The CPA Diversity Report examines barriers to minority advancement in the profession

Recognizing that the lack of diversity, equity and inclusion (DEI) is a long-standing problem in the accounting profession, the Illinois CPA Society (ICPAS) and its charitable partner, the Illinois CPA Endowment Fund (CPAEFI), recently conducted research on what they are up against minorities as they enter and advance in the profession. Findings from this research are presented in Insight’s new 2022 special feature, “The CPA Diversity Report: Uncovering the Barriers to Success.”

The research focuses on the first-hand experiences of graduates of the Mary T. Washington Wylie Internship Preparation Program (MTWW IPP), a program now in its 11th year designed to prepare qualified Black and other racial and ethnic students minorities for success in securing their first accounting internships and/or full-time positions and ultimately pursuing the CPA credential.

“The goal of our research was to learn more about what they experienced after transitioning to the workplace to help identify opportunities to better promote their success,” said Carrie L. Natale, CAE, senior director of CPAEFI , who led the study. “While our findings do not necessarily reflect the experiences of all different individuals, or even those of all MTWW IPP graduates, the research has uncovered and highlighted some common challenges that we need to address if we are to ensure that everyone has a fair chance at success in this profession.”

A combination of survey data and insights gleaned through in-person interviews with the MTWW IPP alumni community revealed three key themes — primarily emerging during new hires and entry-level experiences — that could contribute to the persistent disparity in representation and advancement of minorities in the accounting profession:

1. They see the lack of DEI in the profession as a barrier. In fact, “The environment is not diverse,” which refers to diverse representation among both leadership and peers, was the most common barrier to success cited by MTWW IPP alumni (58%), followed by “The environment is not inclusive’ (36 %). Additionally, approximately 18% of survey respondents also cited “Discrimination/microaggressions” and “General lack of fairness compared to other entry-level professionals” as prevalent barriers.
2. They feel damaged by their background. Some 49% of MTWW IPP graduates indicated that “past experience did not adequately or somewhat adequately prepare you for working in a professional environment.” Furthermore, 48% revealed that their “education did not adequately or somewhat prepare you adequate for your work’. And nearly half of survey respondents attribute the fact that they didn’t feel prepared for success in their jobs when they first entered the profession to these gaps in knowledge and experience.
3. They feel they receive inadequate feedback and development. Nearly 31% of MTWW IPP alumni cited “Mentoring opportunities not available or inadequate for your professional needs” as a common barrier – making it the third most cited challenge they faced. This was followed by “Lack of timely, relevant or direct performance feedback” cited by nearly 24% of respondents. “On-the-job training opportunities are not provided or are inadequate for your professional needs” was also a common barrier.

“We hope that the findings of the study – along with the unique, eye-opening and sometimes disturbing stories – detailed in the full special feature will inspire those in positions to make a difference to join us in meaningful progress of DEI in the accounting profession,” said Todd Shapiro, President and CEO of ICPAS. “The insight gained from this research can help us have open, honest conversations about how we can overcome any systemic problems in the profession and come together to achieve true diversity, equity and inclusion in the profession.”

The CPA Diversity Report: Uncovering the Barriers to Success is available in PDF and digital formats, and print editions are available upon request. Both Natale and Shapiro welcome reader feedback and are available for additional comment on the factors influencing DEI in the accounting profession.