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today ’sCPA

INSIGHTS & SOCIETY NEWS FROM TODD SHAPIRO, ICPAS PRESIDENT & CEO

In 1955, a young Lester McKeever is graduating from the highly rated University of Illinois with a degree in accounting. The University pushes Arthur Andersen to interview Lester While the firm is impressed with this potential recruit, they tell him he can’t be hired because he’s African American and therefore won’t be accepted by their clients Yes, you heard that correctly. Lester became very disheartened but, lucky for the profession, he eventually pursued his dream to be a CPA, and ultimately became the managing partner of Washington, Pittman and McKeever, LLC

I mention Lester ’s story because it came up in a recent visit with the partners of a mid-sized suburban firm But more on that later

It’s no secret that the accounting profession is minimally diverse, especially with regards to ethnicity and more specifically African Americans and Hispanics The numbers speak for themselves Seventeen percent and 13 percent of Americans are African American and Hispanic, respectively, yet only 1 percent of CPAs are African American and only 3 percent are Hispanic. The question is why? The reality is that there just aren’t enough diverse students pursuing careers in accounting.

We looked at 14 of the largest universities in Illinois and the graduating class of 2014 Among these schools there were just 108 graduates in accounting who were African American and 229 who were Hispanic Individuals of diverse backgrounds do go to college, with the top two areas of study being teaching and social services. The unfortunate reality is that many in diverse communities aren’t aware of the remarkable opportunities that the accounting profession offers

Your Illinois CPA Society, led by the Board of Directors, has elevated improving diversity in the profession to a key strategic initiative We have formed a Diversity Advisory Council, which includes leaders of all backgrounds charged with identifying those opportunities through which the Society can most efficiently impact the pipeline of diverse students entering the profession We will be identifying specific high schools to work with over the next few years to extoll the benefits of a career as a CPA The only way to impact the diversity of our profession is to change the pipeline

Now, back to my initial story and the mid-sized suburban firm I visited. In that meeting, a partner asked what many would say was a politically incorrect question: “Why should I care about diversity in the profession?” I was happy to answer

First, it’s the right thing to do Second, a more diverse workforce will bring in more diversity in thinking, which will only benefit the firm. Third, the primary driver of the growing economy is small-business startups and individuals of diverse backgrounds represent the largest segment creating those new businesses Finally, even if the firm’s clients are minimally, if at all, diverse, I believe that current and future generations of clients will have respect and admiration for a firm that promotes diversity in its team Clients expect, respect and, in many cases, reward diversity in the businesses they work with This isn’t 1955

Yes, the world has changed, but more change in our profession is needed. Your Society will continue to work with high schools, colleges, firms and companies in developing, identifying and implementing solutions so that, one day, our diverse profession reflects our diverse nation

Insight Magazine

Publisher/President & CEO Todd Shapiro

Editor-in- Chief Judy Giannetto

Art Direction & Design Judy Giannetto

Production Design Rosa Garcia

Managing Editor Derrick Lilly

Photography Jay Rubinic, Derrick Lilly, Nancy Cammarata

Circulation Carl Siska

National Sales & Advertising

Michael W Walker

The RW Walker Company

P: 213 896 9210

E : mike@rwwcompany com

Editorial Offices

550 W Jackson Boulevard, Suite 900, Chicago, IL 60661

Icpas Officers

Chairperson, Scott D Stef fens, CPA Grant Thornton LLP

Vice Chairperson, Lisa A Har tkopf, CPA Ernst & Young LLP

Secretary, Rosaria Cammarata, CPA , CGMA Mattersight Corporation

Treasurer, Margaret M Hunn, CPA , CFE, CFF Rozovics Group LLP

Immediate Past Chairperson, Edward J. Hannon, CPA , JD, LLM Quarles & Brady LLP

Icpas Board Of Directors

Brent A Baccus, CPA Washington Pittman & McKeever LLC

Christopher F Beaulieu, CPA, MST CliftonLarsonAllen LLP

Terry A Bishop, CPA Sikich LLP

Jon S. Davis, CPA University of Illinois at Urbana

Eileen M Felson, CPA, CFF PricewaterhouseCoopers LLP

Stephen R Ferrara, CPA BDO USA LLP

Jonathan W Hauser, CPA KPMG LLP

Anne M Kohler, MBA, CPA, CGMA The Mpower Group

Thomas B Murtagh, CPA, JD BKD LLP

Elizabeth S Pittelkow, CPA, CITP, CGMA ArrowStream Inc

Maria de J Prado, CPA Prado & Renteria CPAs

Kelly Richmond Pope, Ph D , CPA DePaul University

Andrea K Urban, CPA ThoughtWorks Inc

Kevin V Wydra, CPA Crowe Horwath LLP

INSIGHT is the official magazine of the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA Its purpose is to serve as the primary news and information vehicle for some 24,000 CPA members and professional affiliates Statements or articles of opinion appearing in INSIGHT are not necessarily the views of the Illinois CPA Society The materials and information contained within INSIGHT are offered as information only and not as practice, financial, accounting, legal or other professional advice Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication It is INSIGHT’s policy not to knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin The Illinois CPA Society reserves the right to reject paid advertising that does not meet INSIGHT’s qualifications or that may detract from its professional and ethical standards The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within INSIGHT, and makes no representation or warranties about the products or services they may provide or their accuracy or claims The Illinois CPA Society does not guarantee delivery dates for INSIGHT The Society disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delays in delivering INSIGHT INSIGHT (ISSN-1053-8542) is published four times a year, in Spring, Fall, Fall, Winter, by the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA , 312 993 0407 or 800 993 0407, fax: 312 993 7713 Copyright © 2016 No part of the contents may be reproduced by any means without the written consent of INSIGHT Permission requests may be sent to: Publications Specialist, at the address above Periodicals postage paid at Chicago, IL and at additional mailing offices POSTMASTER: Send address changes to: INSIGHT, Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA twitter.com/IllinoisCPA linkedin.com/company/Illinois-cpa-society facebook.com/ICPAS youtube.com/user/IllinoisCPASociety

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