The new face of accounting: Building tomorrow’s workforce through strategic partnerships
Ohio’s financial literacy mandate: Will strong policy lead to strong outcomes?
The evolution of the business model in accounting firms
18 The new face of accounting: Building tomorrow's workforce through strategic partnerships
Uncover how strategic partnerships are transforming accounting for a rapidly evolving profession.
in depth
2 CEO letter
3 Self-assessment exam Free for members!
4 OSCPA delivers several wins in state budget amid flurry of vetoes
Learn how OSCPA’s strategic advocacy secured key tax reforms and policy wins for CPAs and taxpayers in Ohio’s budget, overcoming a record 67 vetoes to deliver solutions.
6 Gen Z driving a nationwide resurgence of interest in accounting
Discover why Gen Z is flocking to accounting, drawn by its stability, flexibility, and meaningful impact, reshaping the profession’s future.
8 Proposed refresh of auditor responsibilities related to fraud
Explore how new auditing standards could strengthen fraud detection with enhanced procedures, professional skepticism, and robust documentation for more effective financial statement audits.
12 The evolution of the business model in accounting firms
These models embrace advisory services, leverage technology, and attract private equity.
24 Ohio's financial literacy mandate: Will strong policy lead to strong outcomes?
What will determine whether Ohio’s new high school financial literacy mandate translates into lasting success for students?
EDITOR
Amber Epling-Skinner –AEpling-Skinner@ohiocpa.com
GRAPHIC DESIGN
Kyle Anderson – kanderson@ohiocpa.com
EDITORIAL OFFICES
CPA Voice 4249 Easton Way, Suite 150 Columbus, OH 43219
We welcome submissions of analytical articles on issues relevant to Ohio CPAs. Desired length is 800-1200 words. Send an electronic copy with a cover letter to the editor at the email address above. Please note that CPA Voice is not a peer-reviewed journal.
REPRINTS
For reprint permission, contact the editor at the address above.
CPA Voice is the official magazine of The Ohio Society of Certified Public Accountants. CPA Voice’s purpose is to serve as the primary news and information vehicle for more than 19,000 Ohio CPA members and related professionals. Articles are reviewed for technical accuracy. However, the materials and information contained within CPA Voice are offered as information only and not as practice, financial, accounting, legal or other professional advice. While we strive to present accurate and reliable information, The Ohio Society of CPAs makes no warranties regarding the accuracy of the information provided herein. Readers are strongly encouraged to conduct appropriate research to determine the accuracy of the information provided and to consult with an appropriate, competent professional adviser before acting on the information contained in this publication. The statements of fact, thoughts, advice and opinions expressed in CPA Voice are those of the authors alone and do not represent or imply the positions, opinions, nor endorsement of The Ohio Society of CPAs or of its publisher, editors, Board of Directors, or members. It is our policy not to knowingly accept advertising that discriminates on the basis of race, religion, gender, age or origin. The Ohio Society of CPAs reserves the right to reject paid advertising in its sole discretion. We do not necessarily endorse the resources, services or products unrelated to The Ohio Society of CPAs that may appear or be referenced within CPA Voice, and make no representation or warranties about those products or services or the accuracy and claims regarding those products and services. Advertisers and their agencies assume liability for all advertisement content and responsibility for all claims resulting from such advertisements made against The Ohio Society of CPAs.
The Ohio Society of CPAs does not guarantee delivery dates for CPA Voice and disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delivery delays.
CPA Voice (ISSN 0749-8284) is published six times per year by The Ohio Society of CPAs, 4249 Easton Way, Suite 150, Columbus OH 43219, 614.764.2727.
Periodicals postage paid at Columbus, OH and at additional mailing offices.
A WORD from our CEO
Evolving skills to protect our future
The accounting profession has always been grounded in a foundation of knowledge, integrity and continuous learning. However, we are now facing growing deregulatory pressures aimed at scaling back or even eliminating ongoing education and training requirements for licensed professions. While these efforts may be intended to ease administrative burdens, I believe they risk eroding the very expertise and standards that distinguish our profession and uphold its vital role in the marketplace.
Developing new competencies and refining existing ones ensures that we stay ahead of marketplace changes, whether by deepening our understanding of complex financial regulations or embracing innovative advisory services. Expanding our knowledge base and adapting to new professional landscapes empower us to deliver greater value to clients and stakeholders alike.
It's important to understand that the self-regulatory and quality requirements governing our profession are not protectionist barriers. Instead, they exist to uphold the integrity, competence and trustworthiness of the CPA. These requirements contribute to ensuring a high level of practice quality and conduct to benefit the employers, clients and communities we serve.
In today’s rapidly evolving business environment, the need to enhance and broaden our skillsets has never been more critical. Technology is transforming the way we work, with advances in automation, data analytics and artificial intelligence reshaping the accounting landscape. At the same time, new regulations, economic shifts and emerging industries demand that we continuously adapt our expertise and service offerings to stay relevant and provide the highest value.
Looking ahead, shaping the continuing education model for the future will require the engagement of all stakeholders—regulators, employers, educators and CPAs themselves. Together, we have an opportunity to design a more forward-looking framework that not only maintains rigor but also reflects the real-world demands of our evolving profession. By working collaboratively, we can ensure that continuing education remains relevant, flexible and meaningful.
As your CEO, I am committed to supporting educational opportunities that promote growth and adaptability in this ever-changing environment. Together, we can preserve the excellence of the CPA designation while seizing new opportunities for advancement.
I’d love to hear your thoughts on this topic. How do you believe we can balance the need for professional development with regulatory flexibility? Your insights are essential as we navigate these challenges together.
