration	

3. The evolving nature of
leadership and new
leadership models	

4. Proactive, goal-focused
planning	

5. Networked
collaboration	

6. Embracing and adopting
new technologies	

From:	

 To:	

Hierarchy	

 Network	

Transactions	

 Relationships	

Efficient	

 Effective	

Well managed	

 Well led	

Command & Control	

 Connect &
Collaborate	

Push	

 Pull	

Good	

 Great
We	
  are	
  in	
  a	
  race	
  against	
  the	
  
machines…!
Caused by this guy…!
The exponential growth in computing power
has caused an explosion of new technologies
and software that is on the order of a
“Cambrian explosion” challenging accountants
to keep up.
25
Cambrian “Big Bang” Explosion
You can’t beat the machine…!
But you can win if you work with the machine…!
Picture: John Drake - Flickr!
“…where the most important skill is the ability to
acquire new skills…” - Robert Safian - FastCompany!
T!
“In	
  a	
  period	
  of	
  rapid	
  change	
  and	
  increasing	
  
complexity,	
  the	
  winners	
  are	
  going	
  to	
  be	
  the	
  people	
  
who	
  can	
  LEARN	
  faster	
  than	
  the	
  rate	
  of	
  CHANGE	
  
and	
  faster	
  than	
  their	
  COMPETITION.”
-­‐	
  Tom	
  Hood,	
  CPA.CITP.CGMA!
6/24/13!
The	
  top	
  five	
  skills	
  for	
  CPAs!
• Leadership!
• Communications!
• Strategic thinking!
• Collaboration & synthesis!
• Technology Savvy!
“You can’t stop
the waves, but
you can learn
how to surf.”
Jon Kabat-Zinn
“If content is king, context is the
kingdom” – Will Avgerakis
Business Landscape
Main Street
Owner begins to
delegate
“Focus on
growth”
Bu28 Million U.S. Small Businesses
Mid-Market
Delegation:
departments
“System thinking”


.6M
businesses

24 million 
employees
3.2 million businesses
26 million employees
24 million businesses 
22 million solopreneurs 
27 million employees
Personal Businesses
Consumer &
Business blur
0-5 Employees
Wall Street
Public Companies
Total 15,000
Listed 5,008
Public
Accounting
Business, Industry,
Government & NFP
44,000 Firms –
250,000 CPAs
250,000 CPAs
Big Four
Top 100 > 70 CPAs
400 > 22 CPAs
800 > 10 CPAs
10,000 > 2 CPAs
33,000 Sole CPAs
CFOs, Controllers,
Analysts
A profession has three major
attributes
•  A distinct and evolving body of knowledge
•  A commitment to the public interest –
licensed by the government
•  A code of conduct and ethics
State of Maryland
CPA License
How to become a Certified Public
Accountant?
	
  	
  	
  	
  	
  	
  
The four E’s (State of Maryland Example)

1.  Education – (150 hours) Bachelor’s degree + 30
credit hours
2.  Examination – Pass the Uniform CPA Exam
3.  Ethics – Maryland requires a separate ethics
course and examination
4.  Experience – 1 year of experience working with
a CPA
And CPE – - 80 hours of Continuing Professional Education
reported every two (2) years, including four (4) hours of
ethics training
35
A leader s
job is to
define
context and
provide
hope and
inspiration..."
Tom Hood, CPA, CITP, CGMA!
Tom Hood, CPA, CITP, CGMA
CEO
MACPA www.macpa.org
and
Business Learning Institute (BLI)
www.blionline.org!
http://www.linkedin.com/in/tomhood/!
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 Magazine!
•  Named the Second Most Influential in
Accounting by Accounting Today Magazine
2013
•  Linked-In Top 150 Influencer
•  Top 25 Influencers in Learning & HR by HR
Examiner
•  Top 25 Thought Leaders in Public Accounting
by CPA Practice Adviser
•  Working on Learning Management with
AICPA/CPA2Biz, Cloud Curriculum,
Performance Management !

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State of the Accounting Profession - Linked-In

