Investing in

the next generation of Alabama CPAs with KPMG’s Master of Accounting with Data and Analytics program

By Becky Sprout & Casey Bartok

Data and analytics (D&A). Automation. Artificial intelligence. Machine learning. Companies across industries are rapidly developing, implementing and investing in emerging technologies to remain competitive in today’s market. As auditors, it is our directive to stay ahead of this ever-changing technological landscape to provide the highest level of quality for our clients.

Advanced technologies must be matched with people who know how to use them effectively and how to exercise professional judgment in examining transactions. KPMG is helping shape professionals for the future of audit by upskilling the next generation — graduate students — through its Master of Accounting with Data and Analytics (MADA) program.

KPMG recently expanded the MADA program, adding seven universities, including Historically Black Colleges and Universities (HBCUs) such as Alabama State University’s Percy J. Vaughn, Jr. College of Business Administration. The expansion brings the total participating universities to fifteen, including four HBCUs.

As part of the expansion, KPMG will provide more than $7 million in scholarship funding over three years to the participating universities to encourage underrepresented individuals to pursue a graduate accounting education supplemented with D&A skills.

A data-rich world requires savvy professionals

Professionals entering the accounting field are expected to bring fine-tuned quantitative skills, strong critical thinking and a clear sense of purpose to protect our capital markets with the utmost level of ethics and integrity. These attributes are well understood and strongly embedded across the industry, from new hires to the highest levels of management. However, a fundamental understanding of auditing standards and accounting frameworks is no longer enough.

We live in a data-rich world where professionals are increasingly expected to demonstrate that they can speak the language of data and engage with it through the lens of accounting principles. This means translating data patterns and anomalies into actionable audit insights, staying abreast of the latest in data mining and visualization, and developing a deep knowledge of emerging technologies, such as artificial intelligence, automation, blockchain and more.

This is a tall order. And getting early exposure to these D&A topics is an advantage that benefits all parties: students, the firms they ultimately join and the profession more broadly. There is a clear opportunity for leading firms and the colleges and universities that feed their pipelines to collaborate on D&A education and training.

KPMG launched the MADA program in 2017. The goal was clear: Prepare a diverse group of students for the highly complex business landscape by combining the practical use of D&A technologies with a D&A-focused accounting curriculum. Students participating in the MADA program benefit from graduate-level coursework that blends accounting and STEM education, providing them with specialized skills so they can hit the ground running after graduation with the latest analytics acumen.

The MADA program is just one example of the concrete steps KPMG is taking to close the gap between academic preparation and accounting career readiness. And central to closing that gap is providing underrepresented talent with new and streamlined pathways into the profession.

Recruiting, training and empowering a diverse workforce

Empowering underrepresented talent to join, thrive and lead the accounting profession is a significant undertaking, and one that cannot be taken lightly. It is a core tenet of the MADA program and KPMG’s broader strategy.

Recognizing this important responsibility, KPMG has deepened its relationships with many HBCUs, increasing hiring in fiscal year 2021 by more than 40% while taking steps to improve near- and long-term retention of HBCU alumni. After all, it’s not just about hiring diverse talent but also about empowering them to succeed and advance into leadership roles. KPMG is also exploring similar relationships with Hispanic-Serving Institutions and Tribal Colleges and Universities with the aim of investing in a diverse, sustainable pipeline that promotes outstanding quality and innovation.

New career paths emerge

As the rise of D&A indicates, the realm of work that falls into CPAs’ purview is rapidly expanding. With this change, there are new career paths for prospective talent, new hires and experienced professionals to explore. For those with strong IT know-how, technology assurance is a fastpaced, data-driven field rife with opportunity. For those passionate about helping companies reduce their carbon footprints, environmental, social and governance (ESG) reporting and assurance are hot topics. These examples only scratch the surface, and they demonstrate that the accounting skills learned both in school and on the job are applicable to a broad range of emerging areas in and around the profession.

As career paths evolve, we anticipate that emerging skill sets — D&A, technology fluency, ESG and other related capabilities — will become embedded into professional development alongside traditional accounting training. These pathways give professionals greater control over their careers while enhancing quality, promoting innovation and delivering exceptional experiences for clients and employees alike.

The accounting industry is evolving — so too must the next generation of CPAs. And the future of the profession is more diverse, more data-oriented and more purpose-driven than ever before.