Laura Hay, CPA, CAE President & CEO
The Ohio Society of CPAs
Self-Assessment Exam
Log in to ohiocpa.com/myoscpa, look up the exam using the product ID number above and answer the 12 required questions based on content in CPA Voice
Cost Members Free Non-members $40
Exams remain available online – and may be completed for CPE – through the same month of the following calendar year.
JULY | AUGUST 2025
Product ID: #65736
Online Instructions
1. Log in to ohiocpa.com/myoscpa
2. Search "CPA Voice" and hit enter. Then select "On-Demand Courses" to see the available exams.
3. Click "Add to cart" and purchase the exam.
4. Now click "Return to Dashboard."
5. Go to "My Learning Center" and the exam will be located under the "Current" tab. Turn off pop-up blockers then click "Launch."
Self-Assessment Exam Results
Respondents taking the exam online receive their results immediately. Respondents who pass with a grade of 70% or better receive one hour of CPE credit in specialized knowledge, as approved by the Accountancy Board of Ohio.
ADVOCACY in focus
OSCPA delivers several wins in state budget amid flurry of vetoes
Despite Governor Mike DeWine’s personal record high 67 lineitem vetoes in his final Ohio biennial budget, The Ohio Society of CPAs (OSCPA) successfully protected and advanced all of its key policy priorities. The result: a series of targeted victories that benefit CPAs, taxpayers and the business community statewide.
The final version of Substitute House Bill 96 includes major tax reforms, most notably a flat tax rate of 2.75% on nonbusiness income phased in over two years. But even as major provisions were struck by the Governor's veto pen late on June 30, OSCPA’s thoughtful, behind-the-scenes advocacy ensured that important provisions supporting the accounting profession and Ohio taxpayers remained intact.
Strategic Advocacy Pays Off
OSCPA’s legislative agenda focused on practical, forwardlooking solutions – and lawmakers listened. Among the key provisions OSCPA helped enact:
Extended Refund Period for Municipal Taxes (TAXCD72): Taxpayers who file under an extended deadline will now have three full years after the extended due date to claim
OSCPA staff report
municipal income tax refunds. This long-overdue change aligns Ohio policy with standard tax practices and benefits filers across the board.
ESOP Firm Ownership Clarification (ACCCD3):
New language brings long-sought clarity to ownership requirements for public accounting firms structured under Employee Stock Ownership Plans (ESOPs) within an Alternative Practice Structure (APS). This change protects firm continuity and operational flexibility.
Nonprofit Filing Deadline Alignment (TAXCD119):
Nonprofit organizations can now align their municipal net profit tax filing deadline with their unextended federal return deadline — moving from April 15 to May 15 — easing administrative burdens for these important community institutions.
Pass-Through Entity Tax Fix (TAXCD74):
A technical but impactful correction now permits an upper-tier PTE to claim a tax credit when it owns another lower-tier PTE that has paid Ohio’s PTE tax (IT 4738) or filed a composite return (IT 4708). This provides much-needed clarity for complex business structures and avoids double taxation.
A Trusted Voice at the Statehouse
“These victories reflect OSCPA’s continued efforts to reform the tax code to assist individuals and businesses alike, and to address the needs of the CPA profession,” said Greg Saul, Esq., CAE, OSCPA Vice President of Government Relations, noting that the organization worked closely with legislators and state officials throughout the budget process. “In a complex and often fast-moving legislative environment, our members can be proud of the role OSCPA plays in shaping smart, effective policy.”
Get Involved
As this budget cycle demonstrates, OSCPA is not just watching policy – it’s shaping it. Our members have several opportunities to invest in our work by volunteering for a committee, using our take action page, becoming a key contact, or donating to the Ohio CPA/PAC
OSCPA’s learning subscription o ers access to over 100 engaging, up-to-date, high-quality on-demand CPE courses vetted and approved by CPAs for CPAs—this isn’t the “check the box” stu you get other places. Take your CPE when and where you want from reputable learning providers—including OSCPA.
Gen Z driving a nationwide resurgence of interest in accounting
By Jessica Barboza, OSCPA content specialist
In the midst of a growing national accounting talent shortage, with a forecasted 65% of Ohio CPAs approaching retirement , the profession is looking to Gen Z to fill the gaps. Although traditionally stereotyped by some as an unattractive career path, Gen Z is seemingly seeing it in a different light.
According to recent data from the National Student Clearinghouse Research Center, 2025 spring undergraduate accounting enrollment has surged 12% at 4-year institutions and 24% at two-year institutions compared to 2024, leading to growing optimism that Gen Z will mend the talent gap in the profession.
The trend is gaining momentum locally as well. According to Anne Farrell, chair of the Department of Accountancy at Miami University, enrollment for undergraduate and
graduate (MAcc) accounting programs has surged by nearly 50% since the 2021-2022 academic year. Over the same period, the number of students declaring an Accountancy minor jumped by 115%.
Messages highlighting career flexibility, job security, dynamic work, technological improvements and universal trust in the profession have resonated with Gen Z, Farrell said.
"There’s no question that both prospective and current college students increasingly see the value of accountancy to their careers, no matter what paths they want to follow,” Farrell said. “At recruiting events for high school students, a few years ago just a handful would stop by to ask about accountancy programs; at this year’s events we were happy to be swarmed!”
Farrell said she credits a lot of that to work to what the profession has done to bust myths about accounting.
Farrell also noted a noticeable uptick in interest from Gen Z following the passage of House Bill 238 earlier this year, which opened up new pathways to licensure for aspiring CPAs in Ohio. She’s received more inquiries from both high school students and current students in other majors, many of whom are now considering switching to accounting or adding it as a double major.
