CPA Horizons 2025 - Top Trends to Watch - Maryland Edition

MACPA Future Forums April – June, 2011

14 Forums – 420 Participants

CPA Horizons 2025 Report The American Institute of CPAs (AICPA) initiated a project to re-visit the CPA Vision 2011 and called on members of the CPA Profession to embrace the challenge of defining the future for themselves and those they serve looking out to 2025. The AICPA commissioned research from several leading futurists that would serve as the starting point of a conversation with the grassroots CPAs. http://www.aicpa.org/research/cpahorizons2025/pages/cpahorizons2025.aspx The AICPA formed an internal team that would focus on the project and selected MACPA’s Business Learning Institute (BLI) to design and facilitate 16 in-person future forums in 8 cities across the US for interactive, grassroots feedback about the future. BLI used its i2a: Insights to Action Strategic Thinking System, co-developed with Gretchen Pisano of Sounding Board Ink as a framework to engage CPAs and capture their insights about the future. The next two slides illustrate the i2a: Insights to Action system and the application to the future forum process. MACPA was selected based on our prior experience with the CPA Vision project from 1999 – 2003 and our experience as a leading strategic planning group in the CPA Profession. Our CEO, Tom Hood, was tapped to lead the CPA Vision Team after the Vision was created in 1998 under the leadership of Jeannie Patton (CEO of the UACPA at the time and now with the AICPA). Tom Hood and Gretchen Pisano facilitated the national future forums during April – June, 2011 in Hartford, Dallas, Chicago, Albuquerque, Denver, Miami, San Francisco, and Pittsburgh. Our past chair, Kimberly Ellison-Taylor serves on the AICPA CPA Horizons Task Force that will be presenting the results at the AICPA Council meeting in Arizona in October, 2011. Note: The i2a:Insights to Action strategic thinking system is also used in building leadership, strategic thinking, collaboration, and alignment skills in the AICPA Leadership Academy, the MACPA Leadership Academy and the Utah Association of CPAs Leadership Academies.

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© 2011 American Institute of CPAs

Future Forum Process – Desired Outcomes

>  The wisdom of the crowd!

> Identification of the most important trends facing the CPA profession in the future (2025)

> Crowd-Filtering of the trends with the time to address as now

> Creating our Vision for 2025 by revisiting the CPA Vision 2011 created in 1998 and recommending any changes including Vision, Purpose, Values and Top 5 Services and Top 5 Competencies

> Insights to Go – Your takeaway of insights back to your organizations or to use with your own career – a takeaway to help you strategically think about the future

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Macro Agenda


CPA Horizons 2025 Report The Maryland Association of CPAs (MACPA) ran a series of fourteen (14) Future Forums covering 420 participants and including their Board of Directors and a New/Young Professionals group. We also ran two student-only sessions with a total of 34 college students. http://www.macpa.org/Content/26046.aspx The Maryland results are in substantial alignment and agreement with the results of the national future forums. While the top eleven (11) rankings were different, only one trend was different in the top ten list – Maryland CPAs added Shift to Consumer Power (moving from push to pull) in their Top trends to Watch list. The Vision alignment was even stronger in Maryland, possibly due to the additional and recurring communication of the CPA Vision 2011. However the students thought the 2011 Vision was even more relevant than both the National and Maryland groups. When we look at the results in students, young professionals, and the average forums (which had more “older” professionals, we see the young professionals focused on work/life balance, generation gap, non-traditional services, value-added services (like value pricing), and technology. The students started with mobile technology and were much more globally focused with diversity, globalization, IFRS (standards), and technology. An interesting note is that Steve King, Emergent Research in California (the futurist contracted by Intuit Corporation for their 2020 project) validated the trends and noted that these same differences (based on age of participants) came out of Emergent’s focus groups and research. He said the trends from the Future Forum session he participated in (San Francisco) were similar to Intuit’s research about the future trends out to 2020.

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Summary – Top Trends to Watch - Maryland


1.  Information Security, Privacy & Data Protection 2.  Changing Communication (mobile, text, social) 3.  Shift to consumer power (push to pull) 4.  Increasing complexity of rules & standards 5.  Generational Differences & Succession Planning 6.  Technological evolution (cloud, XBRL, and Social) 7.  Information overload 8.  Work-Life Balance (4) 9.  Increased Globalization and Competition 10. Diversity 11.  US Deficit

Line of Sight – CPA Vision

I can see myself in the CPA Vision 2011 4.4 4.2 4.6 The CPA Vision 2011 is relevant & on target 4.1 4.2 4.4 Core Purpose & Core Values are relevant 4.4 4.4 4.7 Core Services continue to be relevant 3.9 4.2 4.2 Core Competencies continue to be relevant 4.2 4.4 4.4

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Reference the three summary reports from mee1ngs and individual CPA Vision Feedback Forms as follows: 1. Top Trends to Watch includes summary and details by forum by city 2. Line of Sight includes the group insights aGer the CPA Vision exercise & discussion 3. CPA Vision Feedback Summary is a summary of all future forums’ individual forms Together these can be used to edit the CPA Vision 2011 and bring forward for 2025

Nat’l MD students

CPA Vision 2011


Feedback from Participants


The forums were:

Overall Session Ra1ng 8.42 (overall comment was too short) Discussion Leaders 8.70

Top Trends and Implications Several other facilitated sessions with MACPA’s Board and several groups of young professionals provide additional insights to this report. All of which involved the i2a:Insights to Action methodology: 1.  MACPA Board of Directors – after reading in-depth reports from the future in 2020 – 2025,

developed the Top Trends and the Time to Address is Now. 2.  MACPA New/Young Professionals (NYPN) participated in a session at the MACPACPA

Summit in June, 2011 and developed the trends and opportunities 3.  AICPA EDGE Conference for Young Professionals in New Orleans (August, 2011) weighed in

after a keynote speech by Tom Hood on Leadership in the New Normal and developed the slides on how leadership is changing & what do young professionals need in the future.

