Youth movement: attracting and keeping young people in the CPA profession.

• Author: Allfrey, Brandon
• Position: Certified public accountants

Learning the art of communicating across generations is critical to retaining the best and brightest of the Millennial generation.

CPAs from the Baby Boomer generation are approaching retirement in great numbers. According to the AICPA, approximately 75% of its members will be eligible to retire by 2020. This number is staggering considering that the AICPA just recently announced and celebrated its membership reaching 400,000. Unless the new members are overwhelmingly young, this could mean more than a quarter-million AICPA members will be eligible to start retiring in the next five years. Obviously, there will be a gap of both people and knowledge to fill.

Of course, this trend is not a recent discovery. The profession has been aware of this issue for many years. Numerous continuing professional education courses have been offered on topics such as succession planning. Articles in recent AICPA publications have placed this issue at the forefront (see Sinkin and Putney, "How to Price an Owner's Interest in a CPA Firm," 218 Journal of Accountancy 24 (December 2014); and Knafo and Dennis, "Succession Challenges for U.S. CPA Firms to Tackle," 218 Journal of Accountancy 54 (November 2014)).

Additionally, CPAs may have noticed the increased attention being paid to developing future leaders. In fact, the AICPA, state societies, and professional networks and associations are developing and delivering offerings to help accelerate the learning of "soft" skills for those who are less experienced in the profession. Programs such as the AICPA's Leadership Academy and its Young CPA Network are dedicated to helping transition those new to the profession into leadership roles that need to be filled in the near future.

At the same time, the AICPA reported that the number of college students enrolled as accounting majors is at an all-time high (see 2013 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits, available at tinyurl.com/18nschd). This sounds like great news and the answer to the issues the profession faces. However, in its analysis, the AICPA also reports that the number of accounting graduates who are completing their degrees and sitting for the CPA exam is declining. Many articles have tried to explain this demographic change. But no one factor can explain the shift within the accounting profession.

The profession has a highly talented group of people who are relatively new to the discipline. The skills they are bringing to the workforce are immensely different from those seen historically. They are encountering the hurdle of having their skills and characteristics put to use within the traditional accounting culture. As a result, new people in the profession are looking for different opportunities that fit their skills, desires, and characteristics. Many have chosen to look outside traditional accounting roles.

The data and statistics point to a new paradigm for how to encourage the new generation of workers to embrace the accounting profession. Employers are learning how to adapt their workplaces and processes while attempting to maintain their values and culture to retain their top talent.

How to Attract (and Keep) Young People in the Profession

Generational issues are commonly raised. The Millennial, or Generation Y (those born between 1981 and 2000), seem to get mentioned more than any other generation as the source of misunderstanding between the generations. The stereotypes that have arisen have produced a common explanation for why young people are not staying in the profession. However, each generation should understand the role it plays in helping both the profession and the Millennials.

Instead of pointing out the...