What makes Gen Z different?
Coming into their careers during a period of economic uncertainty, much of Gen Z is experiencing heightened precarity, causing a demand for career paths that can promise job security.
According to a 2023 survey by Handshake, 74% of Gen Zs report high starting salary and job stability as their top priorities when choosing a job.
“I chose accounting as my career focus because of the enticing growth opportunities and ability to open different career paths in the future,” Rico Levak, a recent accounting graduate of Walsh University, said. “Not to mention the fact that it is one of the most in need industries at the current moment.”
Flexibility and fast growth
Logan Steele, an accounting professor at Oregon State University, reports that 98% of accounting graduates at the university secure jobs in the field, adding that their salaries are the highest in recorded history of any major program in the business school.
“There are so many different paths to explore, each offering unique opportunities for career growth and meaningful connections,” Ammryn Roberts, a recent graduate of Ohio Northern University, said. “That variety is what drew me to accounting in the first place."
Gen Z and purpose-driven work
How do we ensure that we keep the numbers up? We immerse them in work that is meaningful.
Gen Z craves connection. With many living out their early adulthood in the midst of the COVID-19 pandemic, they have had to navigate pivotal moments, such as higher education and their first jobs, in more isolated environments than generations before them.
Following the increase in use of AI language models, many accounting professionals have shared that the profession has evolved to be more relational than the historical narrative of handwritten spreadsheets suggests.
According to an article published in Yahoo Finance, many Gen Z aspiring CPAs are “increasingly viewing accounting not as a monotonous chore but as a way to transform people’s lives.”
Programs like the IRS’s VITA allow young accounting professionals to get out of the classroom and help everyday Americans file their taxes.
According to Yahoo Finance, in 2024, over 280 students at California State University helped over 9,000 low-income taxpayers claim nearly $11 million in tax refunds, $3.6 million in tax credits and saved them over $2 million in tax preparation fees.
“Today, accounting is far from the tedious, stereotypical desk job portrayed on TV,” said Trevor Tiemeyer, a recent graduate of Xavier University. “Gen Z brings fresh passion, creativity and purpose to the field, shaping it to align with our values and ambitions.”
The Ohio Society of CPAs’ Look Beyond campaign is designed to reframe how Gen Z and emerging professionals perceive the accounting profession, showcasing the dynamic, purpose-driven roles CPAs play in industries like sports, entertainment, tech and entrepreneurship. Interested in expanding Ohio’s CPA pipeline and strengthening the profession for generations to come? Visit ohiocpa.com/look-beyond to learn how to get involved.
Jessica Barboza, content specialist, The Ohio Society of CPAs
AUDIT & assurance
Proposed refresh of auditor responsibilities related to fraud
By Laura Hay, CPA, CAE, President & CEO, The Ohio Society of CPAs
Fraud continues to be a complex consideration in financial statement audits. Research conducted by the Auditing Standards Board (ASB) from 2022 to 2024 highlighted ongoing questions about the auditor’s responsibilities for identifying and assessing fraud risk.
In response to this feedback and informed by developments in the International Auditing and Assurance Standards Board’s (IAASB) recent fraud project, the ASB released an exposure draft on July 1, 2025, proposing clarifications and updates to the Statements on Auditing Standards (SAS) related to fraud. The proposed changes aim to improve the clarity and usability of existing standards, helping auditors more effectively identify, assess and respond to fraud risks.
If adopted as proposed, the new SAS would supersede SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended, section 240, Consideration of Fraud in a Financial Statement Audit (AU-C section 240). It would also amend fraud-related sections in several other SASs.
The proposed SAS does not change the auditor’s responsibility to plan and perform an audit that provides reasonable assurance that the financial statements are free of material misstatement, whether due to fraud or error. Rather, it aims to clarify how auditors should meet that responsibility by specifying procedures to follow when fraud is identified or suspected. The proposal also clarifies
that certain instances of fraud—while not quantitatively material—may be considered qualitatively material based on factors such as who committed the fraud (e.g., company management) and the underlying intent (e.g., manipulating key performance indicators). The proposed standard does not change the importance of management’s role in the prevention and detection of fraud
Highlights from the exposure draft, Proposed Statement on Auditing Standards: The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, include:
• Requirements when fraud is suspected: Provides new requirements to clarify the auditor’s responsibilities when fraud is suspected or identified.
• Emphasis on professional skepticism: Outlines how pressures on the engagement team may impede the proper exercise of professional judgment or professional skepticism, and actions that may be taken to mitigate those impediments.
• Aggregation of fraud alerts: Encourages auditors to remain alert for fraud indicators and to evaluate them in context.
• Engagement resources: Adds a new requirement for the engagement partner to determine that the members of the engagement team have the appropriate competence and capabilities to assess and respond to risks.
• Retrospective review: Extends existing requirements to perform a retrospective review of management judgments and assumptions, not just those related to significant accounting estimates.
• Engagement team discussion: Enhances the requirements related to the engagement team discussion to include elements such as the entity’s culture, management’s commitment to integrity and ethical values and oversight by those charged with governance.
• Obtaining an understanding of the entity and its environment: Expands the requirements for understanding the entity and its environment to include practices such as accounting policies or performance measures that may create incentives or pressures to achieve financial performance targets.
• Understanding the components of the entity’s system of internal control: Enhances the requirements
for obtaining and understanding of the components of internal control related to how management communicates its views on business practices, how allegations are addressed and how errors are corrected.
