The American Institute of CPAs (AICPA) and the U.S. Department of Labor today announced the signing of Liberty Bank, Aon plc, and HP Inc. to the Registered Apprenticeship for Finance Business Partners program. The nation’s first-of-its-type program for accounting and finance will establish a pipeline of highly engaged candidates that allows employers to monitor and develop more skilled, diverse, and long-term employees. The program is built on the globally rigorous CGMA Finance Leadership Program leading to the award of the Chartered Global Management Accountant (CGMA) designation.
Liberty Bank, Aon, and HP are the first employers to participate in the program that creates a new path for those looking to pursue accounting and finance careers, while providing employers with a program to help develop, retain, and diversify talent. Liberty Bank has eight currently registered apprentices with seven additional in the pipeline to start by early 2023. Aon will follow with 15 colleagues and HP will bring on 10 colleagues.
“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. “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.”
For more than a century, the AICPA has been focused on driving a robust pipeline of professionals prepared to support and grow organizations worldwide. The Registered Apprenticeship for Finance Business Partners is the latest step in that mission.
“The Registered Apprenticeship for Finance Business Partners program will help ensure diverse, skilled teams are ready to fill financial jobs now and, in the future,” said U.S. Secretary of Labor Marty Walsh. “Registered Apprenticeship is a proven model and solid investment for employers seeking to develop a talented and diverse workforce. Today’s signing reflects the department’s continued commitment to expanding Registered Apprenticeship programs in high-growth and emerging industries.”
These employer signings coincide with National Apprenticeship Week (November 14-20, 2022), a nationwide celebration where industry, labor, equity, workforce, education, and government leaders host events to showcase the successes and value of Registered Apprenticeships for re-building the economy, advancing racial and gender equity, and supporting underserved communities.
“We wanted a consistent program that immerses the employees in the experience beyond the traditional upskilling methodology. A cohesive, ongoing opportunity for talent development across the group,” said Paul Young, Senior Executive Vice President & Chief Financial Officer of Liberty Bank based in Middletown, CT. “The program allows employees from across all different spectrums of their career development into the program with cohorts at their learning level, supplemented with a strong mentorship program. And that’s powerful because it helps ensure success and appeals to the entire organization.”
Benefits of the Registered Apprenticeship for Finance Business Partners include:
For employers, apprenticeship programs –
- Are career development programs that establish a pipeline of employees that employers can develop and monitor over time to greatly increase the chance of developing a highly engaged, more skilled, long-term employee.
- Are a talent pipeline management tool, that allows organizations to build, in addition to buy talent, and in doing so take control over how they address ongoing and future needs of their organization and improve recruitment.
- Expand the candidate pool by providing experiences and education that the candidate may not have at the start, and allows employers to consider a broader range of candidates.
For apprentices, these programs allow them to earn a paycheck while they learn and benefit from exposure to more career development and mentoring opportunities.
“Our people are the heartbeat of our firm. We are committed to creating a culture of opportunity for our colleagues that makes them feel more relevant, connected, and valued to help them achieve their full professional potential,” said Mike Neller, Global Controller at Aon. “We are excited to make this program available to our Finance colleagues, to help them gain essential skills, earn their CGMA designation, and carve out a path for job training, mentorship and career growth.”
Research reveals that inclusive teams unlock diversity benefits by improving team performance by up to 30% in high diversity environments.
“Diversity is a business imperative; when we attract and nurture people from diverse backgrounds and increase their representation in the workplace, we strengthen a company’s business objectives,” said Marie Myers, Chief Financial Officer at HP Inc. “We look forward to being a part of this Registered Apprenticeship for Finance Business Partners program as an offering in our Finance Cohort Program launching in 2023 with hiring from graduates of historically black colleges and universities /HBCUs to drive more diverse and equitable talent across our team.”