Attracting young people to the profession: what can CPAs learn from doctors?

• Author: Kaufman, Perry
• Position: Certified public accountants

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Television treats the general public to a wide array of medical specialties on a weekly basis. While most Americans might never see a neurologist, they probably know what one is, thanks to TV. This broad knowledge of the medical profession likely plays a role in the number of young people who choose this career path. Rare is the student who begins medical school without some idea of the specialty he or she plans to pursue because he or she has already been exposed to depictions of a wide variety of medical specialties.

The accounting world could take a page from medicine in conveying the importance of its profession. Most CPAs, particularly those practicing public accounting, are acutely aware of the challenges of attracting, developing, and retaining professionals for this field. In looking for ways to improve the situation, perhaps a better explanation of the profession's role in the business community would help. Drawing a parallel to the medical profession might provide a way to better communicate the public accounting professional's essential role in business.

Accounting is like medicine in many ways: Both professions diagnose, monitor, and treat problems; in both professions, generalists refer work to specialists; and in both professions, defined specialties require unique knowledge and expertise.

Monitoring Financial Health

In its simplest form, accounting may be viewed as the study of the financial health of a business enterprise. An assessment of that health starts with the preparation of a basic financial statement, much like an assessment of health begins with an annual physical examination. Like the medical profession, where an internist's job is to regularly assess the patient's general physical health, accounting assesses the general fiscal health of businesses.

Regardless of its size, every business has a periodic financial report--a check-up--that generally takes the form of a financial statement. This report's frequency and form can vary from monthly financial statements prepared by a company's internal accounting department to an annual financial statement with outside participation from a CPA in public practice. Whether that CPA provides an audit, a review, a compiled report, or nothing at all, the annual financial statement must still be generated, even if only for tax reporting purposes. During this process, the CPA often recognizes the need for a specialist to assist the business and improve the...