• Management override of controls: Requires the auditor to treat the risk of management override of controls as a risk of material misstatement due to fraud at the financial statement level and to determine whether this risk affects the assessment of risks at the assertion level.
• Risk of material misstatement due to fraud in revenue recognition: Provides new application materials to assist in determining which types of revenue give rise to risk of material misstatement due to fraud. Clarifies that the significance of fraud risk related to revenue recognition ordinarily makes it inappropriate for the auditor to rebut the presumption that there are risks of material misstatement due to fraud in revenue recognition.
• Responses to the assessed risks of material misstatement due to fraud: Drives more robust responses to assessed risks of material misstatement due to fraud by requiring the auditor to design and
perform audit procedures in response to these assessed risks in a manner that is not biased toward corroborating management’s assertions.
• Expanded auditor response: Outlines how to adapt audit procedures when fraud is suspected—ranging from adjusting substantive tests to increasing communications with management, audit committees and legal counsel.
• Enhanced documentation: Requires more robust record-keeping, including auditors’ rationale for their risk assessments, chosen responses and followup actions.
Comments on the exposure draft are due by October 3, 2025.
The ASB fraud task force continues to monitor the developments of the PCAOB fraud proposal, known as
1. The ASB’s July 1, 2025, exposure draft clarifies auditors’ fraud responsibilities, enhancing SAS standards without changing their core duty to ensure misstatementfree financials.
the noncompliance with laws and regulations, or NOCLAR standard, that was opposed by many responding to the draft.
Effective Date & Feedback Timeline
The proposed effective date would be for audits of financial statements for periods ending on or after December 15, 2028. Early implementation would be permitted.
Laura Hay, CPA, CAE, president & CEO, The Ohio Society of CPAs, is the staff liaison to the Accounting, Auditing, Professional Ethics Committee and the Peer Review Ethics Committee. She can be reached at Lhay@ohiocpa.com or 614.321.2241
THREE THINGS
2. The proposed SAS strengthens fraud detection with requirements for professional skepticism, retrospective reviews, and robust responses to fraud risks, especially in revenue recognition.
3. Open for comments until October 3, 2025, the proposal, effective for audits ending on or after December 15, 2028, aligns with PCAOB’s NOCLAR developments.
The evolution of the business model in accounting firms
By Jim Boomer, Shareholder, Chief Executive Officer, Boomer Consulting, Inc.
Shifting client expectations, technological advancements and a surge in mergers and acquisitions (M&A) and private equity (PE) activity are transforming the accounting profession.
This evolution challenges traditional business models, forcing firms to rethink how they deliver value, attract clients and sustain profitability.
Proactively addressing these changes positions your firm for success, whether you want to thrive in the advisory space or prepare for private equity involvement. In either scenario, transforming the business model is no longer optional—it’s essential.
Adding advisory to compliance services
Historically, firms operated primarily on a compliancebased model, focused on transactional services like tax preparation, audits and bookkeeping. But as technology automates routine tasks, the demand for advisory services— strategic guidance on growth, risk management and operational efficiencies—has surged.
According to the 2024 CPA.com and AICPA PCPS Client Advisory Services Benchmark Survey, firms that generate significant revenue from advisory services earn more than 30% higher monthly recurring revenue
Why the shift? There are several reasons:
Client demand for value-added services. Clients increasingly expect their accountants to act as strategic advisors, not just number crunchers. Sage’s Practice of Now research report found that 82% of business owners want their accountants to provide proactive business advice and consultancy services
Technology’s role. Cloud-based accounting platforms, artificial intelligence, automation and data analytics tools allow firms to offer real-time insights and sophisticated forecasting. Firms can leverage these technologies to expand their advisory services and deepen client relationships.
Higher margins. Advisory services tend to yield higher profit margins than compliance work, which is increasingly commoditized and price-sensitive. A value-based pricing model tied to outcomes rather than hours worked improves financial performance.
Private equity and M&A accelerate business model transformation
The influx of private equity capital into the accounting profession is another critical driver of change. PE firms see our profession as ripe for investment due to its recurring revenue streams, opportunities for consolidation and untapped potential for scaling advisory services.
However, private equity involvement forces a shift in the business model for several reasons:
Focus on profitability and scalability. PE investors prioritize scalable, high-margin services. This pushes firms to streamline operations and focus on growth areas like advisory and consulting.
Talent strategy overhaul. To deliver on PE-backed growth objectives, firms must be able to attract and retain talent— particularly those skilled in advisory and consulting. This shift requires firm leaders to reevaluate compensation structures and career paths to compete with other professional services firms.
Client segmentation and strategic focus. PE-backed firms usually take a more disciplined approach to client segmentation, focusing on high-value relationships and letting go of less profitable engagements.
If your firm is considering seeking PE investment, evolve your business model now. Building a strong foundation in these areas positions your firm for a higher valuation.
Strategies for a successful business model evolution
Whether your firm is moving toward advisory services, preparing for private equity or both, the following strategies can guide your transformation:
Unlock access to important topics covering:
• Financial reporting and auditing
• State and local tax developments including a legislative update
• Professional standards and responsibilities (ethics)
• The economy and what’s ahead in 2025
Call our Customer Experience team at 614.764.2727 to register your group. Or email Larry A. McGrath at LMcgrath@ohiocpa.com
August 7, 2025 | December 4, 2025 8:30 a.m. – 4:30 p.m. | Virtual | 8 credits
Adopt a client-centric mindset. Shift your focus from offering services to delivering outcomes. Understand your clients’ pain points and design solutions that address their broader business challenges.
