Impact Of Diversity In Accounting Profession

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THE PROFESSION’S IMAGE PROBLEM The U.S. Bureau of Labor Statistics has projected a 16% increase in the number of accounting jobs from 2010 to 2020 while the AICPA has similarly suggested that demand for new accounting graduates will be higher for 63% of CPA firms in the nation. With a bright outlook such as this, the accounting profession should appear more attractive to younger generations who are seeking a promising career path. Despite this, the challenge to promote diversity in the profession remains. Richard Caturano, former Chairman of the AICPA, highlighted this difficulty when he said: “It’s not like nobody has worked on this or people haven’t done a good job. I know people have spent a lot of time on it. We just haven’t had good results, so something has to change.” (Tysiac) The greatest barrier to attracting, retaining, and promoting diversity is the profession’s image problem. Awareness of the Profession Misconceptions about accounting as a career are counteracting diversity efforts by the profession. The Howard University study on Attracting Underrepresented Minorities to the Accounting Profession reveals that students, and those who significantly influence their decisions, generally hold the profession in a low …show more content…

Lack of diversity at the top in management poses a disproportionate challenge, contributing to diminishing retention numbers. In 2012, professional staff at CPA firms were composed of 75% Caucasian, 4% African American, 5% Hispanic and Latino, and 15% Pan-Asian. The number of ethnic partners in CPA firms displayed similar trends of Caucasian dominance: 90% Caucasian, 2% African American, 2% Hispanic and Latino, and 5% Pan-Asians. Women have also faced difficulties with advancement in the profession. In 2012, women comprised 44% of professional staff and only 19% of partners.

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