KPMG is providing paid internships to high school students as a solution to the staffing shortage in the accounting field.
Despite not having a passion for accounting, Autumn Kimborough, a 17-year-old high school senior from Flossmoor, Illinois, became excited when she heard about the well-paid summer internship opportunity at KPMG, which also included a $250 clothing stipend.
This year, KPMG organized a three-week internship program specifically for high school students to encourage them to consider a career in the accounting field, according to Jennifer Flynn, KPMG’s community impact lead.
Nearly 200 teenagers are participating in the summer internship program, which offers hourly pay rates of $20 or $22 along with clothing and transportation stipends, meals, and a business etiquette class, among other skill-building tools.
More from Personal Finance:
This strategy could reduce college costs by thousands
How to interpret your financial aid offer
The states with the most affordable in-state college tuition
The students are also assigned mentors who monitor their progress. “We wanted to ensure that our interns have a comprehensive experience,” said Flynn.
“I used to think it was just sitting at a desk,” Kimborough said, referring to being a CPA. “Now I’ve realized that accounting can involve travel and meeting people, and that aspect really drew me in.”
The shortage of CPAs in accounting firms
Accounting firms have been grappling with a significant shortage of staff.
Due to long hours, stressful deadlines, and negative stereotypes, more people are leaving the profession than entering it.
Recent college graduates are opting for careers in related fields like investment banking, consulting, or data analysis. Additionally, the additional credit hours required for a certified public accountant license pose a barrier.
To attract the next generation of accountants, other accounting firms and nonprofit organizations are implementing new strategies to address the talent pipeline issue by appealing directly to teenagers.
Recently, The Deloitte Foundation, Urban Assembly, and Outlier.org launched a dual enrollment pilot program in New York.
Starting in the fall, eligible public high school juniors and seniors can enroll in an Intro to Financial Accounting course and earn three college credits from the University of Pittsburgh, which can be transferred to the college of their choice.
The objective is also to inspire more diverse students to consider careers in accounting.
“This isn’t the sexiest of professions.”
Elena Richards
KPMG’s chief diversity, equity and inclusion officer
“We understand that this isn’t the most glamorous profession,” said Elena Richards, KPMG’s chief diversity, equity, and inclusion officer. “That’s why we’re focusing on starting earlier and expanding our reach.”
“This is our way of introducing them to a profession that offers numerous opportunities.”
The lack of diversity in the profession is another reason why the industry struggles to attract young talent, according to separate studies. Only 2% of CPAs are Black and 5% are Hispanic, despite significant job prospects in the field, as highlighted in the recent AICPA Trends Report.
Accounting consistently ranks among the top jobs with promising future prospects and six-figure salaries, according to various reports.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
