A New Way Forward for the Profession: In Conversation with CPA Ontario’s Emerging Leaders

In our recent member survey, the rapid change in technology and the emergence of artificial intelligence, attracting and retaining talent, and playing a leadership and advisory role to business were some of the most identified opportunities.

We wanted to dig deeper into what leading CPAs on the front lines of a changing profession think about these opportunities, and how we can seize them. That’s why we invited our Emerging Leaders, members of CPA Ontario under the age of 35 who are recognized as leaders in the economy and in their communities to a series of roundtable discussions on the future of the profession.

The conversations with these innovators, entrepreneurs and mentors were as enlightening as they were inspiring, and as the Emerging Leaders discussed their experience and their ideas, the one thing that came through loud and clear was the pride they all feel in this profession.

Here's what they told us:

Understanding the Path forward with CPA Canada and provincial counterparts

• There was appreciation for the engagement activities that CPA Ontario has been running with members, students and other stakeholders and acknowledgement that through these activities there is clarity on the very different roles that CPA Ontario (and the other PTBs), and CPA Canada play.
• As agreements, such as the Education Agreement announced in November, are finalized, Emerging Leaders are keen to know more. We committed to keep members and students up-to-date through In The Know and other direct communications.
• The Emerging Leaders were particularly interested in discussing standard setting, and the recommendation from the Independent Review Committee on Standard Setting to set up a new entity called StandardsCo. Through these discussions it was clear that the role of CPA Canada in Standards and Standard Setting was not clear.

Harnessing the Power of Innovation

• Emerging Leaders felt there was a clear opportunity for CPAs to take the lead in risk, compliance and trust in AI – a case CPA Ontario recently laid out in Trust in New Frontiers: Putting AI Governance into Practice.
• However, it was also clear that when it came to higher level and strategic work, the technology cannot replace the insights of the CPA.
• Artificial intelligence is an important and powerful tool, but tools are only as useful as the skills of the one who is using it. There is a real need for CPAs to develop a strategic and practical lens into the power of AI.
• Emerging leaders described how they have not only put AI to use in their day-to-day work, but also how they are looking to understand the “how” of AI as much as the “what” AI is used for, including how to embrace the opportunity for entrepreneurship in emerging fields like data analytics and automation.

Bringing the Best Talent to the Profession

• Today’s up and coming CPAs don’t just want to provide strategic advice to the decision-makers – they want to be the ones making the decisions!
• The profession needs to tell ambitious young professionals the story of what you can do with a CPA, from entrepreneurship to playing a leadership role in any industry.
• The CFO's role is broad, with CPAs now called in to support high-level strategy on mergers and acquisitions, for example. These are areas where having a CPA is a critical asset.
• Engaging high school students and teachers and talking about the leadership role that CPAs are playing in AI, for example, or making business more sustainable, would expose more high school students to the reality, and opportunity, of being a CPA today.
• Emerging Leaders are energised to help play a role telling those stories and we will continue to leverage this passion through our education advocacy, and recruitment activities.

Building a Community of Professionals

• CPAs early in their careers are looking for more opportunities to build networks through professional and personal interest groups or through industry events. Programs that emphasize the building of professional network, like then Innovation Leadership Accelerator for CPAs looking to take a leadership role in the innovation economy, are a good example.
• There was also an interest in working together to create more opportunities to connect more CPA students with working CPAs as a way of connecting potential mentors and mentees, while helping talent find new career opportunities. Building on CPA Ontario’s Practical Experience Mentorship program, and our onboarding program, these new opportunities can help connect new CPAs to the many possibilities that the designation can bring.

Taking the Lead in Sustainability

• There is interest and excitement in the role that CPAs will play in in building trust and validity in non-financial metrics as stakeholders look for more sustainability information, an area that one Emerging Leader called the “bleeding edge of the CPA designation.”
• Markets and investors are looking for assurance on net-zero plans and in carbon credit market, but there are concerns that the metrics and the standards are still ambiguous.
• As sustainability standards, including the Canadian Sustainability Disclosure Standards, come into play, there will be more rigour brought to sustainability reporting, and CPAs will have an important role to play in helping businesses prepare.
• With so many different voices at the table, from environmental engineers to human resources, there is still an open question in the minds of many about who should own and lead sustainability reporting. But as many Emerging Leaders have demonstrated through their own work and experiences, CPAs are the ones with the skillset and the mindset to take the lead.
• There was a recognition that through Sustainability Simplified, and the CPA Ontario Sustainability Strategic Advisory Committee, that CPA Ontario is helping to support members on their journey.

The ideas and insights we have gathered from our Emerging Leaders will help inform our plans for helping CPAs seize these opportunities and continue to drive business and society forward. Looking ahead, we will continue to engage with this exciting community of leaders.