Jennifer Shimek’s Post

A career in accounting has never looked so different, and the skill sets necessary to succeed are rapidly evolving with it. Thanks to technologies like automation and AI driving the profession forward, young accountants have the opportunity to interact with clients sooner and lead earlier on in their careers than ever before. Experts from Deloitte, PwC, AICPA, and more share the most important skills for emerging professionals and tips on rising above the tide in my latest for Accounting Today. #accounting #accountingstudents https://lnkd.in/gdpMpuAS

ICYMI: 🚨 KPMG and Deloitte have thrown their support behind a big shift in CPA licensure requirements. This comes about a month after the AICPA announced plans to add flexibility to tackle the accounting talent shortage. The 150-hour rule? It continues to be a big hurdle for students, adding extra costs but showing little impact on audit quality. The Big 4 trains new hires the same way, whether they have 120 or 150 hours - so why not make it easier? Experts say Big 4 support is crucial for this to move forward. PwC and EY - we're waiting for you to jump on board! 😉 What do you think? Will eliminating the 5th year of school help more students decide to major in Accounting and start their career in Accounting/Audit/Tax? Read more here: https://lnkd.in/gFE5VrYa

What do you think!?

🚀 Unlock the Future of Accounting Talent! 🚀 Discover how PwC is addressing the talent shortage with innovative solutions that secure top talent and elevate the entire accounting profession. Curious about their success? Dive into the details and see how your organization can benefit too! #accounting #talentacquisition #ATHENA

🔥 Breaking Barriers: What CPA Candidates Need to Know About the 150-Hour Rule Becoming a CPA is the gold standard in accounting, but the 150-hour education requirement is holding many aspiring accountants back. Industry leaders like KPMG’s Vice Chair of Talent & Culture, Sandy Torchia, are speaking out. 💬 “If the 150-hour rule had been in place when I was deciding, I wouldn’t have become an accountant,” Torchia shared. The extra cost and time of completing 150 hours (vs. the 120 needed for a bachelor’s degree) is discouraging students from pursuing the profession. Combined with lower starting salaries compared to consulting or finance, this requirement is a big reason for the decline in accounting graduates. ⚠️ Why This Matters for Future CPAs: 🏢 Firms like KPMG and Deloitte are now exploring work-study programs and alternative licensing paths to attract more talent. Early hands-on experience is becoming crucial as AI and advanced tech tools reshape the profession. ❗But the rollout of these alternatives could vary by state. Right now, CPA licenses are easily transferable, but uneven adoption of new rules could complicate interstate recognition. 📌 How to Navigate the CPA Path Amid Change: 💡 Stay Updated: Follow updates from NASBA and AICPA to see how new rules might affect your state. 🎓 Look for Work-Study Programs: Some firms and schools are developing accelerated programs to reduce costs and time. 🖥 Build Tech Skills Early: Tools like Power BI and Alteryx are becoming must-haves—tech-savvy accountants will stand out in this evolving landscape. ✅ Conclusion: Adapt and Thrive Whether the 150-hour rule changes or not, experience and practical skills will remain key. The future of accounting is evolving—make sure you’re ready. 🚀 Considering the CPA path? Now’s the time to explore work-study options and stay informed on licensing changes that could affect your career. Photo by Honey Yanibel Minaya Cruz on Unsplash

Great news… Our newly updated Transform In Action advisory mentoring education platform is here 🤩 The #accounting industry has undergone a significant shift from traditional compliance work to a more advisory-focused approach. Our 2023/2024 Global Advisory Trends Report revealed that ‘42% of firms aim to generate over half of their future revenue from advisory services,’ indicating that advisory isn't just a buzzword, it’s here to stay. But what does this mean for accountants? As Advisory services have become a staple offering for many firms, we were left wondering how we can help these firms succeed… I encourage #accountants to speak with our team to learn more 💙

“EY’s U.S. unit had a deficiency rate of 46% based on the 54 audits the PCAOB reviewed, well up from 21%.” 46% deficiency! But the question is why?! With better tools than ever and SOX now nearly two decades behind us — why is Big 4 quality suffering now? Accounting standards and audit requirements have been relatively stable. Which leads me to conclude that we’re beginning to feel the pain of a known staffing gap. Over the last ten years, the volume of accounting college graduates has shown a trend of decline. Specifically, the number of college accounting graduates experienced a significant dip in the 2021–22 academic year. This decline in graduates has been part of a broader issue within the accounting profession, which is facing what some call a “severe crisis” due to a shortage of accountants. Significantly fewer students have selected accounting as a major, leading to declines in enrollment in accounting programs and a decrease in candidates sitting for the CPA exam, dropping from 48K first-time candidates in 2016 to 32K in 2021. And it’s not just new grads. The accounting gap is multifaceted, characterized by a significant decline in the number of practitioners and a notable shift in workforce demographics. Over 300,000 U.S. accountants and auditors have left their jobs in the past two years, marking a 17% decline from a 2019 peak. This trend is not limited to retiring baby boomers but extends to midcareer professionals in the 25-to-34 and 45-to-54 age ranges, who are also exiting the profession. Why? Factors contributing to this exodus include stagnant wages relative to the long and irregular hours demanded by the profession, limited advancement opportunities, a lack of work flexibility, and feelings of disengagement and lack of belonging within the workplace. Frankly, a lot on this list doesn’t have to remain this way. So what will happen next? Will these Big 4 firms embrace AI and other advanced tech to close their gap? Will their hiring and people practices adapt? Or, will other firms embrace the changes faster and edge their way to the top? And before these changes take place…will the world experience another Enron? What’s your take?

More than 300,000 accountants and auditors in the #US have left their positions over the last 2 years. Many CPA firms, small businesses and even the Big 4s are scrambling to fill the gap. Looks like EY US is finding a solution... EY is making a big bet on the future of accounting with a $1 billion investment. Here is how. #accountants #accountingandaccountants #ai #US #Big4 #ey

What can be done about the accounting talent work shortage? As stakeholders within the industry, we are committed to amplifying initiatives that will reach new candidates and strengthen the accounting talent pipeline. The latest National Pipeline Advisory Group's report provides thoughtful recommendations organized into six important themes: 1. Make the academic experience more engaging 2. Address the time and cost of education 3. Grow support for CPA Exam candidates 4. Prioritize strategies to expand access for underrepresented groups 5. Enhance the employee experience by evolving business models and cultures 6. Tell a more compelling story about accounting careers Read the full report at https://bit.ly/3YsNvBW #LohmanCompany #Accounting #Education #NPAG #CPA #careerdeveloment #culture

Deloitte is now the second Big Four firm to support a new way to become a CPA. They told CFO Dive they back an “experience-based pathway” for CPA licensure, following KPMG’s lead.This news comes about a month after the American Institute of CPAs decided to add more flexible ways to get licensed. The aim is to address the shortage of accounting talent.#CPA #Accountant #TaxProfessionals #Accounting #Finance https://lnkd.in/g6kURs5e