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Resilience, adaptation is key to the profession’s future

Chair's Message

Charles Esler, CPA | June/July 2022 Footnote

Editor's note: Updated May 25, 2022

I write to you not with a new concern, but an ongoing one that bears repeating: We have a talent pipeline issue.
 
The data is concerning. Demographers have tracked a declining U.S. birthrate since The Great Recession ended in 2009, and project it to continue for the decade ahead. We’re already seeing the battle intensify for talent before some born during The Great Recession earn their driver’s licenses. Similarly, U.S. college and university enrollment has decreased slightly or, at best, remained stagnant, depending on the data used.
 
Unfortunately, the talent pipeline will only tighten. This means potentially fewer accountants, which means fewer CPAs, which means resource constraints for the profession. It also means another key element — a lack of diversity in the profession — will continue to challenge opportunities in Minnesota. I remain optimistic, though. This is a great profession filled with talented people who have a history of rising to the occasion.
 
It’s imperative to give all youth clear representative examples of what the profession can be and all of the great things they can accomplish as a CPA. The U.S. is oft described as a salad bowl; and businesses, individuals and organizations are increasingly diverse, although it is not necessarily reflected in our profession. According to a recent AICPA report, nationally, 84% of CPAs identify as white, which approximates Minnesota’s overall numbers as well. In contrast, U.S. Census data reflects 76% of the population as white, a continuing decline toward a projected 50% in about 20 years, or when children born today are graduating from college.
 
There are more classes offered now at the MNCPA than perhaps ever before on how to help incorporate everyone’s thoughts, backgrounds and solutions in order to help secure the future of the profession. We can — and should — do better to help lift up the profession by sharing the successes, growth and opportunities with all. And, briefly, another consideration to assist with potential future workforce limitations is the required investment in technology to augment the capabilities of those in the profession.

See you at MBAC — virtual or in person!

Speaking of courses, there’s a fantastic variety of them being offered at the forthcoming Management & Business Advisers Conference from June 13–15. It’s not too late to register at www.mncpa.org/mbac! I hope to see you there in some way, whether remote or in person, with the first day of the conference taking place at Mystic Lake Casino. 
 
Like the pipeline challenges, the changing nature of the profession, like all businesses, is anchored in a question of how to best build for the future when it comes to workforce capabilities in a universally desired post-pandemic world. We’re fortunate the MNCPA can offer both virtual and in-person options, but not all companies can, nor may all companies want to.
 
With the arrival of summer to Minnesota, I hope that you are able to get out and enjoy the outdoors with those you care about, or perhaps in solitude to get away from those you care about. I recognize that busy times of the year have evolved, and, for some, this is crunch time. I plan on sitting in a chair and basking in the sun while watching either of my kids’ sports, or watching a fishing bobber, as much as possible.
 
Sincerely,
Charles Esler, CPA
 
Chair, MNCPA board of directors
boardchair@mncpa.org