THE STATE OF ACCOUNTING EDUCATION: HOW TO APPEAL TO THE NEXT GENERATION

BY STEVEN J. BUDRYK, CPA, MS, TRAPHAGEN CPAs AND WEALTH ADVISORS

I was taught from a young age that education is the only thing that cannot be taken away from you. Every piece of paper that comes across your desk is a learning opportunity.

The classroom was a space for me to digest different facts, circumstances and opinions and even compare it to industry through my internship. After completing my undergraduate degree, my graduate degree, the CPA Exam and continuing education courses, I returned to the classroom, becoming the youngest adjunct professor at Ramapo College of New Jersey. This new role has afforded me the opportunity to have a direct impact not only on accounting students, but on the state of accounting education.

The current generation of accounting students are as interested in learning outside the classroom as they are inside the classroom. New accounting platforms allow for both in-class learning and outside experiential learning. This new paradigm incorporates a broader curriculum, including data analytics, information technology and a greater importance on communication to interpret the results to the end user.

New Options for the Next Generation

Obtaining an internship is often the single most important objective for an accounting student. There are alternative avenues to achieve this objective, such as:

• Co-op programs. This is where students receive college credit, usually as an undergraduate, for working in the field. Whether providing their educator with weekly journals, writing papers about an accounting-specific topic or otherwise, students not only obtain the vital credits for graduation and stay on course for the 150-credit CPA licensure requirement, they gain valuable experience.

• Work-for-credit programs. Students can apply for these, which assist with obtaining the additional 30 credits after receiving an undergraduate degree.

In addition, students should focus on new skills that are in demand in the workplace, including:

• Public speaking. Communication is the number-one skill for accounting students to master. Those who can effectively articulate their findings to not only educators, but their peers as well, will position themselves for greater learning and work opportunities.

• Microsoft Excel. Becoming proficient in Excel is paramount to a student’s success. Complemented by data analytics or information technology courses, students will be familiar with programs and disciplines that accountants use daily.

Flexible Learning Environment

There has been an evolution in in-person and online learning over the years. In-person learning still provides the best way for students to learn and build relationships with their peers and educators. There have been multiple instances in which staying after class has allowed for mentoring to flourish and provides students with necessary feedback on their work and job expectations. Online learning has its place, whether over summer or winter break, for students to accelerate their graduation date or stay on track with their plan to graduate with 150 credits. Because of the pandemic, there was a requirement for courses to be offered online to not delay student graduations. According to Forbes, approximately 75% of college students enrolled in distance learning in the fall of 2020, while approximately 54% of college students enrolled in distance learning in the fall of 2022. Online learning is an important alternative, which provides students with more options and flexibility to learn. However, for students to receive the most feedback and attention, in-person learning is key.

In-Demand Skills to Complement Accounting Majors

Accounting education allows for students to learn vital skills that will translate into successful careers. Communication skills, teamwork, leadership, technology and organizational skills are in demand and can be incorporated in college curriculums. As a professor, I incorporate group presentations on topic areas that public accountants work in, such as tax return preparation and tax planning analysis. In addition, I bring in young professionals and allow the students to interact on a one-on-one basis. The students are enthusiastic and can see a vision of their future.

Students have expressed interest in and are most intrigued about:

• Analytical work. Every source document is a learning opportunity. Aggregated together, it tells a story. Whether reviewing business financial statements, a business registration certificate or an individual 1099 investment statement, the information interpreted assists accountants in preparing sound strategies and recommendations.

• Client relationships. Accountants communicate with clients through email, phone or in person. Each interaction strengthens the relationship. When you show a personal interest in your client’s financial well-being, the level of trust formed solidifies your position as their trusted advisor.

• Constant learning. Everything students learn in school and in industry can be applied personally. As an example, we review a year-to-date paystub projection. Understanding this application allows students to consider focusing on their own personal financials.

• Growth opportunities. Having goals and objectives is very important for students as they embark on their accounting careers. We discuss career advice during and after class. Discussions have included remote and in-person training, professional dress, distinguishing yourself from your peers and how to be successful. By providing lessons learned on the job, students receive tips to excel.

• Rewarding careers. A student’s career in accounting begins in the classroom; however, as students become full-time accountants after graduation, they learn as much about themselves as the firm they work with, the colleagues they work with and the clients they serve. Students ask how rewarding this career is and I always include in my response that they become a main stakeholder in someone else’s life, which cannot be understated.

The state of accounting education offers tremendous opportunities for students inside and outside the classroom. Educators play a vital role in contributing to their students’ success. I could not be prouder of our current generation of students!

Steven J. Budryk, CPA, MS, is a manager at Traphagen CPAs & Wealth Advisors. He is a member of the NJCPA and a 2023 Emerging Leader Ovation Award winner. He can be reached at steven@tfgllc.com