The AICPA & CIMA Adds to U.S. Apprenticeship Program with the entry-level Accounting and Finance Associate Program

NEW YORK, Sept. 25, 2024 /PRNewswire/ -- The AICPA & CIMA, which together form the Association of International Certified Professional Accountants, announced today the launch of the Registered Apprenticeship for Accounting and Finance Associate. The new program is designed to enhance the talent pipeline by offering an "earn and learn" opportunity to recruit new talent or upskill those in entry-level positions.

Registered Apprenticeship programs yield results, according to the Office of Apprenticeship and Training at the U.S. Department of Labor (DOL), with 91% of employers with apprentices reporting an improved pipeline and 93% of apprentices remaining employed one year after completion. In the new AICPA & CIMA program, apprentices will work directly for the participating organization and receive foundational and operational levels of the world-leading CGMA Finance Leadership Program instruction, on-the-job training, a progressive wage scale, and mentorship.

"The battle for talent is increasing, making the need for more skilled accounting and finance talent even more pressing," said Tom Hood, CPA/CITP, CGMA, Executive Vice President of Business Engagement & Growth at the AICPA & CIMA. "How we address the needs of our finance teams today will better position us for tomorrow. Our apprenticeship combines a world-class learning program with mentorship and on-the-job training, which helps employers recruit and grow their own, providing the kind of workplace the 21st century workforce expects – diverse, inclusive, collaborative, and innovative." 

There are key benefits to the Accounting and Finance Associate Apprenticeship Program for both participating students and organizations:

• Recruitment: Promotes social mobility by attracting a wider range of candidates sooner.
• Retention: Promotes retention in two ways – 1) Apprentices continue with the employer post-apprenticeship, and 2) incumbent employees are upskilled to enhance or change roles within the employer.
• Career development: Identifies candidates early who then receive accelerated real-world competency-based training. Eligible candidates must be 16 years of age with a high school diploma.
• Earn while you learn: Bridges education and employment.

"The Registered Apprenticeship for Accounting and Finance Associate is a response to market feedback to help recruit entry-level positions and upskill those in these positions to add more value and achieve more mobility," said Joanne Fiore, VP – Pipeline and Apprenticeships, AICPA & CIMA. "As fewer people graduate from college and the profession faces a talent pipeline crunch, interest grows in roles that do not require a college degree. It made great sense to utilize our learning and apprenticeship program to assist those in entry level roles to upskill and add value."

The Accounting and Finance Associate Apprenticeship Program is a stackable apprenticeship that could lead into the earlier established Registered Apprenticeship for Finance Business Partners Program or be the next step after the Youth Apprenticeship Program.

Registered Apprenticeship for Finance Business Partners Program:

• The nation's first-of-its-type and U.S. Department of Labor-registered program for accounting and finance is dedicated to establishing a pipeline of highly engaged candidates that allows employers to monitor and develop more skilled, and long-termer employees.
• Eligible candidates must be 18 years of age with a high school diploma, GED, or other high school equivalency and obtaining an associate degree in accounting, finance, business, or related field by the end of the program.
• The program is built on the globally rigorous CGMA Finance Leadership Program leading to the award of the Chartered Global Management Accountant (CGMA) designation.
• Since its launch in 2022, the program is registered in the States of California (pending), Florida and Maryland and has grown to include accounting and finance apprentices in over fifteen industries.

Youth Apprenticeship Program:

• Program is supported by the Maryland Works Grant initiative and partners with industry (finance) leaders to create a pipeline for fields with a high need for talent.
• Eligible candidates must be 16 years of age and High School Junior or Senior meeting the school requirements and be eligible for the Apprenticeship Maryland Program (AMP).
• Program components include - instruction/study including foundational business and finance/digital finance courses, tailored on-the-job training, participation in a two-day Leadership Academy skills and networking program, and an assigned curriculum coach.

For more than a century, the AICPA & CIMA has focused on driving a robust pipeline of professionals prepared to support and grow organizations worldwide. These Registered Apprenticeship Programs continue that mission.

For apprentices, these programs allow them to earn a paycheck while they learn and benefit from exposure to more career development and mentoring opportunities. To learn more about the U.S. Apprenticeship programs contact Joanne Fiore at [email protected]

About AICPA & CIMA, together as the Association of International Certified Professional Accountants 

AICPA^® & CIMA^®, together as the Association of International Certified Professional Accountants (the Association), advance the global accounting and finance profession through our work on behalf of 597,000 AICPA and CIMA members, candidates, and registrants in 188 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license, the CGMA designation and specialized credentials, professional education and thought leadership. We build trust by empowering our members, candidates and registrants with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable, and resilient future.

SOURCE AICPA & CIMA