Invest in technology. Implement tools that enable efficiency and insight, such as predictive analytics, customer relationship management (CRM) systems and automated workflows.
Upskill your workforce. Offer training programs that equip your team with the skills needed for advisory roles, such as financial modeling, strategic planning and industry-specific expertise.
Reevaluate pricing models. Move away from hourly billing to value-based pricing, aligning fees with the impact and results delivered to clients.
Develop succession plans. Build a leadership pipeline to sustain the firm’s new direction. Private equity involvement often requires changes in governance and leadership structure.
The work done to modernize your business model can pay dividends in multiple scenarios. If your firm stays independent, you’re poised for organic growth and higher client satisfaction. If you pursue M&A or private equity, your firm will stand out as a strategic and profitable acquisition target. But now is the time to act. Delaying change could mean falling behind competitors who are already aligning their business models with the future. Let the current trends be a catalyst for action—not a wake-up call once it’s too late.
Jim Boomer, CEO of Boomer Consulting, Inc., is an expert on managing technology within an accounting firm. He serves as the director of the Boomer Technology Circles, The Advisor Circle and the CIO Circle. He also acts as a strategic planning and technology consultant and firm adviser to CPA firms across the country.
THREE THINGS
1. Accounting firms are shifting from compliance-based services to advisory roles due to client demand for strategic guidance and technology-driven automation of routine tasks.
2. Private equity and M&A activity push firms to focus on profitability, scalability, and talent strategies, emphasizing high-margin advisory services and client segmentation.
3. Successful transformation requires adopting clientcentric approaches, investing in technology, upskilling staff, moving to value-based pricing, and developing strong succession plans.
THE NEW FACE of
accounting: Building tomorrow's workforce through strategic partnerships
By Dr. Tiffany Crosby, PhD, CPA, CGMA, MBA, senior vice president, The Ohio Society of CPAs
Beyond traditional CPE: Creating dynamic learning ecosystems that prepare accounting professionals for tomorrow's challenges
The accounting profession stands at a crossroads. Traditional career paths are evolving, technology is reshaping core competencies and a new generation of professionals is redefining what it means to build a meaningful career. For CPAs and accounting organizations, this isn't just about adapting to change—it's about leading it.
The data tells a compelling story: accounting and audit skills bridge industries with high diffusion potential and are experiencing significant growth. Yet 62% of business respondents report difficulty finding entry-level talent proficient in durable skills, while 65% struggle to find candidates with essential digital literacy and data proficiency. This talent gap represents both a challenge and an unprecedented opportunity for the accounting profession to reinvent itself.
The Shifting Landscape of Workforce Development
Workforce development has evolved into a complex ecosystem comprising three interconnected subsystems: educational ecosystems that develop talent supply, employment ecosystems that generate talent demand and talent ecosystems that identify, train and retain talent across boundaries. The role of workforce development is to align these subsystems through strategic stakeholder engagement, meaningful collaboration and purposeful innovation.
The World Economic Forum's Future of Jobs Report 2025 reveals that broadening digital access stands as the most significant transformative trend impacting jobs. This digital transformation isn't just changing how we work—it's fundamentally altering the skills required to succeed in the modern economy.
According to the Business Higher Education Forum's recent report "Forging Partnerships to Align Education and Industry for the Workforce of Tomorrow," durable skills— including critical thinking, problem-solving, communication, teamwork, creativity, leadership, adaptability, empathy and lifelong learning—are becoming increasingly essential yet increasingly scarce in the talent market.
Understanding the New Generation of Accounting Professionals
The newest entrants to the accounting profession bring unique perspectives and expectations that are reshaping workplace dynamics. Deloitte's 2025 Gen Z and Millennial Survey, which included 23,482 respondents across 44 countries, found that growth is an important thread for these two generations, but they're also redefining what it means to grow at work. It's no longer about climbing the ladder—in fact, only 6% of Gen Z and millennial respondents said their primary career goal is to reach a leadership position.
This shift has profound implications for accounting firms and corporate finance departments. Among Gen Zs, 70% say they are developing skills to advance their careers once a week or more, compared to 59% of millennials who say the same. What's more, Gen Zs are increasingly spending their off-hours time building those skills, with 67% saying they are developing skills outside of working hours, either before or after work, or on their days off. In terms of the skills and capabilities they feel are most important to their career progression, Gen Zs and millennials say soft skills like communication, leadership, empathy and networking are most important, closely followed by time management skills and industry-specific knowledge.
The implications of AI adoption are particularly relevant for accounting professionals. Most Gen Zs (57%) and millennials (56%) are already using generative AI in their day-to-day work to some extent, and as gen AI adoption continues to grow among these generations, so are concerns about whether they'll have the skills they need for work in the future. Nearly two-thirds of workers in these generations (63% of Gen Zs and 65% of millennials) worry that Gen AI will eliminate jobs.
The Interconnected Priorities of Money, Meaning and Well-being
Today's accounting professionals are seeking competitive compensation and purpose-driven work that supports their overall well-being. Financial concerns negatively impact personal and professional satisfaction for Gen Zs and millennials. For example, 60% of financially secure Gen
Z respondents and 68% of millennials report being happy, compared to 28% and 31% for financially insecure Gen Z and millennial respondents, respectively. The connection between financial security and professional satisfaction is particularly relevant for accounting organizations. Purposedriven work has become a non-negotiable expectation for a majority of Gen Zs (89%) and millennials (92%). A significant percentage (>40%) of Gen Zs and millennials have left a role they felt lacked purpose or have rejected an assignment, project, or potential employer based on their personal ethics or beliefs.
