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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 http://www.blionline.org
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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) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/
The future of accounting is bright – accounting students from six Maryland universities at MACPA – NABA event
http://cpa.tc/4aa
Expects a 13% growth rate in accounting and auditing jobs from 2012
to 2022
# 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
THE FUTURE OF JOBS
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.
www.blionline.org/rita
Top Five Issues Facing CPA firms
Source: AICPA PCPS
www.blionline.org/rita
Top Five Issues Facing CPA firms
Source: AICPA PCPS
www.blionline.org/rita
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
www.blionline.org
• 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
www.blionline.org
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
www.blionline.org/rita Source: Rita McGrath
Tom Hood, CPA.CITP CEO Maryland Associa8on of CPAs Business Learning Ins8tute (443) 632-‐2301 E-‐mail [email protected] Web hNp://www.macpa.org Blog hNp://www.cpasuccess.com Blog hNp://www.bizlearningblog.com
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