Develop winning talent with an apprenticeship
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Develop winning talent with an apprenticeship

3 months ago · 3 min read · AICPA Insights Blog

The AICPA® Registered Apprenticeship for Finance Business Partners is now live. Teaming up with financial powerhouses, including Aon, today’s apprenticeships reimagine talent pools and enhance companies’ recruitment strategies.

As there are now more entry-level finance and accounting jobs than candidates, attracting new talent has never been more crucial. An apprenticeship program can help.

Learn how.

Much like a well-run professional sports team, ending up with the best talent comes down to spotting potential talent before others do. By developing homegrown talent in-house, the rewards can be significant for both employee and employer.

Minor league baseball teams field young and talented players committed to developing their craft and hoping to be successful at a high level. Soccer behemoths like Barcelona and Liverpool FC are renowned for developing young talent within their academies in the hopes of watching their market value rise as adults.

The now-live AICPA® Registered Apprenticeship for Finance Business Partners operates much like a minor league, providing apprentices with on-the-job training, mentorship, and a path to the Chartered Global Management Accountant® designation by allowing apprentices to study the Financial Leadership Program to build well-rounded firms

The apprenticeship program, explains Scott Kellam, senior manager, CGMA Learner Success — Americas at the Association of International Certified Professional Accountants (the Association), helps develop a firm’s minor league: “You’re developing employees from the inside. You’re creating a strong bench that provides for the rest of the organization from a talent perspective. You find the driven candidates early.”

Apprenticeships develop new talent, making up for a dwindling talent pool

Talent pools are dwindling, and employees are more mindful about where they want to work and what they want in a potential employer. According to Randstad, there are now more entry-level jobs for accounting majors in the U.S. than applicants, with 228k entry-level positions posted and only 125k accounting graduates to fill them.The finance profession also has stringent skill-set requirements that can create significant hiring barriers.

Apprenticeships can help. They’re the ultimate talent pathway management tools, providing organizations with the ability to develop an organic workforce catered to their business needs while simultaneously improving recruitment long-term.

The apprentice builds the skills and competencies needed by the organization. They can then pass on their expertise to the next generation of apprentices, creating a more homegrown, intimate workforce built on shared experiences, trust and loyalty.

From unearthed rookies to major league stars

Admittedly, success in sports also comes down to shelling out millions in established talent. Yet buying success and building success are not mutually exclusive. One is a short-term solution, the other a sustainable, cost-effective strategy.

Let’s go back to Kellam’s minor league baseball analogy: Teams are fielded with young and talented players committed to developing their craft and will hopefully be successful at a high level.

A prudent, professional soccer team operates similarly in the hopes of watching their developed talent’s market value rise as adults.

The simple mindset shift from finding already qualified talent to building talent through an attractive apprenticeship program could solve some of the hiring challenges that accounting and finance departments continually face.

And it’s a two-way street. Apprentices feel invested, are more likely to stay at the organization and feel encouraged to develop their craft. Recent figures showed that93% of apprentices remained on the job after their apprenticeships.

Rejuvenate the workplace

Apprentices can help with a company’s decision-making. Apprentices come from all walks of life and can offer ideas outside traditional company circles. An apprentice could even provide a unique business solution or connect with a market segment that previously seemed out of reach.

Cultivating a stronger team ethos can also be achieved through the program’s mentorship framework, with mentors learning greater leadership and decision-making skills by helping their assigned apprentice.

Hit the ground running

AICPA® Registered Apprenticeship for Finance Business Partners apprentices complete the Finance Leadership Program (FLP) while gaining finance and accounting experience at a leading firm. Kellam says their newfound skills and abilities help them hit the ground running. They can apply their knowledge immediately, helping create a self-starting workforce.

“There’s no waiting period for how quickly someone could contribute to an organization,” says Kellam, because skills can be immediately applied. “Provide a work culture with career opportunities, and you’ll find yourself hiring within your local communities where people want to stay and grow.”

With the implementation of the AICPA® Registered Apprenticeship for Finance Business Partners, you can create your minor league team and cultivate empowered future finance professionals.

Contact us to have your questions answered.

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