Unlike the WNBA or Stanley tumblers, the accounting profession has fallen out of style, resulting in a certified public accountant (CPA) talent shortage. Many young professionals don’t see a CPA career as an appealing option because of its professional reputation as an analog learning, demanding career with limited growth opportunities.

In fact, the number of graduates earning a bachelor’s degree in accounting plunged another 7.4% in 2022, marking a six-year downward trend. Firms of all sizes are scrambling to fill positions due to the lack of qualified talent but the middle market has been hit the hardest in recent years.

So how can mid-market firms entice not just proficient, but passionate candidates in the door — and then, create an irresistible employee experience so that talent wants to stay? The most forward-thinking firms cultivate a culture of continuous learning and development (L&D) to attract new talent and keep current employees engaged.

Captivating New Hires With Continuous L&D

Research shows that employee engagement is key to both attracting and retaining talent. Organizations can foster engagement and demonstrate a level of care for employees that drives loyalty with a robust L&D program.

Data from LinkedIn shows that 70% of workers feel that learning improves their connection to their organization. This rings especially true for younger workers since nearly one-quarter of Gen Z employees (23%) cite a lack of learning opportunities as a reason to leave their jobs.

With L&D initiatives, businesses can reskill and upskill current talent to ensure long-term viability with the business, setting up the next generation of firm leadership for success. An employee gaining new skills today could potentially be a future firm partner.

Despite this obvious need for L&D, many mid-market accounting and advisory firms are reluctant to invest in such programs, but that hesitancy is shortsighted. While it’s true that developing and maintaining comprehensive L&D programs incurs upfront investment and dedicated resources, the long-term benefits are imperative to future-proofing their businesses.

Tips for Developing a Learning Culture

L&D initiatives can shift the highly-regulated finance and accounting industry toward becoming a more welcoming culture that prioritizes employee growth. Mid-market firms that invest in L&D are investing in their future — one where employees have the skills and opportunities to grow with the organization and are always primed to put their best, most engaged foot forward. To help jump-start a work environment that leads with learning, consider the following ideas:

• Move away from one-size-fits-all learning. Instead, offer a variety of learning modalities, like micro-learning and in-person classes, to cater to different learning preferences. Online learning platforms, mobile apps or gamification elements are some options. This variety is particularly important for Gen Z professionals who are digital natives. Meet them where they are — their devices.

• Firm partners must be all in. Managing partners need to lean in and actively champion the importance of L&D, not just be passive program observers. Support might look like participating in training programs themselves, allocating additional resources to the cause or recognizing employees who actively participate in learning.

• Mind the (skills) gap. Your L&D initiatives need to be relevant to the firm’s current and future needs and market demands. Conduct needs assessments to understand the skills and knowledge gaps within your workforce by engaging directly with them. Aligning L&D programs with employees’ needs can make them feel heard and empowered to use their new skills to address your client’s real-world challenges.

• Champion a culture of continuous learning. By shifting the sole focus from traditional accounting continuing professional education (CPE) classes and compliance training to adding a more well-rounded curriculum that allows for dynamic skills development, firms actively encourage employees to see themselves as lifelong learners. Celebrate the cultivation of employees’ growth mindsets by extolling achievements through recognition programs and highlighting success stories.

• Frame the big picture. Clearly communicate the connection between L&D efforts and the firm’s overarching goals. Employees are more likely to be engaged in learning if they see how it contributes to the overall success of the firm and their place in that future growth.

While there is no way to guarantee an L&D culture will reinvigorate young people’s interest in the CPA profession, there are significant benefits beyond the opportunity for continuous L&D. For example, many young people are drawn by the siren song of tech startups, but the path to cashing in on the elusive initial public offering (IPO) is much less certain than the one to becoming a firm partner. There is durability in the middle market accounting and business advisory landscape that is hard to come by these days, and that stability will be at the top of the priority list when young people are job hunting after that “too good to be true” tech startup goes under.

Mid-market accounting and advisory firms must prioritize continuous L&D to break away from the image of dusty ledgers to vibrant, modern hubs of innovation. Establishing L&D as a foundational value to the business can help attract new talent and ultimately, move away from outdated perceptions of the accounting profession to a new era where L&D is the cornerstone of a thriving accounting profession.