Navigating change in our lives, profession
Chair's Message
Bob Cedergren, CPA | December 2023/January 2024 Footnote
Happy holidays! This is one of my favorite times of the year. Yes, I know it is a busy time as our work lives don’t necessarily slow down during the holiday season. In fact, for many, it is the warmup to the busiest time of the year, no matter if you are in industry and deal with requirements to close out the fiscal year or are in public accounting as you deal with client meetings and prepare for the busier days ahead.
Concurrently, it is a time for celebration, gatherings, plentiful food and, hopefully, a chance to find a bit of free time to reflect and renew. Enjoy the holiday season no matter how or with whom you celebrate!
In a different experience of joy, I recently attended the fall AICPA Council meeting with nearly 500 fellow CPAs representing all 50 states, Washington, D.C. and four U.S. territories. Representatives from National Association of State Boards of Accountancy (NASBA) and American Accounting Association (AAA) were also in attendance. The council meetings serve as a forum for networking with fellow CPAs, sharing ideas, obtaining updates on the profession and providing input to the initiatives that are impacting the profession.
There are several key areas the AICPA is also focused on, including advocacy and the talent pipeline. Regarding advocacy, the AICPA works tirelessly at both the national and state levels to support legislators and legislation that affects the profession and our clients. At the time of this writing, we’ve just followed weeks of trying times in Congress with short-term solutions for federal funding and the U.S. House of Representatives going three weeks without a speaker, delaying some of the important work charged to our lawmakers. In short, as you read this in December, there’s concern about movement on a year-end tax bill coming to fruition. The AICPA is positioning several pieces of legislation for 2024 in hopes of passing key bills prior to next fall’s election and a seating of new decision-makers in 2025.
Concerning the talent pipeline, the profession has known for many years demographics were not in our favor, and we would experience a talent shortage. The number of college-aged students is declining and the number of students entering accounting programs is declining at an even faster rate nationally. Couple that with an increased demand for our services, and it has professionals working diligently to increase the number of students selecting and graduating as an accounting major and then earning their CPA license.
That is not the end of the crisis, though, as the profession loses many CPAs and accounting graduates within the first five years of them entering the profession. This leakage at multiple levels is a challenge and one that the profession is taking very seriously on many fronts. The AICPA, NASBA, state societies and state boards of accountancy are all working to address this issue. I am proud to say the MNCPA stepped forward as well and we are doing our part at both the state and national level to be part of the dialogue and solution. Find more about our efforts at
www.mncpa.org/CPApathways.
The talent pipeline shortage will not be solved in the next couple of months, but the steps we are taking now will impact the profession in a positive way for many years to come. I am energized by the voice the MNCPA has on this matter, and we will continue to be an advocate for the CPA profession.
Have a wonderful holiday season!
Sincerely,
Bob Cedergren, CPA
