Accounting
The MP Elite on stacking the pipeline
Accounting’s top managing partners are doing what they can to ensure there will be new generations of people they can lead — and tap to succeed them — in the coming years.
For all eight of this year’s MP Elite honorees, the strategies for solving the pipeline problem fall into a few general categories. And they also span a timeline from immediate application to long-term planning.
As stated by Sikich CEO Christopher Geier: “To address the shortage of people entering the accounting field, the profession needs to undertake a comprehensive and forward-thinking approach. This strategy should not only tackle immediate perception issues but also lay the groundwork for long-term sustainability and appeal.”
Public perception
The MP Elite agree that a good start for the accounting profession is better branding.
For RKL CEO Edward Monborne, this translates into creating “compelling narratives and marketing communication efforts that shift perceptions of the old accounting model to the exciting possibilities that exist in today’s dynamic advisory environment.”
“The accounting profession faces a significant challenge in how it’s perceived, particularly by younger generations,” said Geier. “To combat this, we need to launch a multi-tiered education and awareness campaign.”
Geier’s proposed campaign includes two parts:
- Start early. “Introduce the exciting aspects of accounting careers to high school students. This could involve interactive workshops, guest speakers from diverse accounting backgrounds and hands-on projects that showcase the analytical and problem-solving nature of the profession.”
- Highlight diverse career paths. “Demonstrate that accounting is not just about numbers, but about strategic thinking, leadership, and driving business decisions. Showcase success stories of CPAs who have become CEOs, entrepreneurs and influential board members.”
Aaron Dawson, CEO of Opsahl Dawson & Co. Advisors, is also well aware his firm is on the front lines of combatting outdated notions of accountants.
“We believe that CPA firms have an image problem,” he explained. “There are several things that we’re doing to keep the image of public accounting enthusiastic.”
Among those is an involvement with the firm’s local colleges, including WSU Vancouver — Washington State University where firm members attend career fairs, speak at their classes, and invite students to the office to immerse them in the possibilities of an accounting career.
Closer partnerships
Dawson emphasized that the relationships with these educational institutions span longer than the duration of a career fair.
“We also make it a priority to stay connected with the faculty and the administration because we need to be well known not just at the student level, but at every level,” Dawson said. “That visibility is good not only for our firm but for our profession as a whole.”
His fellow MP Elite honorees agreed that educational partnerships are key to attracting future accountants.
“Partner with universities and colleges to offer programs that build a robust pipeline of candidates, such as the partnership we’ve fostered with several area colleges to offer onsite externships,” said Monborne.
Bartlett, Pringle & Wolf hosts a “Discover BPW” day for local college students majoring in economics and accounting, according to managing partner Eileen Sheridan. “This initiative allows us to connect with accounting students, explaining our work and generating enthusiasm for the field,” she said. “The day is filled with activities, community service, tours and interviews, making it engaging and informative for all involved.”
Additionally, Bartlett, Pringle & Wolf offers a comprehensive intern program for junior and senior students.
Al-Nesha Jones, founder at ASE Group, also fosters these early relationships.
tamara fleming photography
“I mentor graduate students in Montclair State University’s accounting program, providing essential guidance for their transition into the profession,” she explained. “Additionally, we offer paid internships to give students practical, hands-on experience.”
Geier is also a proponent of university involvement: “Work closely with accounting programs to ensure curricula are aligned with industry needs and showcase emerging specialties like data analytics, sustainability accounting and cybersecurity risk management.”
More (career and licensure) flexibility
Speaking of specialties, the MP Elite stressed the importance of publicizing the diverse career paths available in accounting.
“Be open to creating career paths in adjacent professional areas like data analytics, cybersecurity, M&A and more,” Monborne advised firms.
Jay Rammes, managing director at Barnes Dennig, would agree, as a proponent of “investing in [talent] and showing them a path that’s challenging and rewarding. And as the firm grows, we’re continually creating new career paths and new opportunities for growth.”
Firms should also promote the aspects of accounting that go beyond career trajectories, according to Geier, who listed a few areas younger employees prioritize — so firms should, too:
- Industry impact and purpose, as “today’s professionals, particularly younger generations, seek careers with meaning and impact.”
- Economic influence: “Clearly articulate how accounting plays a crucial role in local, national, and global economies, driving growth and stability.”
- Social responsibility.
- Personal values.
In addition to firms offering more options in professional development, many MP Elite agreed the profession as a whole could follow suit by loosening up CPA exam requirements.
“Revise the 150-hour requirement,” urged Geier. “Consider replacing part of this with relevant work experience, allowing for a more practical and appealing route to qualification.”
Additionally, he recommended integrating technology and AI into the exam.
Technology investment
Technology as a whole was oft-mentioned by the MP Elite as a big attraction for the next generation.
Carla McCall, who in addition to being managing partner at AAFCPAs is the chair of the American Institute of CPAs, advocates for technology integration and the evolution of the accounting business model to better promote accounting careers.
