Technology is the new fuel to drive business performance and success in an Industry 4.0 environment. As new-age technologies are shifting the scale and style of accounting functions and operations in companies, over 1200 accounting boards and professionals across the globe to overcome this challenge came up with a solution of introducing a CPA Evolution 2024. The evolution in 2024 would create flexibility and change in the CPA exam structure, CPA licensure model, salary, and work-life balance.
Why CPA Evolution is the need of the hour?
Most edtech leaders see upskilling as an effective strategy to bridge the global talent crunch of $8.5 trillion (85,000 jobs unfiled) by 2030. As a way of formulating an inclusive workforce, AICPA and NASBA found the following reasons to initiate the evolution.
- Fuel CPA aspirants to stay competitive in Industry 4.0 F&A landscape.
- Learn and apply competitive Technologies (AI, ML, and Data Analytics + Accounting) to tax, auditing, and financial planning processes.
- As the Big 4 announce 52,000 new roles of which 50,000 positions are technical.
- There is a 30% downfall in accounting graduates in Public Accounting firms and a 31% increase in non-accounting graduates in the accounting profession.
Why CPA would be the future of accountants?
A recent McKinsey report suggests that over 6-12 million jobs would be created by niche technologies in the next decade. To fuel global employability skills and career progression among professionals, accounting students and professionals must choose the best CPA Review center in India to ace the global CPA course.
Since India comprises 34% of Gen Z millennials, and they cite conventional education, poor skill development opportunities, career immobility, slow salary hikes & benefits, and unpreparedness for the future of work as reasons to get upskilled, CPA can be an unrivaled career pathway.
To support core accounting competencies & long-term career goals, CPA training centers offer various platforms through the “learn while you earn” strategy.
They engage in international partnerships and collaborations to help finance and accounting folks land groundbreaking roles in the US and Canada through STEM-integrated Accounting programs like Masters in Accountancy (MAcc).
The advantage
The CPA Evolution 2024 is set to bring in a uniform CPA examination across the globe. Secondly, it is posed to change the CPA syllabus to meet the futuristic needs of the accounting & finance industry. It has placed advanced and critical competencies like risk assessment, IT and systems governance, and accounting analytics to bridge the talent gap and fill competitive roles at the Big 4 and top MNCs.
Wayforward
Earning a US CPA from the best CPA Review Institute in India within 18 months will gear you to notch top-end roles at Big 4, Fortune 500, and leading MNCs in India, the US, and Canada. The Bureau of Labor Statistics projects a 6% growth, which means the accounting market is booming, which would open 1,449,800 F&A roles by 2030. Trust us, the average median salary for a CPA fresher is 11 LPA and above.
