CHICAGO, Nov. 11, 2020 – Unveiling seven provocative predictions for the future of the CPA profession, the Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—has released its 2020 Insight Special Feature, “CPA Profession 2027: Racing for Relevance.”
The result of more than a year’s worth of strategic planning conversations and reviewing countless articles, interviews, reports, studies, and surveys—and conducting some of its own—“CPA Profession 2027” coalesces ICPAS’ findings from these authoritative, and sometimes disparate, sources into a powerful report detailing the underlying trends and challenges driving change in the CPA profession and how they may shape its future.
Inside “CPA Profession 2027,” ICPAS outlines how the CPA profession is facing a pace and type of change unlike any it has experienced before, where the rules of the race are literally being rewritten by technology. Key predictions include outlooks on how artificial intelligence and robotic process automation will forever change accounting, audit, finance, tax, and more; the ways services are provided to companies and clients, and the ways companies and firms are staffed, will shift dramatically; and how implications of the global pandemic, along with rapidly changing company and client expectations, will demand CPAs change both mindset and skill set. The most provocative prediction of all is that the number of CPAs will decline in the years ahead as technology becomes more pervasive.
“While many strategic plans and reports look just one, two, or maybe three years out right now, we believe we cannot risk being shortsighted given the long-term implications of all that is changing around us,” says ICPAS President and CEO Todd Shapiro. “We understand the risks of making predictions. We acknowledge it’s unlikely each one plays out perfectly. But we firmly believe they’re directionally correct. Our hope is that the insights compiled here will rev up conversations that help us chart a roadmap for ensuring the sustainability, relevance, and growth of the CPA profession for many years to come.”
“CPA Profession 2027” is available now in PDF and digital formats at www.icpas.org/CPA2027
, and print editions are available upon request. Shapiro welcomes feedback and is available for further commentary.