“We are super excited about how automation is changing our industry, and it can’t come fast enough,” says Carla. “This is such an exciting time to be in our profession, and we hope our young professionals realize the amazing opportunities there are to be a part of this shift, which is creating even more diversity of work and leadership opportunities.”
Monborne urges firms to “invest in innovation and technology to drive better efficiency by leveraging AI, data analytics and blockchain.”
And Geier advocates for firms to “provide ongoing training in emerging technologies and data analysis techniques to keep the workforce at the cutting edge.” They should also better showcase their innovation, he added: “Highlight how technology is transforming the role of accountants from number crunchers to strategic advisors and decision-makers.”
Cultural fit
Of course, as any good leader of any good firm would say, culture is of paramount importance to attracting the right people. And integral to any great culture is an environment of inclusion.
Photo by NicoleConnolly.com
In her inaugural address as incoming AICPA chair, McCall emphasized the importance of diversity, equity, inclusion and belonging as key elements to growing the pipeline.
These efforts are part of McCall’s “broader goal to push the needle of progress and continue the work of past AICPA Chairs in driving diversity and inclusion within the profession.”
This should begin early, according to Monborne, who advises: “Invest in inclusive recruiting practices that build pipelines within underrepresented groups.”
“Actively engage with minority schools and underrepresented communities to showcase accounting as a viable and rewarding career path,” said Geier.
For Jones, inclusivity is intertwined with flexibility.
“The accounting profession should address the pipeline problem by focusing on mentorship, flexible career paths and inclusivity,” she said. “Engaging students early through educational partnerships and offering practical, real-world training can spark interest in the field. Creating flexible, remote work opportunities and fostering inclusive environments will make accounting careers more attractive to a diverse range of individuals. Actively working to eliminate the stereotype that our industry has been plagued by for decades (that successful accountants are burned out accountants) requires a collective effort and can be achieved through support networks, mentorship and even public awareness campaigns to showcase our impact on the economy as a whole, and how rewarding and versatile an accounting career can be.”
Rammes also emphasized flexibility. “It’s understanding what new generations of talent are looking for in their careers and meeting them where they are,” he explained. “Flexibility is huge, and by that I don’t mean remote work though that’s part of it. Talent just entering the field wants to be in the office at least part of the time, learning and building relationships, and we’re leaning into that while emphasizing true flexibility that enables people to effectively balance their personal and professional lives with reduced stress and greater peace of mind.”
At ASE Group, Jones, like her fellow 2024 MP Elite, practices what she preaches: “We intentionally create a desirable, people-first work environment with remote work options, a year-round four-day work week, and comprehensive benefits like 401(k) matching, bonuses and paid time off for all team members.”
Even with all their proposed ideas, the MP Elite acknowledged the pipeline problem remains an urgent one without simple solutions.
“The pipeline is such a systemic problem, and I don’t know that we have a solution for it as an industry yet,” said Rammes. “While we work together to solve it — and we have a long history of solving the toughest challenges — we have to keep moving forward, testing new ideas and scaling what works.”
The Securities and Exchange Commission is already making plans in the event that the massive tax bill now moving through Congress ends up shifting the Public Company Accounting Oversight Board’s duties to the SEC.
In late May, the House
“I guess as an initial matter, certainly, we are aware of the proposed legislation that is both in the House and the Senate as part of the budget reconciliation bill,” said SEC acting chief accountant Ryan Wolfe during Financial Executives International’s SEC and Financial Reporting Conference at the University of Southern California’s Leventhal School of Accounting. “I think from the staff perspective, where we’re assisting the Commission, it’s important that we are thinking about these issues, are monitoring and are prepared as the potential for these bills to move forward would result in the Commission having new statutory responsibilities. Specifically with respect to standard-setting and inspections, the enforcement authorities would also transfer, but we already have shared jurisdiction with respect to those activities.”
He noted that the SEC has been hearing a great deal of feedback about it across the spectrum.
“I would observe that one thing that I hear, I don’t want to say universally, but quite consistently, is the importance or the overall ecosystem of the three major programs that the PCAOB engages in, being standard-setting for auditors, inspections of auditors to evaluate the compliance with those standards, and similarly, the enforcement function,” said Wolfe. “And so I think that these are incredibly important objectives that will continue regardless, which is just to say, without providing any significant details, that we’re aware of it and we are working on those issues.”
On the other hand, the SEC’s Office of Chief Accountant is prepared in case the provision gets dropped from the final bill.
“But in the event that that would not go forward, the OCA’s assistance with the Commission and the oversight of the PCAOB will continue regardless,” said Wolfe.
He also pointed to the importance of continuing standards such as the
Panel moderator Mark Kronforst, a partner at Ernst & Young, pointed out that SEC chair Paul Atkins said during a recent congressional hearing that despite a recent 15% reduction in staff at the SEC, there would still be room in the budget for the PCAOB under the legislation.
Another SEC official also acknowledged the recent reduction in the staff during a later panel discussion.