Navigating System Challenges
The current talent development landscape faces significant structural challenges that require strategic intervention. Organizations struggle to navigate highly fragmented systems, lacking the capacity and processes to work through disparate networks and requirements that define secondary and post-secondary environments.
Educational and employment ecosystems operate with different agendas, languages and change processes. While employers recognize that internships, project-based learning, job shadowing and apprenticeships represent the most valuable work-based learning experiences for increasing students' career readiness, there's a clear disconnect between intention and execution.
Demographic trends compound these challenges. According to Lightcast's "The Rising Storm" report, net increases in labor market participation fall significantly short of job demand, resulting in persistent unfilled positions. The
world's biggest economies face below-replacement birth rates, creating long-term workforce constraints that will intensify competition for skilled professionals.
The accounting profession faces particular challenges in this environment as attention and resources are channeled into sectors like healthcare and construction, where the talent shortage is better understood. The finance and insurance sectors are currently categorized as experiencing a "Category 1 storm" in terms of talent shortage intensity, compared to the Category 5 assigned to healthcare and construction sectors.
Yet, when business leaders are surveyed, they consistently rank business management and operations as the top in-demand but difficult-to-fill talent category, with finance tied at fifth place. This ranking underscores the need for the accounting profession to articulate its unique value proposition more effectively.
Creating High-Performing Partnerships
The path forward requires creating high-performing partnerships that are connected to national, state and regional workforce development initiatives. Success demands the use of appropriate tools and templates, a technology infrastructure to support and manage relationships, clear role definitions and meaningful metrics to measure progress and success.
Solutions must be scalable and accessible to small and midmarket companies, government and non-profit organizations, as well as large employers. Intermediary organizations can
Land the perfect professional connection
Whether you’re still basking in the glow of passing your CPA exam, a mid-level manager who needs a change or a seasoned CFO who wants top talent, the OSCPA Career Center is your one-stop-shop to uncover rewarding careers and discover untapped talent.
Employers:
• Post jobs
• Review resumes
• Screen candidates
• Expand your reach with enhanced posting options
• Explore our recruitment and retention resources
Job Seekers:
• Search for jobs
• Customize your job alerts
• Post resumes anonymously
• Save resumes and cover letters on your dashboard
• Access videos and articles on interviewing, resume writing and more
• Get free interview coaching via email or more personalized coaching for a fee
For more info, visit
help achieve the necessary scale and make partnerships more effective by serving as bridges between educational institutions, employers and professional organizations.
The accounting profession has a unique opportunity to lead in this space. CPAs already possess the analytical skills and strategic thinking necessary to design and implement effective workforce development partnerships. Professional organizations like state CPA societies are well-positioned to serve as intermediary organizations, leveraging their existing networks and credibility to facilitate meaningful connections, and their understanding of the profession to craft a vision for continuous learning focused on capability building.
Gaining Consensus on Future Skills
The accounting profession must develop a clear consensus on the key skills required for future success and the paths by which those skills can be developed. This goes beyond technical competencies to include the durable skills that employers consistently identify as critical yet scarce.
The prevalence of Gen AI is causing many Gen Zs and millennials to reconsider traditional paths for developing necessary workforce skills. Some are opting to explore alternative paths such as vocational qualifications, apprenticeships or trades that may offer more skills-based learning and a lower financial burden. Although a university or college degree remains valuable, 31% of Gen Zs and 32% of millennials decided not to pursue higher education.
This shift creates opportunities for the accounting profession to develop innovative skill development pathways that engage students as early as middle school. Professional organizations can collaborate with educational institutions to develop more practical, skills-focused programs that directly address employer needs, while also providing meaningful career advancement opportunities, ultimately leading to licensure.
The accounting profession's emphasis on professional development and continuous learning provides a natural foundation for this evolution in management. CPAs already understand the importance of ongoing education and skill development—extending this mindset to include people management responsibilities represents a logical next step.
Moving Forward
The accounting profession has several advantages in addressing workforce development challenges: established educational partnerships, professional infrastructure and a culture that values continuous learning. The opportunity lies in leveraging these strengths to create meaningful connections between talent development and business needs.
Success requires building scalable partnerships that emphasize practical skill development over compliancedriven training. This means working with educational institutions to develop curricula that balance technical competency with the durable skills employers actually need, while creating work environments that support financial security, meaningful work and personal well-being.
The accounting profession can lead this transformation by focusing on what works: mentorship, practical experience and clear career progression pathways. By creating these connections thoughtfully and strategically, we can ensure that the new face of accounting reflects both traditional professional values and the emerging expectations of the workforce.
THREE THINGS
Dr. Tiffany Crosby, PhD, CPA, CGMA, MBA, senior vice president, The Ohio Society of CPAs
1. The accounting profession faces a talent gap, with 62% of businesses lacking entry-level talent with durable skills and 65% needing digital literacy, driving the need for strategic workforce partnerships.
2. Gen Z and millennial accountants value durable skills and purpose-driven work, with 89% and 92% seeking meaningful roles, while over 60% fear job loss from generative AI.
3. Scalable partnerships with education and intermediaries are key to developing practical, skills-focused programs that balance technical and durable skills for career growth.
Ensure your voice is heard loud and clear in state government. Invest in Ohio CPA/PAC. With every donation, our government relations team’s voice – your voice – at the Statehouse resonates with the legislators who can help us effect change and advance the state of business in Ohio.
Your PAC investment helps:
• Protect and promote the CPA designation you worked so hard to achieve
• Limit tax expansion
• Cut regulatory red tape
• Secure a competitive business environment in Ohio
• Elect state legislators who share your professional interests
• Drive changes to help businesses survive during times of crisis, as occurred with COVID-19
Let’s make our voice even louder this year!
