Welcome to the first edition of Bold Ambition in 2024, the quarterly newsletter from the Center for Audit Quality that brings you insights, resources, and tools on the latest DEI updates in the accounting profession.
March is Women’s History Month, and women have come so far in so many ways. Of particular relevance, this recent Pew Research study shows how women now outnumber men in the US college-educated workforce. However, we cannot lose sight of the remaining inequities that exist, especially for Black women, whose share of college degrees is 10% lower relative to white women. I applaud Goldman Sach’s recent commitment of $10 billion to address the disproportionate gender and racial biases Black women have faced for generations. Accounting is a career that can change social mobility.
While Accounting+’s purpose is to widen the accounting talent pipeline and increase diversity across the profession, we believe this initiative has the potential to ultimately help to close the earnings and wealth gaps, that are most acute for Black women.
In this edition, we’ll take a look at the latest talent initiatives from the CAQ, including an annual report on Accounting+, highlight a few upcoming events, and spotlight the latest in the accounting shortage.
Please note that these perspectives are my own. If this email was forwarded to you, subscribe here so that you never miss an update.
Accounting+ Releases Annual Report
The CAQ recently released the second Annual Report for Accounting+, a national campaign and platform focused on raising awareness of an accounting career at the high school and early college levels.
We have seen extraordinary results since the campaign was launched. We have demonstrably shifted students’ ingrained misconceptions about the necessary skillsets needed for a career in accounting and created greater exposure to and connection with accounting careers.
Key highlights reported in 2023 include:
- We met students where they were – with 12+ million website visits and 65,000+ new subscribers who opted to learn more about accounting.
- We reached students in the classroom – over 40,000 during the 2022-23 academic year through our partnership with EVERFI.
- We continue to see progress toward our overarching goal of increasing student awareness of accounting careers and of an accounting profession that mirrors society at large. At the conclusion of 2023, we saw significant growth in student interest, with more than 65k students subscribing to learn more about Accounting+.
I’m incredibly proud of what this campaign, with the collective dedication of our 46 partners, has been able to achieve in two years. Looking ahead to 2024, we remain steadfast in our commitment to continued growth and expanding our reach.
Download our full 2024 report for more on what Accounting+ has accomplished and what we plan to achieve in the coming year.
Accounting+ Hosts Spring Student Events
In furtherance of our efforts to reach students where they are, Accounting+ is hosting several events this Spring:
Key highlights reported in 2023 include:
- The CAQ continues to host “Accounting for your Future” events with partner EVERFI. The events allow Accounting+ partners to volunteer their time to interact directly with students in cities across the country. Our most recent event took place in Dallas- you can check out our impact in action here. Our next event will be in Newark.
- The CAQ will partner with the Pittsburgh Steelers on a new “Steelers Showcase” event to expose students from Western Pennsylvania to the possibilities of a career in accounting. Steelers alumni Charlie Batch, whose career as a quarterback spanned 15 seasons and two NFL Super Bowls, will be there to connect with students about his career path and accounting experiences.
CAQ Podcast Addresses the Talent Pipeline Shortage
Amid significant investments by the accounting profession in talent and diversity, equity, and inclusion (DEI), there remains a pipeline crunch and lack of progress in moving the diversity needle. In this episode, Julie Bell Lindsay speaks with two leaders, Guylaine Saint Juste, President and CEO of NABA, Inc., and Mark Taylor, 2023-2024 President of the American Accounting Association and Director of the Lynn Pippenger School of Accountancy at the University of South Florida, about how they approach the pipeline challenge. The two have different angles but share the same goal: a strong, diverse accounting talent pool.
Listen to the episode here: Podcast | Capital Markets Pulse, Episode 3.
Firm Leaders Discuss DEI Amid Political Headwinds
As a result of the Supreme Court’s Affirmative Action ruling, organizations are taking a fresh look at their DEI programs. But DEI “remains a business imperative,” according to Paul Knopp, CEO at KPMG. According to Knopp, for businesses to remain sustainable, they must attract a population that reflects the increasingly diverse demographics in the U.S. This sentiment was echoed by PwC US’s Chief People Officer Yolanda Seals-Coffield in an interview with the Financial Times, “Our commitment to attract the most diverse and dynamic group of professionals hasn’t changed. Our commitment to cultivating an environment where all our professionals can thrive hasn’t changed. How we get there may face a few hurdles that it didn’t a year ago.”
These stances by our Accounting+ partners are supported by the fact that many prospective employees strongly consider DEI practices when evaluating a prospective employer. According to the Association of Chartered Certified Accountants (ACCA) Global Talent Trends Survey, 73% of respondents say strong diversity and inclusivity culture is a key factor in choosing an employer. This is especially true for Gen Z, who prioritize working in an environment that is welcoming to people of all races, ethnicities, and backgrounds. Zach Donah, the new CEO of the Massachusetts Society of CPAs, so eloquently stated in Accounting Today, how in the face of DEI backlash, we must remain focused on a data-driven approach to increase representation across the profession, “Especially when you look at the next generation and the data on Gen Z and millennials — from a consumer behavior standpoint and an employee standpoint — it’s not even a question for a lot of these folks anymore who they want to work for, who they want to buy products from. I think that’s true for clients too. Clients want to work with organizations that represent the communities that they’re serving.”
The Profession Focuses on Female Accountants During Women’s History Month
As I mentioned above, women now outnumber men in the US college workforce (60% of new enrollees are women). However, a gap persists in the accounting profession. In this article, Tifphani White-King of Mazars shares how empowering growth and reshaping perceptions of women in the accounting industry will create a more equitable environment. She shares that accountants must tell a “compelling story about what makes their profession vibrant and active” to combat misconceptions that prospective women accountants might hold, such as that accounting is just “number crunching.” She also notes that with women holding just 39% of partnership positions firms must do more to achieve balanced representation.
Each quarter, I’ll spotlight an individual (or two) within the accounting profession who is driving diversity within accounting. In recognition of both Women’s History Month this month, and Black History Month last month, I’m spotlighting two individuals who have made significant contributions to the profession.
Hear from them on important topics, including the history of diversity in accounting and how they champion diversity within accounting:
Professor Kecia Williams Smith, Ph.D., CPA, North Carolina Agricultural and Technical State University, spotlights interesting facts and milestones about diversity in the accounting profession, including information on the first HBCUs, NABA, and various efforts to improve diversity within accounting in this blog. In a separate blog, she recognizes accounting trailblazers for Women’s History Month.
In this blog, Yousdad Celne, Associate at PwC US, recounts how her parents, Haitian immigrants, taught her the value of education. This led her to ultimately pursue a career in accounting and inspired her to champion diversity within the profession. Read her story here.
Do you have questions about Bold Ambition or Accounting+? Send them to jgermain@thecaq.org, and we’ll answer them in our newsletter next quarter.
Happy Spring, readers. Enjoy the increasingly warm temperatures – I’ll be back with updates on Accounting+ and DEI this summer.
Liz Barentzen
Vice President, Operations and Talent Initiatives
Liz Barentzen is the Vice President, Operations and Talent Initiatives at the Center for Audit Quality, where she oversees day-to-day and long-term strategic operations, as well as leads and advances strategic profession-wide initiatives to attract and retain talent.
Barentzen has 20 years of experience in Human Capital and is an Associate Certified Coach through the Georgetown Leadership Coaching program. A member of the New York Bar, she holds a JD from Brooklyn Law School and a BA in psychology from New York University. Liz also serves as a member of the American Accounting Association’s (AAA) Board of Trustees, where she helps to guide and facilitate the programming and activities of the AAA.