Is accounting ripe for disruption? Despite some great bright spots, the profession was recently ranked as the second most likely to be disrupted by the Economist magazine. Tom Hood talks about the shift change and the bright spots and challenges facing our CPA Profession in the future. He concludes with the skills needed to navigate and turn these disruptive threats into major opportunities. The old 80's party tune from Timbuk 3 aptly describes the state of the accounting profession in 2014 - "The future's so bright, I gotta wear shades." Accounting was ranked as the third best career by a US News and World Report's Best Jobs issue in 2014. With an unemployment rate of half the national average (3%) and a growth rate of 13% for the next ten years according to the U.S. Bureau of Labor Statistics most recent report, demand for accounting professionals is at an all time high and projected to continue into the future. This presentation covers the current state of the accounting profession and includes research about the future from the AICPA CPA Horizons 2025 Project. For more information on strategic planning, curriculum development and training on the new skills (success skills) needed see our website at http://www.blionline.org

1. State of Accounting
Tom Hood, CPA, CITP, CGMA
April 30, 2014
Prepared for:

2. 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
! Named the Second Most Influential in Accounting
by Accounting Today Magazine 2013
! 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/

4. The future of accounting is bright – accounting students from six
Maryland universities at MACPA – NABA event
http://cpa.tc/4aa

5. Expects a 13% growth rate in
accounting and auditing jobs from 2012
to 2022

6. # 3
2014

7. CPA credential in high demand!
Source: Wall Street Journal, 8/13/13
Employers: Most desired credential
Solid salary growth
Entry-level demand also strong
Robert Half 2014 Salary Guide

8. The CPA Brand
The

10. THE FUTURE OF JOBS

11. We
are
in
a
race…!

12. Caused by this guy…!

13. It’s really a math problem…!
2006!

14. The Shift Change
1. Leadership!
2. Learning!
3. Technology!
4. Generations!
5. Workplace!

15. The challenge
opportunity is to make the
shift from the first curve to
the second curve at the
right time and with the
right strategy

16. We live in a transformational time. In the next five years,
guaranteed, we're going to transform – not change, but
transform – how we sell, how we market, how we
communicate, collaborate, innovate, train, educate.

17. www.blionline.org/rita
Top Five Issues Facing CPA firms
Source:AICPA PCPS

18. www.blionline.org/rita
Top Five Issues Facing CPA firms
Source:AICPA PCPS

19. www.blionline.org/rita
1. Doing more with less
2. Keeping pace with Health Care Reform
PPACA
3. Uncertainty – Economic, Political,
Regulatory
4. Competition and Cash Flow
5. Succession and talent development
Top Five Issues Facing CFOs

20. What would Rita say?
! Competitors and customers have
become too unpredictable, and
industries too amorphous.
! The forces at work here are familiar: the
digital revolution, a “flat” world, fewer
barriers to entry, globalization.
! To stay ahead, they need to constantly
start new strategic initiatives, building
and exploiting many transient
competitive advantages at once.
! Though individually temporary, these
advantages, as a portfolio, can keep
companies in the lead over the long run.
Innovate often, decide quickly, succeed or fail, repeat
Rita McGrath, Columbia Business School!
Author – End of Competitive Advantage!

21. Cambrian “Big Bang” Explosion

22. One out of five organizations has discovered a secret
source of competitive differentiation. It allows them to
serve customers in new ways and reimagine their
business models. It can help surface valuable insights
from their data and transform how they make
decisions. It enables them to tap expertise from across
their entire ecosystem.And one more thing: It helps
these Pacesetters grow revenue and gross profit faster
than other organizations.What’s their secret?
It’s cloud computing -– their engine for growth.
Source: IBM Report – Under Cloud Cover – How Leaders are
Accelerating Competitive Differentiation

23. How can we escape the “pull of the past”?
From: Systems of Record
To: Systems of Engagement

24. www.blionline.org
• Identify Competencies
• Career Path (Ladder)
• Curriculum
• Cloud Learning
Our approach –The Four C’s
The right talent with the right skills at the right time

25. theBounce

26. www.blionline.org

27. Anticipation is showing up across
our Profession
CFO
Roundtable,
Gov’t
CPAs
Biz
Ind
Roundtable

28. Now what: The New Strategy
Playbook
• Continuous Reconfiguration
• Healthy Disengagement
• Deft Resource Allocation
• Innovation Proficiency
• Discovery Driven Mindset
• Entrepreneurial Career
Management
www.blionline.org/ritaSource: Rita McGrath

29. Tom
Hood,
CPA.CITP
CEO
Maryland
Associa8on
of
CPAs
Business
Learning
Ins8tute
(443)
632-­‐2301
E-­‐mail
tom@macpa.org
Web
hNp://www.macpa.org
Blog
hNp://www.cpasuccess.com
Blog
hNp://www.bizlearningblog.com
Follow
me
on:
ü
TwiCer:
hCp://www.TwiCer.com/tomhood
ü
LinkedIn:
hCp://www.linkedin.com/in/tomhood
ü
Facebook:
hCp://www.facebook.com/thoodcpa
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