AICPA targets talent crunch with over 200 apprentices

Dive Brief:

The Association of International Certified Professional Accountants has expanded a roughly one-year-old job-training program to include 18 employers and more than 200 apprentices, according to Tom Hood, executive vice president of business growth and engagement for AICPA & CIMA who also leads the program.
Chicago, Illinois-based insurer Aon; New Britain, Connecticut-based power tool manufacturer Stanley Black & Decker, and Palo Alto, California-based tech giant HP are among the employers who have recently signed on to take part in the Apprenticeship Program for Finance Business Partners, which is registered with the U.S. Department of Labor.
“Attracting and retaining talented workers remains a top challenge for CFOs and apprenticeships are a proven model to help with both,” Hood wrote in an emailed response to questions. “We had no idea when we launched this program a little over a year ago how successful it would be.”

Dive Insight:

Finding workers to fill accounting jobs remains one of the top challenges for finance chiefs, who are also facing a shrinking pool of candidates. The number of students who graduated at the end of the 2021-2022 academic year dropped 7.4% from the prior annual period, according to the AICPA’s 2023 trends report.

“The battle for talent is increasing, making the need for more skilled accounting and finance talent even more pressing,” Hood said in a statement included in a press release. “How we address the needs of our finance teams today will better position us for tomorrow.”

The program, which combines the all-digital CGMA Finance Leadership Program and job training, grew to comprise 100 apprentices and 17 employers as of early December. The numbers spiked recently after a new large employer signed on to join the program who has already identified people to take 100 slots, doubling the number of apprentices, an AICPA spokesperson said in an email. The name of the employer has not yet been disclosed.

“We seem to be following the trajectory of growth we learned from other apprenticeship intermediaries: steady growth then a sharp increase,” Hood wrote.

The apprentices, who earn a paycheck while they participate, are partnered with an employer and take part in learning, mentorship and on-the-job training as well as regular check-ins with their cohort. The program is full-time and the employer both sets the wages and determines whether the job is remote, in–person, or hybrid although the learning is all online, according to Hood.

The participants are spread out across the country, although there is a concentration in Maryland where the program is registered and employers there are getting funding to cover instruction costs. It is also open to all ages and a range of experiences, with some companies using it to turn people without accounting and finance backgrounds into new finance team members.