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In the struggle to recruit more accounting and finance people among a limited pool of young talent, it pays (literally, in this case, for students) to widen that pool as much as possible.
That’s the big idea behind a new accounting apprenticeship program that AICPA and CIMA recently launched.
The Registered Apprenticeship for Accounting and Finance Associate gives participants, who may be as young as 16, an accelerated entry point into the accounting world, according to a news release. It’s also a lead-in to the existing Registered Apprenticeship for Finance Business Partners Program, where apprentices ultimately earn the CGMA certification for management accounting.
The program is registered with the Department of Labor, according to Tom Hood, EVP of business engagement and growth at AICPA and CIMA. Apprentices earn college credits and wages while honing their craft—partially paid for by federal and state governments, he told CFO Brew.
AICPA and CIMA created the new program as “a response to the market because of the need for entry-level positions like accounting clerks and payroll specialists,” Joanne Fiore, VP of pipeline and apprenticeships, told CFO Brew. It serves people who want to jump into the profession immediately out of high school or those already in the field who want to “level up” with new, in-demand skills, Fiore added.
The program is also “widening the pipeline of potential candidates” in accounting, Hood said.
“Instead of only taking in the traditional four-year-plus that runs through the CPA channel, this offers a place to get career changers, disadvantaged groups, veterans, and other people [into the field] that might not have that accounting degree,” Hood told us. “They could come in with another degree, or maybe not even a degree, and then move through our program [and] more importantly, earn while they learn on the job.”
When someone hears the word apprenticeship, they may think of it as a career pathway for skilled trades such as construction or manufacturing. AICPA and CIMA are expanding the category with what the group calls a “first-of-its-type” program. The idea for an accounting apprenticeship program came out of discussions in AICPA and CIMA’s Future of Finance Leadership Advisory Group, Fiore noted.
“[Group participants] said, ‘If we could find a way to get diverse talent into our companies, we’d do anything for it,’” Hood said.
While the program is registered nationally, AICPA and CIMA are starting with a focus on “apprentice-friendly” states including California, Florida, and Maryland, Fiore said. The group is partnering with companies already involved with the existing apprenticeship program, Hood said, including Stanley Black & Decker, Aon, and Hewlett Packard, among others.