4.  Tom Hood & Pam Devine facilitated a session at the AAA Conference in Louisville, KY in June, 2011 where CPA firm COOs and administrators developed the Top 7 Leadership Issues facing CPA Firms.

5.  MACPA’s Leadership Academy facilitated a conversation about Leadership and emerging leaders in September, 2011


Top 10 Trends from MACPA BOD (and the 1me to address is now)

1.  Pressures on Gov’t & rising deficit 2.  Changes in learning – informal & on-‐demand 3.  The cloud = flex, global, work anywhere 4.  Increasing complexity, ambiguity & change 5.  Globaliza1on and economic shiGs 6.  Informa1on overload 7.  ShiG to consumer power (push to pull) 8.  Workforce, demographics, the “she” economy 9.  Going mobile 10.  Social media = business

MD New / Young Professionals

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MD New / Young Professionals Top Opportunities

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AICPA EDGE How is leadership changing?

How is Leadership changing?

•  More democra1c – moving from push to pull •  Flexible & adaptable – capable of responding to faster rates of change

•  Increased risk & less 1me to make decisions •  Con1nuous learning (L>C) for individuals and organiza1ons

•  Need for more younger leaders •  Long-‐range vision + strong core values

AICPA EDGE What do Young Professionals Need to become Future Leaders?

What do young professionals need to be leaders?

•  “SoG skills” broader and more diverse knowledge in leadership, management, change & business development

•  Ability to tap into networks (AICPA, others) to con1nuously learn (including social media)

•  Learn and teach collabora1on, & leadership •  How to embrace change and be flexible & adaptable •  Learn how to lead teams •  Bridge the gap between “older leaders” and “younger

leaders” •  Learn about themselves (Strengths-‐based leadership) so they

can be more purposeful, proac1ve & mo1vated

AAA Conference – Top 7 Leadership Challenges


1.  Succession planning 2.  Accountability and buy-‐in 3.  Communica1on (lack thereof) 4. Managing millennial 5. Work / life balance 6.  Leadership development 7. Managing change

Leadership Mind Stretcher

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Summary – Top Trends to Watch - Draft

1.  Information Security, Privacy & Data Protection – cloud (12) 2.  Changing Communication (decline of face-to-face) (11) 3.  Shift to consumer power (push to pull) (9) 4.  Global rules & standards –IFRS – complexity (7) 5.  Global Competition, Rise of the Rest (7) 6.  US Deficit (6) 7.  Aging population, loss of wisdom, knowledge transfer (5) 8.  Information overload, complexity (5) (Need for critical thinking & filter) 9.  Work-Life Balance (4) 10.  Increased Globalization (4) 11.  Diversity – Cultural Fusion – Beiging of America (3) 12.  Education (2) Note: Only #3 was new relative to national results (ranking was different)

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“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.”

Source: Charles Darwin


Links AICPA CPA Horizons websites http://www.cpahorizons2025.org http://www.aicpa.org/Research/CPAHorizons2025/Pages/CPAHorizons2025.aspx Future Forum overview http://www.youtube.com/watch?v=w1TkFXX7F78&feature=related Videos from the road: Students (from educators perspective) http://www.youtube.com/watch?v=e0OA651O1yo http://www.youtube.com/watch?v=iAFeTZjOpRA http://www.youtube.com/watch?v=d81NqdeAV_I&feature=related Young Professionals http://www.youtube.com/watch?v=a48Q-W_D1Ps http://www.youtube.com/watch?v=fhtZv3MlSOg&feature=related http://www.youtube.com/watch?v=0jJfsxwUCbE&feature=related http://www.youtube.com/watch?v=e0OA651O1yo http://www.youtube.com/watch?v=iAFeTZjOpRA Pictures http://www.flickr.com/photos/macpa/sets/72157625988187664/

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Meeting Details

MACPA CPA Horizons 2025 Facilitated Future Forums

Apr – Jun, 2011

This booklet is a graphic meeting summary of the series of fourteen (14) Future Forums held from April – June, 2011 in Maryland for the AICPA’s Horizons 2025 Project.

The pages are reductions of large visual displays created on-site using BLI’s I2A Insights

to Action – Strategic Thinking System, provided by Tom Hood, CPA.CITP, CEO of the Business Learning Institute & Gretchen Pisano of Sounding Board Ink (a strategic partner

of BLI). The meetings were facilitated by MACPA Team Members certified in the i2a: Insights to Action Strategic Thinking System

www.bizlearning.net/live/i2astrategicplanning

For more information regarding this gathering and its outcomes, please contact Jackie Brown, COO of the Maryland Association of CPAs

For more informa1on on the Insights to Ac1on™ Strategic Thinking System: Tom Hood, CPA.CITP Twimer @tomhood CEO Maryland Associa1on of CPAs Blog www.cpasuccess.com Business Learning Ins1tute Blog www.bizlearningblog.com hmp://www.bizlearning.net/live/i2astrategicplanning hmp://www.bizlearning.net/live/i2afutureforums hmp://www.bizlearning.net/live/i2aleadership (800) 888-‐481-‐3500 (toll free) [email protected] LinkedIn: hmp://www.linkedin.com/in/tomhood

CPA Horizons 2025 - Top Trends to Watch - Maryland Edition

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