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An Accounting Career: Big Waves of Change and Oceans of Opportunity

  1. An Accounting Career: Big Waves of Change and Oceans of Opportunity Tom Hood, CPA, CITP, CGMA CEO Maryland Association of CPAs Business Learning Institute Prepared for Beta Alpha Psi Atlantic Coast Regional Meeting March 18, 2016
  2. Inducted into Salisbury University Chapter of Beta Alpha Psi on May 19, 2011 Awarded outstanding alumnus by Loyola College BAP on April 18, 2012
  3. The Differential Salary for a CPA versus Accountant is $1 million over a career
  4. Big Waves of Change
  5. “We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before.”
  6. Borrowed from the US Army War College,VUCA was coined byThe Institute for the Future to describe the rapidly changing and complex business environment since the Great Recession of 2008.
  7. Technology is #1 HardTrend Source: Miovision July 17, 2013 “The Internet ofThings andTransportation”
  8. Race Against the Machines? Source: Frey & Osborne –The Future of Employment – Oxford University
  9. Source: CPA.COM Insight into the CPA of the Future Study 2014 92% of CPAs are NOT Future Ready Future Ready is the capacity to be aware, predictive, and adaptive of emerging trends, innovations and changes in business, population, and the social environment.
  10. “You can’t stop the waves, but you can learn how to surf.” – Jon Kabat Zinn Oceans of Opportunity
  11. 91% Of firms expect to continue record hiring levels 11% Projected accounting job growth between 2014 and 2024 Demand for Accounting is Strong And according to the DOL BLS, faster than the average for all occupations
  12. References: US Department of Labor, Manpower Group Talent Shortage 2015 38%  of  employers   interna2onally  report   talent  shortages  in   2015   2009:   30%   Employment  of  accountants  and   auditors  is  projected  to  grow  11  percent   from  2014  to  2024,  faster  than  the   average  for  all  occupa2ons  –  US  Dept  of   Labor  2015   Accoun2ng  and  finance   staff   #1  in  demand     #8  in  talent  shortage       Demand for Accounting is Strong
  13. •  2 of Top 10 Best Jobs (US News & World Report) •  Top 20 Happiest Professions (Huff Post) •  Top 10 in Demand Jobs/Hardest Jobs to Fill – (Manpower Group) And Career is Attractive
  14. # 1 Most Profitable industry according to Sageworks # 1 In small/mid-size business growth rates averaging 12% in 2016 Demand for Accounting is Strong
  15. The Rise of the #DigitalCPA Shift fromTangibles to Intangibles
  16. Advisory Services Lead Growth
  17. “The real way it was in finance—in the world I grew up in—is we spent all our time looking backwards… [Modern Finance and Accounting] is now it’s about looking to the future.” – Safra Catz, CEO of Oracle (formerly CFO)
  18. CFO à COO à CEO There is a growing trend in CFOs moving to new roles as COOs and even CEOs as they lead business transformation.
  19. Six Steps to Ride the Waves 1.  Embrace Digital. 2.  Anticipate. 3.  Collaborate. 4.  Learning as the next competitive advantage. 5.  Protect the Core (Purpose &Values). 6.  Make time for the future.
  20. Top ‘Success’ Skills You need NOW! 1. Communication 2. Writing skills / memos 3. Critical and strategic thinking 4. Advanced Excel skills 5. Time management / organization 6. Prioritization 7. Collaboration Source: MACPA – BLI research 2015
  21. MACPA Student Leadership Academy – teaches students critical ‘success skills.
  22. My career - A long and winding road… Son of Balto City Policeman wanted to be an FBI agent...To 2nd Most Influential Person in Accounting
  23. Rebecca Brown & Kimberly Ellison-Taylor
  24. •  There is no plan •  Hustle •  Keep your L>C •  Your network is your net worth •  Friend IBM Watson •  Make a difference
  25. If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today Tom Hood, CPA, CITP, CGMA CPA Practice Adviser Accounting Hall of Fame Named the Second Most Influential in Accounting by Accounting Today Magazine 2015 Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR by HR Examiner Top 25 Public Accounting Thought Leaders by CPA Practice Adviser Working on Learning Management with AICPA/ CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations CEO Maryland Association of CPAs (MACPA) Business Learning Institute (BLI)