This document summarizes a presentation given by Tom Hood on the changing landscape of the accounting profession and opportunities for career growth. It notes that technology is driving major changes in the industry, requiring accountants to become more adaptive to emerging trends. However, it also argues that demand for accounting services remains strong, with accounting job growth projected to be faster than average. It encourages embracing digital skills, anticipating changes, collaborating, lifelong learning, and focusing on the future to take advantage of new opportunities in advisory services and leadership roles in the evolving profession.
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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
5. âWe 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.â
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 âThe Internet ofThings andTransportationâ
8. Race Against the Machines?
Source: Frey & Osborne âThe Future of Employment â 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. âYou canât stop the waves, but
you can learn how to surf.â
â 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
Â
interna2onally
 report
Â
talent
 shortages
 in
Â
2015
Â
2009:
Â
30%
Â
Employment
 of
 accountants
 and
Â
auditors
 is
 projected
 to
 grow
 11
 percent
Â
from
 2014
 to
 2024,
 faster
 than
 the
Â
average
 for
 all
 occupa2ons
 â
 US
 Dept
 of
Â
Labor
 2015
Â
Accoun2ng
 and
 ïŹnance
Â
staïŹ
Â
#1
 in
 demand
Â
Â
#8
 in
 talent
 shortage
Â
Â
Â
Demand for Accounting is Strong
13. âąâŻ 2 of Top 10 Best Jobs (US News & World Report)
âąâŻ Top 20 Happiest Professions (Huff Post)
âąâŻ Top 10 in Demand Jobs/Hardest Jobs to Fill â
(Manpower Group)
And Career is Attractive
17. âThe real way it was in ïŹnanceâin the world I grew
up inâis we spent all our time looking backwardsâŠ
[Modern Finance and Accounting] is now itâs about
looking to the future.â â Safra Catz, CEO of Oracle
(formerly CFO)
18. CFO Ă ï COO Ă ï 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.
21. Top âSuccessâ Skills You need
NOW!
1.âŻCommunication
2.âŻWriting skills / memos
3.âŻCritical and strategic thinking
4.âŻAdvanced Excel skills
5.âŻTime management / organization
6.âŻPrioritization
7.âŻCollaboration
Source: MACPA â BLI research 2015
25. âąâŻ There is no plan
âąâŻ Hustle
âąâŻ Keep your L>C
âąâŻ Your network is your
net worth
âąâŻ Friend IBM Watson
âąâŻ Make a difference
26.
27.
28.
29. 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.
â 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) www.macpa.org
Business Learning Institute
(BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/