“Certainly, there has been a reduction in the federal workforce and the Commission, the SEC, has been no exception to that,” said Gaurav Hiranandani, acting deputy chief accountants at the SEC. “Many of the talented staff at the Commission have decided to retire or have sought opportunities outside of the commission. Within OCA, we have also seen some talent depart, some longstanding staff.” He noted that some of the speakers at last year’s conference are among those who left.
Financial Accounting Standards Board chair Richard Jones also spoke at the conference and discussed the progress that FASB has been making on its standard-setting.
“A couple years ago, we comprehensively reset our agenda,” he said. “We did robust stakeholder output to really ask an open-ended question of what should be the FASB’s priority, and what you’ve seen over the last couple of years is us executing on that revised agenda. If you pull up our technical agenda today, you’ll see there are 12 projects on our technical agenda. Of those 12 projects, five of those have been voted out by our board to proceed to final standards. Five of those are in redeliberations, meaning that we’ve already issued an exposure draft, we’ve gotten great input from our stakeholders, and our board will be redeliberating to decide what direction to go forward on those standards. We voted to move forward with an exposure draft on another standard, so that’s 11 of the 12. If you follow those through, and you follow a plan of execution on those standards, it’s very reasonable that we could complete substantially all the projects on our agenda at or about the end of this year.”
U.S. accountants who advise small and midsized businesses are feeling less confident this year, according to a new survey.
The
Between January and April, the net sentiment among accountants swung from a positive 19% to a negative 39%. Initially, nearly half (47%) of advisors foresaw improving conditions. But by April, only 25% held this view, with nearly two-thirds (64%) expecting worsening economic environments. The shift signifies growing apprehension across Main Street accounting firms serving as advisors on tax, payroll and compliance decisions amid a backdrop of historic tariff actions, continued inflation and unpredictable tax and trade policies.
Accounting advisors pointed to the top issues impacting their clients, with 61% citing inflation, costs and pricing; 60% naming tariffs and trade impacts and uncertainty; 59% pinpointing unease around new tax legislation; 42% identifying ongoing labor supply and wage issues; and 37% citing technology and AI adoption as a priority.
“Accountants are sounding an urgent alarm,” said CPA Trendlines founder Rick Telberg in a statement Wednesday. “They’re advising SMBs to conserve cash, curb discretionary expenses, and resist taking on unnecessary debt. Amid volatility in tariffs, inflation, and complex tax legislation, SMBs face serious barriers to strategic growth and operational stability.”
According to the accountants polled, the biggest challenges facing SMBs are hiring and retaining talent (60%), keeping pace with technology (55%), and managing rising costs (52%). The added strain of tariffs has handicapped SMBs’ adaptability and agility, which is typically their key advantage over larger competitors.
Other challenges include adapting to disruption (35%), meeting evolving customer expectations (32%), and managing product costs (29%).
Accountants feel the most confidence in their professional services sector — including doctors, lawyers and other professionals — with 60% believing this sector will thrive during a downturn. Not far behind that is the technology sector, where 57% of accountants expressed confidence driven by strong demand for digital solutions and AI that boost operational efficiency and resilience. And the oil, energy and mining sectors show 39% of respondents optimistic due to recent spikes in supply and demand for these resources.
On the other hand, farming (6%), franchising (3%), and arts and entertainment (2%) are seen as the most vulnerable sectors. These sectors depend heavily on broader economic performance, and the recent tariffs have further strained their growth and output.
Firms are encouraging clients to monitor their burn rates, cut overhead and avoid unnecessary borrowing. AI and automation are also important as survival tools amid labor shortages and pricing pressure.
“This year’s survey underscores a critical moment for the SMB business sector,” said Sona Akmakjian, head of global strategic accountant partnerships at Avalara, in a statement. “Accountants are urging businesses to fortify themselves against ongoing economic turbulence by sharpening their operational focus, adopting intelligent technology, and carefully managing resources. Clients are, more than ever, relying on the accretive business acumen and advisory skills of their trusted advisor for guidance through historic headwinds and uncertainty.”
The 2025 Accountants Confidence Report
Republican senators are considering placing a $30,000 cap on the state and local tax deduction as a compromise between current law and the more generous limit in the House’s version of President Donald Trump’s tax bill, a key GOP negotiator said.
Senator Thom Tillis, a moderate Republican involved in the talks, said Republican senators are trying to reduce the House-passed $40,000 SALT limit to at least $30,000.
Republican senators are meeting behind closed doors Wednesday afternoon to discuss the details of the bill, which the Senate is aiming to pass later this month.
SALT was a core issue in the House, where Republicans from high-tax states like New York, New Jersey and California threatened to block the bill without a substantial increase to the current $10,000 SALT cap.
House Speaker Mike Johnson has warned senators to make as few changes as possible to the House’s SALT deal. But SALT isn’t a concern in the Senate, where there are no Republicans representing states where the deduction is a political priority.
“It’s hard because we don’t have any senators from SALT states,” said Republican Senator Markwayne Mullin. “We are searching for a compromise.”
Mullin said he has already spoken on the issue with New York Republican Mike Lawler, a key proponent of the increased SALT cap.
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