AICPA and U.S. Department of Labor Launch Registered Apprenticeship Program in Finance and Accounting
On November 14, 2022, the AICPA and the U.S. Department of Labor announced in Chicago that Liberty Bank, Aon, and HP became the first signatory employers of the "Registered Apprenticeship Program for Finance Business Partners." This program is the nation's first registered apprenticeship initiative targeting the accounting and finance fields, designed to help employers cultivate, retain, and diversify talent. Upon completion, apprentices can earn the CGMA credential and Department of Labor certification.
CHICAGO (November 14, 2022)— The American Institute of CPAs (AICPA) and the U.S. Department of Labor announced today that Liberty Bank, Aon plc (NYSE: AON), and HP Inc. (NYSE: HPQ) have signed on to theRegistered Apprenticeship Program for Finance Business Partners. The program, the first of its kind in the U.S. for accounting and finance, is designed to create a high-engagement talent pipeline that enables employers to continuously track and develop employees with broader skills, more diverse backgrounds, and longer tenure. The program is based on the rigorous globalCGMA Finance Leadership Program, and upon completion, participants earn theChartered Global Management Accountant (CGMA)designation and theU.S. Department of Labor Finance Business Partner Certification。
Liberty Bank, Aon, and HP are the first employers to participate in the program. The program opens a new path for individuals seeking to enter the accounting and finance profession while providing employers with a mechanism to help develop, retain, and diversify their talent. Liberty Bank currently has eight registered apprentices, with seven additional candidates scheduled to join in early 2023. Aon will subsequently place 15 apprentices, and HP will bring in 10 apprentices.
“The war for talent is intensifying, and the need for skilled accounting and finance professionals has never been more urgent,” said Tom Hood, CPA/CITP, CGMA, AICPA Executive Vice President of Business Engagement & Development. “How we meet the needs of our finance teams today will determine our competitiveness tomorrow. Our apprenticeship program combines a world-class learning program with mentorship and on-the-job training, helping employers recruit and develop talent on their own terms and provide the work environment 21st-century employees expect—diverse, inclusive, collaborative, and innovative。”
For more than a century, the AICPA has worked to build a strong talent pipeline to support the growth of organizations worldwide. “The Registered Apprenticeship Program for Finance Business Partners will help ensure that diverse and skilled teams are ready to fill finance roles now and in the future,” said U.S. Secretary of Labor Marty Walsh. “Registered apprenticeship is a proven model and a sound investment for employers seeking to develop a talented and diverse workforce. Today’s signing reflects the Department’s continued commitment to expanding registered apprenticeships in high-growth and emerging industries.”
The partners’ signing coincides withNational Apprenticeship Week(November 14–20, 2022), a nationwide celebration where industry, labor, equity, workforce, education, and government leaders host events to showcase the successes and value of registered apprenticeship in rebuilding the economy, advancing racial and gender equity, and supporting underserved communities.
“We wanted a consistent program that immerses employees in training that goes beyond traditional upskilling methods. It’s a cross-team, ongoing talent development opportunity,” said Paul Young, Senior Executive Vice President and Chief Financial Officer at Middletown, Connecticut-based Liberty Bank. “The program allows employees at different career stages to join, grouped by learning level, and is supported by a strong mentorship component. It’s powerful because it helps ensure success and engages the entire organization.”
Benefits of the Registered Apprenticeship Program for Finance Business Partners
For employers, the apprenticeship program:
- Is acareer development programthat builds a pipeline of employees that employers can develop and monitor over the long term, greatly increasing the likelihood of cultivating highly engaged, skilled, and long-tenured employees.
- Is aA talent pipeline management toolthat allows organizations to “grow” rather than just “buy” talent, giving them control over how to meet current and future organizational needs and improving recruitment.
- Expands the candidate poolby providing experience and education that candidates may not initially possess, enabling employers to consider a broader range of candidates.
For apprentices, these programs allow them toearn a salary while learningand benefit from more career development and mentorship opportunities.
“Attracting the right candidates has become more complex, and companies need to find alternative ways to engage potential talent,” said Marc Armstrong, Aon Managing Director and Philadelphia Apprenticeship Program Lead. “Apprentices bring new perspectives and life experiences that benefit our workplace, our clients, and our communities.”
Researchshows that in highly diverse environments, inclusive teams can unlock up to 30% more of the diversity dividend by improving team performance.
“Diversity is a business imperative; when we attract and develop talent from diverse backgrounds and increase their representation in the workplace, we strengthen our company’s business goals,” said Marie Myers, Chief Financial Officer at HP Inc. “We look forward to participating in this Registered Apprenticeship Program for Finance Business Partners as part of our finance cohort program launching in 2023, which will recruit graduates from Historically Black Colleges and Universities (HBCUs) to drive more diverse and equitable talent in our team.”
To learn more about the apprenticeship program, visit the AICPA’sFinance Business Partner Apprenticeship pageor email[email protected]。
Caption: Tom Hood (AICPA&CIMA), Paul Young (Liberty Bank), Mike Neller (AON), and Brittany Masalosalo (HP)
About the American Institute of CPAs
The American Institute of CPAs (AICPA®) is the world’s largest member association representing the CPA profession, with more than 421,000 members in the U.S. and worldwide, and has served the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, and federal, state, and local governments. It also develops and grades the Uniform CPA Examination, offers professional credentials, builds the pipeline of future talent, and drives continuing education to enhance the vitality, relevance, and quality of the profession.
About Liberty Bank
Founded in 1825 and headquartered in Middletown, Connecticut, Liberty Bank is the oldest and largest independent mutual bank in the United States. With more than $7 billion in assets, the bank has 56 banking offices in Connecticut and one in Massachusetts. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, residential mortgages, commercial lending, insurance, and investment services. Named a “Best Place to Work” every year since 2012 and recognized by Forbes as one of the “Best Banks in Each State” in 2021 and 2022. Visitwww.liberty-bank.com。
About Aon
Aon plc (NYSE: AON) exists to make better decisions—to protect and enrich the lives of people around the world. Our colleagues provide clients in more than 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
About HP
HP Inc. is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visithttp://www.hp.com。