Fulfilling the American Dream with the CPA profession. Richard J. Caturano, CPA, CGMA Chairman of the AICPA Board of Directors

Transcription

1 Fulfilling the American Dream with the CPA profession Richard J. Caturano, CPA, CGMA Chairman of the AICPA Board of Directors

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3 American Institute of CPAs

4 American Institute of CPAs

5 American Institute of CPAs

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7 NYSSCPA June 21, 2012

8 Questions Picture. Role model, future, etc. NYSSCPA June 21, 2012

9 Changing demographics By 2050 URMs will represent 52% of the US population. The Latino population will account for 60% of the nations population growth between 2005 and The Asian population will nearly triple by Percent U.S. Population Demographics White URMs The white, non-hispanic, population will increase by 4% Year Source: PewResearch Center US Population Projections: February 2008

10 Low minority representation in profession Professional Staff Demographics by Firm Size US Workforce 1 All Firms 2 < >200 White 55% 79% 87% 91% 96% 72% Asian/Pacific Islander 9% 11% 5% 2% 2% 16% Black/African-American 16% 3% 2% 2% 1% 5% Hispanic/Latino 19% 4% 4% 3% 1% 5% American Indian/ - 1% 1% 1% - - Alaskan Native Sources: 1. Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits US Census

11 Diverse needs Demographics of the U.S. work force and recent accounting graduates 70% 60 70% 75% % 7% 13% 6% 14% 5% 2% 7% White (non-hispanic) Asian, Pacific Islander Black Hispanic (can be any race) Multi-racial, other

12 Gender shifts as well... Parity but and parity reached women still are in not percentage still achieved underrepresented of for female women CPAs at employed partner hired level by firms... 60% % Women hired 40% Women employed at firms 21% Women at partner level

13 Buying power of minorities 26% of U.S. buying power that will reside with non-caucasians by 2015 Harvard Business Review 12/20/11

14 Increasing entrepreneurial capital Number of Minority Owned Businesses Between , the number of minority owned businesses grew by 46% compared to 18% for all US firms. Asian businesses grew by 41% African American businesses grew by 61% Latino businesses grew by 44% 2,500,000 2,000,000 1,500,000 1,000, ,000 Minority owned businesses employed approximately 5.9 million people in 2007 up from 4.7 million in Source: Minority Business Development Agency, US Dept of Commerce Number of Minority-Owned Businesses Increase. July 2010

15 Why diversity matters Changing population will demand it Increased knowledge, innovation & engagement Competitive advantage What s at Stake? Talent Clients Revenue Growth Talent advantage Loyal workforce Bottom line Source: Increasing Talent, Clients & Revenue at your organization - PICPA

16 NYSSCPA June 21, 2012

17 What we need to do CPA is for everyone Visible and diverse role models will help us make the accounting profession attractive to all races and ethnicities

18 What we need to do CPA is for everyone Embrace diversity We need to open ourselves to learn about different backgrounds, values and goals

19 What we need to do CPA is for everyone Embrace diversity Keep an open mind Performance matters, not first impressions

20 Taking the lead National Commission on Diversity Will engage major firms, employers and non-profits on collaborative activities for under-represented minorities CPA programs Deeper dialogue and participation of key stakeholders, employers and influencers Leadership and collaboration with diversity organizations serving the profession Student, CPA candidate and minority Ph.D. programs Continues under Academic and Career Awareness and Young CPAs with support from AICPA Foundation

21 Build diversity focused culture Tone from the top Designate diversity as priority business objective Make diversity shared responsibility of all employees Incorporate commitment into performance reviews Source: Increasing Talent, Clients & Revenue at your organization - PICPA

22 Getting involved JOIN Contact any member of the commission Become part of a task force SUPPORT Contribute to the AICPA Foundation, which supports: Scholarships, Ph.D. programs Student and Young CPA programs Diversity efforts of the Commission MENTOR Create and support job- shadow and internship opportunities with state CPA societies and the AICPA volunteers.aicpa.org

23 Fulfilling the American Dream with the CPA profession Richard J. Caturano, CPA, CGMA Chairman of the AICPA Board of Directors