The New Global Business Credential: Top 10 Reasons In Its Favor.

• Author: Kretz, Richard

In late October, the AICPA will begin distributing ballots to its members soliciting a vote on the proposed global business credential, or "XYZ," concept. The balloting will continue through December 2001.

I'm convinced that the XYZ concept is especially important to regional and local CPA firms, despite some suggestions to the contrary. I believe a searching look at the concept reveals many benefits and no disadvantages for our type of firm. I will vote for the proposed credential, and in the following I want to share with you the top 10 reasons to do so.

10. The credential better reflects the changing nature of what more and more 21st century CPAs actually do.

    In my own practice, I'm called upon to do virtually everything but the traditional work of a CPA. My work encompasses financial planning, business advice, cash management, long-term projections--and a whole deeper dimension of counsel. Business people will share secrets with their financial adviser that they wouldn't divulge to their priest or their spouse. I wear so many hats, I don't even know what to call myself: I usually leave it at "business adviser" and let my audience sort it out, because I don't want to pigeonhole myself. The XYZ credential was fashioned to better suit the changing role of the CPA.

9. The CPA designation is tied to confining stereotypes.

   "Bean counters." "Eye-shade-wearing milquetoasts"--it's sad but true that "CPA" often calls forth images of a narrowly limited professional that can choke off the potential for a broader practice--so much so that my firm actually conducts training sessions for its younger staff members on how to describe themselves.

   Please understand that I'm not denigrating any professionals who do the work traditionally associated with the CPA. I am only stating what everyone knows: that to identify yourself as a CPA pigeonholes you with the general public.

8. A new designation that more closely reflected what today's CPAs do, would avoid stereotyping.

   My kind of practice isn't universal, but it isn't exceptional either. For CPAs who have broadened into being business coaches, the global credential is a godsend. To be able to call yourself an XYZ will mean that you're certified in a clearly understood skill set oriented toward general business practice. It will enhance your credibility and, by the same token, your business potential.

7. It will help the general public understand what CPAs do and thereby improve business.

   Today, CPAs are...