Headlines shout it, employees complain about it, social media amplifies it: A top concern for the accounting profession is the dwindling talent pipeline. The COCPA continues to lean into initiatives and solutions at both the state and national levels that aim to address growing concerns about the shortage of talent and ensure the sustainability of the future of the profession.

As part of the COCPA’s “Plan A” to address the talent shortage, which includes critical themes of Awareness, Advancement, Assistance, Advocacy, Acknowledgment, and Attraction, efforts in the last 12 to 18 months have heavily focused on increasing awareness and dialogue to help inform longer-term initiatives and solutions.  

In the first of a two-part series, the fall 2024 issue of NewsAccount explores the accounting talent pipeline and the COCPA’s efforts to address the issue. The article touches on two of the six themes around which the National Pipeline Advisory Group’s (NPAG’s) July 2024 Accounting Talent Strategy Report organizes its recommendations, while a second article, planned for the winter 2025 issue, will address the remaining four NPAG themes.

Leveraging Feedback, Encouraging Collaboration

There is significant forward momentum within the profession to solve pipeline challenges, and COCPA CEO Alicia Gelinas, CPA, says that member input and feedback are critical to the long-term success of any transformational pipeline initiative. Also essential is a commitment to ongoing collaboration with other states to prevent adding complexity to the licensure process and disrupting currently practicing CPAs. 

The COCPA and its board of directors continue to engage in deep, collaborative discussions with the AICPA, NASBA, Colorado State Board of Accountancy,  and other key stakeholders about collective solutions, including potential future licensure model changes. 

Earlier this month, positive, significant changes resulted from the Society’s ongoing advocacy efforts to reduce commonly reported barriers specific to Colorado’s educational and experience requirements for CPA licensure. On Oct. 16, following an extensive rulemaking process, the Colorado State Board of Accountancy adopted several changes to Colorado rules to offer more flexibility in obtaining licensure, while maintaining appropriate public protection.

Sharing Your CPA Story

Among the themed recommendations in the NPAG report is telling a more compelling story about the profession.

COCPA Chair-Elect Alexandra Tune, CPA licensed in the state of Colorado and Audit & Assurance managing director at Deloitte & Touche LLP, encourages CPAs to focus on where they can make an impact, which includes educating people about what an accounting career really is, especially in the early years of a business education. 

“People know what engineers and lawyers do, but they don’t know what a CPA does and where it can take you,” she says. “We need to educate students and others earlier.”

Enhancing the Employee Experience

Another theme from the NPAG report is the importance of enhancing the employee experience. Leaders at Tandem CPAs have already been addressing this challenge not only because of the growing influx of work, but also to help their team create work-life balance as demand for the firm’s services remains so high that they constantly have to turn away work. 

The firm started aggressively and intentionally hiring in 2021, using every avenue possible, including recruiters and online job sites. “It was a disaster,” says partner Rob Burton, CPA. “So we knew we had to change the game.”

Changing the game meant taking the time to reach out to universities near and far to cultivate relationships and embracing the true meaning of remote work. Expanding the concept of who can work from where was crucial to bringing new people on board, Burton says, noting that two employees are based out of state.

Lynn Mitton, CPA, also a partner at Tandem, says the firm has tried different things to improve their employees’ experience, including casual Fridays that evolved into everyday business casual, closing the office on Fridays outside of busy season, and offering unlimited paid time off. 

Every CPA Can Make a Difference

Gelinas notes that just as the public relies on CPAs to navigate complex financial challenges, the profession must now come together to address its own internal obstacles in a way that strengthens its brand. By working together, the profession can reshape perceptions, implement meaningful change, and inspire the next generation of accountants.

As a first meaningful step to joining the profession-wide effort to transform and grow the accounting talent pool, please consider signing the 2024 Pipeline Pledge. By signing the pledge, you’ll be making a commitment to participate in at least two activities each year that will positively impact the talent pool. 

While the possibilities are endless, activities might include visiting a local middle school, participating in a high school career fair, mentoring a CPA candidate, or advocating for policy changes in your workplace. Visit NPAG’s Pipeline Pledge resources page for more ideas on activities in this realm or reach out to the COCPA for volunteer opportunities and resources. 

Read the full article, “Uniting the Profession to Strengthen the CPA Talent Pipeline,” in the newly released fall issue of NewsAccount. 

The AICPA and NASBA released a concept exposure draft on Sept. 12, 2024, on a CPA Competency-Based Experience Pathway that would provide an additional way for candidates to demonstrate their professional and technical skills after earning a bachelor’s degree. The COCPA is preparing its response, and members are encouraged to submit individual comments on the proposed pathway through Dec. 6, 2024.

Join us on Nov. 6, 5 to 9 pm at the DoubleTree by Hilton Denver, for the CPAs Make a Difference celebration. We'll gather to celebrate CPAs' contributions in their communities and workplaces, and welcome newly licensed Colorado CPAs to the profession.