To donate,
Ohio’s financial literacy mandate: Will strong policy lead to strong outcomes?
By Dr. Roy Baker Jr., CPA, accounting and finance instructor, Stark State College
Starting with the class of 2026, all Ohio high schoolers must complete a stand-alone course in personal finance, a shift that brings the state in line with a growing national movement.
While the legislation is promising, its true impact will depend on critical factors like course timing, teacher training and the quality of implementation across school districts. The question now is: Will Ohio get it right?
What Will Determine Its Success?
Only recently has the momentum behind financial literacy reform become evident. According to the Council for Economic Education, in 2014, only 17 states mandated stand-alone financial literacy classes. Ohio was not one of those states. From the period 2016-2020, that number decreased to 5-6 states, depending on the year. These states once again did not include Ohio. By 2022, the number increased to 9 states, including Ohio, and as of 2024, it reached 20 states. This new upward trend underscores a national recognition of the importance of equipping students with essential financial skills. Through my experience working with both high school and college students—and coming from a financially illiterate household myself—I’ve witnessed how financial education
can be truly life-changing. My years in an industry surrounded by individuals facing financial hardship further reinforced this view. From both the classroom and the field, it's clear that financial literacy makes a difference. But its overall impact likely depends on how thoughtfully these programs are designed and delivered.
Are Ninth Graders Ready?
One important concern is when the course is taught. Some districts begin financial literacy instruction as early as 9th grade. However, experience across grade levels suggests that freshmen may lack the maturity and real-world context necessary to fully understand complex topics such as credit, debt and insurance. Research supports this perspective. A study by Fernandes, Lynch, and Netemeyer (2014) introduced the concept of “just-in-time” financial education, suggesting that financial literacy is most effective when taught closer to the time students will apply the knowledge. Teaching these principles too early, they found, can lead to knowledge decay, reducing the program's effectiveness.
Positioning the course in 11th or 12th grade may enhance its relevance and applicability, aligning instruction with students' imminent financial decisions. At this stage, students are closer to major life choices, such as getting a job, applying for college loans or managing personal expenses, which makes the material more immediately useful and likely to be retained. Delaying the course until these later years can also encourage deeper engagement, as students are better able to relate the concepts to their own lives.
Are Ohio Teachers Prepared to Teach Financial Literacy?
Another major concern is whether Ohio educators are receiving adequate preparation to teach financial literacy effectively. The success of these programs depends not only on the curriculum but also on the competence and confidence of those delivering it. Beginning in the 2024–2025 school year, Ohio teachers assigned to the mandated financial literacy course must obtain a Financial Literacy Licensure Validation. However, those already licensed in Social Studies, Family and Consumer Sciences, Mathematics, or Business Education for grades 9–12 are exempt from this requirement.
This exemption raises important questions about consistency in teacher readiness. While these subject areas may provide a general foundation, they don't guarantee comprehensive training in personal finance. As a result, the depth and quality of instruction could vary significantly from classroom to classroom. To support educators pursuing the required validation, Ohio offers districts up to $500 in reimbursement per teacher. Though helpful, this amount may not fully cover the cost of robust training, potentially limiting access to high-quality professional development opportunities.
The Ohio General Assembly (2025) recently established The Financial Literacy and Workforce Readiness Programming Initiative with the stated purpose to ensure the next generation's preparedness in financial literacy, workforce or career readiness, entrepreneurship and other relevant skills to enter and be competitive in Ohio's future workforce economy. This additional funding could help strengthen the core financial literacy foundation for both students and teachers.
Learning from Other States: Georgia vs. Texas
Ohio can draw valuable insights from Urban, Schmeiser, Collins, and Brown (2020) research related to other states' experiences:
• Georgia: Implemented rigorous teacher training, requiring certification in economics or social studies, funded expert-led programs, and included personal finance in standardized testing. This comprehensive approach led to significant improvements in student credit scores and reduced delinquencies.
• Texas: Established curriculum standards without mandatory teacher training, clear certification enforcement, or inclusion of financial literacy in testing. While there were some positive outcomes, the gains were less pronounced compared to Georgia.
These examples highlight the critical role of comprehensive teacher preparation and accountability in the success of financial literacy programs. Will Ohio be the next Georgia, or will it be the next Texas?
We Take Financial Literacy Seriously: What We’re Doing at Stark State College
At Stark State College, proactive steps are being taken to support financial literacy:
We inspire more than 5,000 student members as they prepare for a future in the accounting profession. Thank You to the individual donors and members who make the commitment to support today’s accounting students and tomorrow’s CPAs.
Our 2024 programs reached more than 1,500+ students in high school and college.
We granted $123,000 in scholarships to promising students.
We’re on 25+ campuses with accounting majors as our Student Ambassadors.
Follow this QR code to see the donors who generously supported the future of the profession.
Join your peers with an investment today. Make a gift to The Ohio CPA Foundation at ohiocpa.com/GiveToFoundation
Learn more about our work at ohiocpa.com/Foundation
1. Two-credit stand-alone financial literacy course: Offered to high school dual credit students, fulfilling both high school and college requirements.
2. Integration into student success introductory courses: Embedding financial literacy principles to reach a broader student base.
3. Free financial literacy workshops: Conducted every semester to enhance student knowledge.
5. Summer financial literacy course for Upward Bound high school students: Provided to students from Canton City Early College High School (ECHS) and other participating Stark County high schools.
6. Offering a financial literacy course to the Ohio Department of Youth Services (ODYS): Provided to female youth who are adjudicated into the correctional system.
