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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
Inducted into Salisbury University Chapter of
Beta Alpha Psi on May 19, 2011
Awarded outstanding alumnus by Loyola
College BAP on April 18, 2012
The Differential Salary for a CPA versus
Accountant is $1 million over a career
Big Waves of Change
“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.”
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.
Technology is #1 HardTrend
Source: Miovision July 17, 2013 “The Internet ofThings andTransportation”
Race Against the Machines?
Source: Frey & Osborne –The Future of Employment – Oxford University
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.
“You can’t stop the waves, but
you can learn how to surf.”
– Jon Kabat Zinn
Oceans of Opportunity
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
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
•  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
# 1
Most Profitable
industry
according to
Sageworks
# 1
In small/mid-size
business growth
rates averaging
12% in 2016
Demand for Accounting is Strong
The Rise of the #DigitalCPA
Shift fromTangibles to Intangibles
Advisory Services Lead Growth
“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)
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.
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.
An Accounting Career: Big Waves of Change and Oceans of Opportunity
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
MACPA Student Leadership Academy – teaches students
critical ‘success skills.
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
Rebecca Brown & Kimberly Ellison-Taylor
•  There is no plan
•  Hustle
•  Keep your L>C
•  Your network is your
net worth
•  Friend IBM Watson
•  Make a difference
An Accounting Career: Big Waves of Change and Oceans of Opportunity
An Accounting Career: Big Waves of Change and Oceans of Opportunity
An Accounting Career: Big Waves of Change and Oceans of Opportunity
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) www.macpa.org
Business Learning Institute
(BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/

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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
  • 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.
  • 21. 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
  • 22. MACPA Student Leadership Academy – teaches students critical ‘success skills.
  • 23. 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
  • 24. Rebecca Brown & Kimberly Ellison-Taylor
  • 25. •  There is no plan •  Hustle •  Keep your L>C •  Your network is your net worth •  Friend IBM Watson •  Make a difference
  • 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. – 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/