  • 1. State of My Industry: Accounting
  • 2. The future is so bright, I gotta wear shades… - Timbuk3
  • 3. The future of accounting is bright – accounting students from six Maryland universities at MACPA – NABA event http://cpa.tc/4aa
  • 5. Expects a 13% growth rate in accounting and auditing jobs from 2012 to 2022
  • 7. Accounting education records broken 2013 AICPA Trends Report 40,350 CPA firm new hires 82,177 graduates
  • 8. CPA credential in high demand! Source: Wall Street Journal, 8/13/13 25% 38% 0 5 10 15 20 25 30 35 40 2006 2013 CFOs who are CPAs Employers: Most desired credential Solid salary growth Entry-level demand also strong Robert Half 2014 Salary Guide
  • 10. 30 Future Forums 1,000 CPAs Identified these top trends What CPAs think about the future http://www.bizlearning.net/live/i2afutureforums
  • 11. In  1997,  the  CPA  profession  crowd-­‐sourced  its  future  with   over  3,500  CPAs  in  the  CPA  Vision  Project   That  was  re-­‐validated  in  2011  by  8,000+  CPAs   CPAs... Making sense of a changing and complex world. Core Purpose Here is what they said… Core Values
  • 12. The  top  five  skills  for  CPAs! • Leadership! • Communications! • Strategic thinking! • Collaboration & synthesis! • Technology Savvy!
  • 13. Our  Vision  Statement  for  the  future  is:   (  mandates  to  ourselves  for  a  successful  future)   •  CommunicaOng  the  total   picture  with  clarity  and   objecOvity,   •  TranslaOng  complex   informaOon  into  criOcal   knowledge,   •  AnOcipaOng  and  creaOng   opportuniOes,  and   •  Designing  pathways  that   transform  vision  into  reality.   CPAs are the trusted professionals who enable people and organizations to shape their future. Combining insight with integrity, CPAs deliver value by:
  • 14. CPAs  are  trusted  advisors  who,  combining   insight  with  integrity  deliver  value  by:   T   Communica)ng  the  total  picture  with  clarity  and  objecOvity   Transla)ng  complex  informaOon  into  criOcal  knowledge   An)cipa)ng  and  creaOng  opportuniOes     Turning  insights  into  ac)on  to  transform  vision  into  reality    
  • 16. Historical Context – The Perfect Storm •  Web 2.0 •  Globalization •  Generations Source: DonTapscott - Wikinomics
  • 17. The New Normal - VUCA
  • 20. Dealing with the Shift Change – MACPA Young Professionals
  • 21. The Next Gen CPA Leaders… 1.  are proactive, flexible, adaptive and collaborative by nature; 2.  have regained the trust of their clients and the public at large; 3.  have successfully bridged the profession’s “leadership gap” by focusing on succession planning, personal growth, and generational cooperation; 4.  have created the profession’s premier global industry standards and best practices; 5.  have redefined the profession through work / life integration, collaboration, and a team-first approach; and 6.  have earned a reputation as technological innovators.
  • 22. How? 1. Professional unity 2. Work / life integration 3. The evolving nature of leadership and new leadership models 4. Proactive, goal-focused planning 5. Networked collaboration 6. Embracing and adopting new technologies From: To: Hierarchy Network Transactions Relationships Efficient Effective Well managed Well led Command & Control Connect & Collaborate Push Pull Good Great
  • 23. We  are  in  a  race  against  the   machines…!
  • 24. Caused by this guy…! The exponential growth in computing power has caused an explosion of new technologies and software that is on the order of a “Cambrian explosion” challenging accountants to keep up.
  • 26. You can’t beat the machine…! But you can win if you work with the machine…!
  • 27. Picture: John Drake - Flickr! “…where the most important skill is the ability to acquire new skills…” - Robert Safian - FastCompany!
  • 28. T! “In  a  period  of  rapid  change  and  increasing   complexity,  the  winners  are  going  to  be  the  people   who  can  LEARN  faster  than  the  rate  of  CHANGE   and  faster  than  their  COMPETITION.” -­‐  Tom  Hood,  CPA.CITP.CGMA! 6/24/13!
  • 29. The  top  five  skills  for  CPAs! • Leadership! • Communications! • Strategic thinking! • Collaboration & synthesis! • Technology Savvy!
  • 30. “You can’t stop the waves, but you can learn how to surf.” Jon Kabat-Zinn
  • 31. “If content is king, context is the kingdom” – Will Avgerakis
  • 32. Business Landscape Main Street Owner begins to delegate “Focus on growth” Bu28 Million U.S. Small Businesses Mid-Market Delegation: departments “System thinking” .6M businesses 24 million employees 3.2 million businesses 26 million employees 24 million businesses 22 million solopreneurs 27 million employees Personal Businesses Consumer & Business blur 0-5 Employees Wall Street Public Companies Total 15,000 Listed 5,008 Public Accounting Business, Industry, Government & NFP 44,000 Firms – 250,000 CPAs 250,000 CPAs Big Four Top 100 > 70 CPAs 400 > 22 CPAs 800 > 10 CPAs 10,000 > 2 CPAs 33,000 Sole CPAs CFOs, Controllers, Analysts
  • 33. A profession has three major attributes •  A distinct and evolving body of knowledge •  A commitment to the public interest – licensed by the government •  A code of conduct and ethics State of Maryland CPA License
  • 34. How to become a Certified Public Accountant?             The four E’s (State of Maryland Example) 1.  Education – (150 hours) Bachelor’s degree + 30 credit hours 2.  Examination – Pass the Uniform CPA Exam 3.  Ethics – Maryland requires a separate ethics course and examination 4.  Experience – 1 year of experience working with a CPA And CPE – - 80 hours of Continuing Professional Education reported every two (2) years, including four (4) hours of ethics training
  • 35. 35 A leader s job is to define context and provide hope and inspiration..."
  • 36. Tom Hood, CPA, CITP, CGMA! Tom Hood, CPA, CITP, CGMA CEO MACPA www.macpa.org and Business Learning Institute (BLI) www.blionline.org! http://www.linkedin.com/in/tomhood/! 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 Magazine! •  Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 •  Linked-In Top 150 Influencer •  Top 25 Influencers in Learning & HR by HR Examiner •  Top 25 Thought Leaders in Public Accounting by CPA Practice Adviser •  Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management !