7. Collaboration with The Ohio Society of CPAs: Raising awareness and emphasizing the importance of financial education.
Looking Ahead
The coming years will provide an opportunity to evaluate Ohio’s outcomes compared to other states with stand-alone financial literacy classes. How will we fare against other states that require a stand-alone financial literacy course in high school? Success will depend not only on policy but also on effective implementation, particularly regarding course timing, comprehensive teacher training and adequate funding.
The foundation has been laid, but important questions remain. Will Ohio continue to build thoughtfully on this progress to ensure students are well-equipped with essential financial skills? The long-term success of the initiative will
depend on how effectively it is implemented and sustained. With the right follow-through, Ohio has the opportunity to become a national leader in financial education. The path is clear; now it’s time to invest in getting the details right.
References
Dr. Roy Baker Jr., CPA, accounting and finance instructor, Stark State College
Council for Economic Education. (2024). Survey of the states. Retrieved from https://www.councilforeconed.org/wp-content/ uploads/survey-of-states-2024.pdf
Fernandes, D., Lynch, J. G., Jr., and Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–1883. https://doi. org/10.1287/mnsc.2013.1849
Ohio General Assembly. (2021). Sub. S. B. 1, 134th General Assembly, Sections 3319.238–3319.239: Financial literacy requirement in high school. Ohio Legislative Information System. https://search-prod.lis.state.oh.us/api/v2/general_assembly_134/ legislation/sb1/02_PS/pdf/
Ohio General Assembly. (2025). Am. Sub. H.B. No. 96, 136th General Assembly, Section 265.650: Financial Literacy and Workforce Readiness Programming Initiative. Ohio Legislative Information System. https://search-prod.lis.state.oh.us/api/v2/ general_assembly_136/legislation/hb96/05_PS/amendments/ CC0522/pdf
Urban, C., Schmeiser, M., Collins, J. M., and Brown, A. (2020). The effects of high school personal financial education policies on financial behavior. Economics of Education Review, 78. https://doi. org/10.1016/j.econedurev.2018.03.006
THREE THINGS
1. Ohio’s mandate for a high school personal finance course starts with the class of 2026, but success depends on effective timing and teacher training.
2. Financial literacy is more effective in 11th or 12th grade than 9th, as older students better grasp concepts relevant to imminent financial decisions.
3. Teacher preparedness varies due to exemptions and limited training funds, with Georgia’s robust training model showing stronger student outcomes.
Clark Schaefer Hackett promoted the following team members to senior manager.
• Margaret Schultz, CPA, audit services
• Ivy Lin, CPA, tax services
• Thomas Youtsey, CPA, tax services
Clark Schaefer Hackett promoted the following team members to manager.
• Craig Mullen, CPA, audit services
• Matthew Seman, CPA, audit services
Jon Ruple, CPA
Carolyn Smith, CPA
• Sarah Van Cleve, CPA, audit services
• Tyler Hecht, CPA, tax services
• Mackenzie Senvisky, CPA, tax services
Clark Schaefer Hackett promoted Alexander Rohlke, CPA to senior accountant, tax services.
Clark Schaefer Hackett promoted Taylor Simpkins to senior human resources business partner.
Clark Schaefer Hackett promoted Tori White, CPA to tax operations specialist.
Mark
KPMG LLP names Mike Comer as national managing partner, operations
CLEVELAND
Meaden & Moore acquires ChainRing Advisors, a Cleveland-based advisory and management consulting firm.
Michelle H. Buckley, CPA, AIFA®, vice president and practice leader of Meaden & Moore’s Benefit Plan Group, and Daniel M. Prendergast, CPA, vice president in Meaden & Moore’s Assurance Services Group, have been named to the 2025 Forbes Best-In-State CPAs list.
Welp, CPA
Courtney Clark, CPA Chair
Angela Lewis, CPA Chair-elect
Rick Fedorovich, CPA Past Chair
Gregory Jonovich Vice Chair, Finance
Darci Congrove, CPA Director
Robert Fay, CPA Director
Tracey Holecek, CPA Director
Dan Perschke, CPA Director
THE OHIO SOCIETY OF CPAs 2025–2026 BOARD OF DIRECTORS
CHAIR OF THE BOARD
Courtney Clark, CPA Deloitte Columbus
PAST CHAIR
Rick Fedorovich, CPA
Bober Markey Fedorovich Cleveland
Brandi Carson, CPA La-Z-Boy Inc. Toledo
Darci Congrove, CPA GBQ Columbus
Robert Fay, CPA
Robert F. Fay, CPA, PFS, CGMA Canton
CLASSIFIED
CHAIR-ELECT
Angela Lewis, CPA Crowe LLP Columbus
VICE CHAIR, FINANCE
Gregory J. Jonovich, CPA, MBA Materion Mayfield Heights
DIRECTORS
Tracey Holecek, CPA Acclarity Columbus
Mark McKinley, CPA Rea Columbus
Jake Nix, CPA RISCPoint Cleveland
Selling or Buying a Firm? Selling an accounting firm is complex. We can make it simple!
Accounting Biz Brokers, LLC has been selling accounting firms and tax practices for over 19 years! Let’s face it, you know how to run your business, but it takes a very different skill set to sell a business successfully. Our team of Certified Business Intermediaries is committed to providing personalized business brokerage services to our clients and customers. Selling professional practices like yours is all we do. Using targeted marketing strategies, we have developed a large database of active buyers ready to purchase.
Call or email us today to receive a FREE-Market Analysis or to start the confidential sales process. We can help you achieve the “win-win” results you are seeking!
