what's the future of accounting
DESCRIPTION
A recent study by Oxford put the accounting and auditing profession at a 94% disruption by technology. In addition the profession is facing the massive “shift change” as a new generation begins to take the reigns from the retiring baby boomers. Major shifts in leadership, learning, technology, generations, and the workplace are underway. Except this time it is different. This time the incoming shift will require a new set of skills and tools to continue the work of the prior shift. The cause of the shift change is the rapidly changing and complex hyper-competitive environment which has become the new normal. The key to managing this shift change is a very simple, but very big idea – develop your talent and Keep your L>C. Tom Hood shares his perspective on how the profession is responding and what you should be thinking about to position yourself for these changes ahead. As the second most influential person in the CPA Profession, Tom was involved in creating a vision for CPAs into the year 2025. That vision talks about how accounting professionals can move up the value chain and the skills you will need to grow and avoid disruption. Tom will share the latest research and real world experience with his work at the Business Learning Institute. Participants will learn about the latest trends and techniques to navigate this “shift change” as leaders of organizations and as individuals.TRANSCRIPT
WTF? WHAT’S THE FUTURE of Accounting?
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/
Download today’s slides at … www.SlideShare.net/thoodcpa
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THE FUTURE OF JOBS
We are in a race…!
It’s really a math problem…!
2006!
The Shift Change
1. Leadership!2. Learning!3. Technology!4. Generations!5. Workplace!
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
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Leadership (Next Gen)
The New Leadership Model
Tomorrow’s CPAs are: • Proactive • Flexible • Collaborative • Trustworthy • Future-focused • Balanced • Technological
Learning
Technology
Cambrian “Big Bang” Explosion
Generations
The Danger Zone
What is the #1 issue facing Global Companies Today?
What’s Keeping young CPAs up at night? 1. Not enough 2me 2. Being reac2ve vs. proac2ve 3. Talent development 4. Keeping up 5. Growth (and opportunity) 6. Doing more with less 7. Informa2on overload
http://cpa.tc/54s
11 things young professionals want you to know
1. More collabora2on. 2. More transparency. 3. Encourage ini2a2ve. 4. Focus on strengths. 5. Expect the unexpected. 6. Take 2me to save 2me. 7. Look beyond the billable hour. 8. Engage your team in your vision. 9. Be realis2c. 10. Train your staff and expect accountability.
11. Take a financial risk on leadership.
Workplace
Work is not a place, it is what you do. And… What you do while working
is fundamentally different.
WTF? WHAT’S THE FUTURE?
30 1,000 75,000
CPAs are trusted advisors who, combining insight with integrity deliver value by:
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Communica7ng the total picture with clarity and objec2vity Transla7ng complex informa2on into cri2cal knowledge
An7cipa7ng and crea2ng opportuni2es Turning insights into ac7on to transform vision into reality
CGMA Competency Framework
theBounce
CGMA Follows the Bounce!
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Disruption & Innovation Threat & Opportunity
What would Rita Say?
Rita McGrath, Columbia Business School!Author – End of Competitive Advantage!
“How would you think differently about your strategy if you knew your advantage might not last?”
Disruption and RONI���The gap is widening, faster!
Source: Clayton Christensen, “Innovation Killers”
We think this is trade-
off
In the long history of humankind (and animal kind, too) those who learned to collaborate and improvise
most effectively have prevailed – Charles Darwin
So What Does the Shift Change Really Mean?
Source: Deloitte Institutional innovation: Creating smarter organizations to scale learning
CO-P
Five Ways to Thrive in the Shift Change
1. Power of Vision, Purpose & Alignment 2. People - Strengths & Positivity (ROP) 3. Collaboration & Engagement 4. Learning & Development – L>C 5. Technology (RONI)
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“In a period of rapid change and increasing complexity, the winners are going to be the people who can LEARN faster than the rate of CHANGE and faster than their COMPETITION.”
-‐ Tom Hood, CPA.CITP.CGMA 7/24/14
Tom Hood, CPA.CITP CEO
Maryland Associa7on of CPAs Business Learning Ins7tute
(443) 632-‐2301 E-‐mail [email protected]
Web hTp://www.macpa.org hTp://www.blionline.org
Blog hTp://www.cpasuccess.com