National Apprenticeship Week just wrapped up last week and it’s the perfect time to celebrate the transformative power of apprenticeships in the world of finance. We were honored to be recognized as one of the top business apprenticeships in Maryland at the #NAW2023 Awards Ceremony showcasing the remarkable growth and diversity of registered apprenticeships in the Maryland.
In a recent episode of our Future Ready Live show, Barry Payne, director of external relations of management accounting at the AICPA & CIMA, led a conversation on the importance of apprenticeship programs in shaping the future of finance. One of his guests was Joanne Fiore, VP of pipeline and apprenticeships for CGMA Americas at the AICPA & CIMA, and she is leading the charge in elevating the Chartered Global Management Accountant (CGMA) designation through AICPA’s professional apprenticeship program.
Joanne shared that, over the past decade, the number of registered apprentices in the U.S. has surged by an impressive 64%. Today, there are about 600,000 registered apprentices, spanning 27,000 different occupations. It’s a significant leap, but when you compare it to countries in Western Europe where apprenticeships are 10 to 15 times more common, there’s still room for growth.
That brings us to AICPA’s groundbreaking apprenticeship program in accounting and finance, which has earned impressive recognition from the United States Department of Labor. The program covers three critical components: related instruction and education, tailored on-the-job training, and mentorship partnerships – all critical components in creating skilled finance professionals and a diverse, inclusive workforce.
One of the key aspects of AICPA’s apprenticeship program is its ability to offset educational program costs. Employers can access funding, tax credits and workplace credits, making it a financially viable choice for organizations seeking to invest in the growth and development of their staff.
To support employers in the registration and tracking process, we’ve partnered with the Institute for American Apprenticeships. They provide invaluable assistance, essentially offering a concierge service to ensure a smooth experience for employers.
Joanne and her team are actively working on introducing the concept of apprenticeships in high schools, staring in Maryland. The idea is to make high school students aware of finance and accounting as a career option. By offering a youth apprenticeship option through the Finance Leadership Program, they are helping to address the pipeline issue and opening doors for scores of secondary students.
Alicia Fales, a supervisor for Baltimore County Schools in the Office of Career and Technical Education, is a strong advocate for the youth apprenticeship system in Baltimore and Maryland. She joined the conversation to talk about how she is driving change in Maryland’s youth apprenticeship program. Under the Blueprint for Maryland’s Future legislation, the state of Maryland aims to transform education by ensuring that 45% of graduates have an industry-recognized certification or youth apprenticeship by 2031. With youth apprenticeships in Maryland kicking off at the age of 16, this program is providing students with a valuable head start in their careers.
Alicia shared that the apprenticeship system provides essential support for both employers and students. Each high school has a work-based learning coordinator who acts as a liaison between students and employers. They ensure students are job-ready and monitor related instruction. This helps bridge the gap between students’ expectations and the workplace reality, creating a successful apprenticeship-to-workforce experience.
Apprenticeships present exciting opportunities for organizations to nurture, upskill and diversify their workforce. AICPA’s apprenticeship program, along with youth apprenticeships in Maryland, showcases the innovative ways we can address skills gaps, attract new talent and create a more inclusive and vibrant workforce.
So, take a step towards a brighter future, explore the world of finance through apprenticeships, and join the journey of transformation and growth.
See our complete recap of our program and participation in National Apprenticeship Week:
Revolutionizing Talent in Finance and Accounting: The Power of Registered Apprenticeship
For more information on this exciting new approach to your finance and accounting talent use the link below:
