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FAST FORWARD Building the Profession of Tomorrow

FAST FORWARD Building the Profession of Tomorrow

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FAST FORWARD Building the Profession of Tomorrow

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  1. FAST FORWARD Building the Profession of Tomorrow Assessing the External Environment Lawson Carmichael Senior Vice President – Strategy, People, & Innovation Spring Council | May 18-20, 2014

  2. Questions for consideration • What risks and opportunities to the profession exist as a result of shifting economics and globalization? • What challenges and opportunities for CPA firms and industry are created by technology’s increasing impact on compliance-related services? • As a leader in the profession, what are your three main conclusions from the Future of Learning report? • What other trends present significant risks and opportunities for the profession?

  3. Emerging markets will outpace mature economies, but both will begin to slow Source: The Conference Board, McKinsey

  4. Large shifts will occur in key markets USA 1.7% 2.3% 2.4% EU 1.1% 1.3% 1.4% India 3.6% 4.4% 4.8% China 3.5% 5.9% 7% Latin America 2.7% 2.9% Middle East 2.0% 2.9% South East Asia 4.2% 4.6% 4.8% 0% 4% 8% 2014 2019 2025 Source: The Conference Board, McKinsey

  5. By 2025, emerging regions will headquarter 46% of $1B+ companies Source: McKinsey, Oxford Economics Research

  6. More small and medium-sized enterprises (SMEs) will operate in global markets 2014 2017 Source: International Trade Administration

  7. More SMEs will generate revenue from global markets 2014 2017 Source: International Trade Administration

  8. The accounting profession is poised for increased ethnic diversity… Workforce CPAs Acct Grads All Grads Source: AICPA, UNC

  9. …as well as gender diversity… 59% 52% 48% 41% Source: AICPA, UNC

  10. …and generational challenges still exist (projected) Source: AICPA

  11. New technologies give rise to new revenue opportunities and disruptions Wearable computing Big data Predictive analytics Biometrics Expectations Cognitive analytics 3D printing Cloud Time Innovation trigger Trough of disillusionment Plateau of productivity Peak of inflated expectations Slope of enlightenment Source: Gartner

  12. Financial regulations are increasing, but public trust is still low • Number of financial regulations increasing • Enforcement and compliance costs skyrocketing • Trust in the financial industry remains low Source: Heritage Foundation, Thomson Reuters

  13. Advisory and specialty services driving growth within public accounting …and advisory services offer growth opportunities Core accounting services remain the central focus… Revenue $94B Source: IBISWorld

  14. The evolution of management accounting drives a need for learning and development Traditional responsibilities Emerging responsibilities Data Capture Reports Analysis Insight Influence Impact Decision • Three key needs of finance organizations • Act as a strategic business partner • Provide insights from increasing volumes of data • Operate in a globalized world` Source: CIMA, AICPA

  15. Businesses will find it increasingly difficult to attract, retain, and develop their people • Employment “branding” more strategic than ever • Retention worries reappear • Generation Flux workers well positioned to thrive in dynamic work conditions Source: PwC,

  16. Questions for tabletop discussions • What risks and opportunities to the profession exist as a result of shifting economics and globalization? • What challenges and opportunities for CPA firms and industry are created by technology’s increasing impact on compliance-related services? • As a leader in the profession, what are your three main conclusions from the Future of Learning report? • What other trends present significant risks and opportunities for the profession?

  17. 2014 AICPA Spring Council Scottsdale, Arizona May 18-20, 2014