The Indiana CPA Society has released a new study on what it sees as a growing trend toward “hyperspecialization” in the CPA profession.
The white paper discusses where hyperspecialization exists in the profession today and the impact on INCPAS members and CPA education. The study also addresses the opportunities, challenges and risks of hyperspecialization, and offers recommendations on how it should affect areas such as continuing professional education.
“Hyperspecialization is already evident to varying degrees in corporations and public accounting firms of all sizes,” said task force chair Mark Shaffer, who is managing partner of KPMG’s Indianapolis office. “With the rapid pace of change and increasing complexity in accounting rules and the regulatory environment, the trend is here to stay. While the impact to the CPA profession may evolve over a number of years, we believe it is important to monitor and educate our members about developments in the competitive environment.”
The trend toward increasing hyperspecialization is moving at a rapid pace, according to the INCPAS, and the society believed it was important to examine the topic and its implications for Indiana CPAs along with the CPA profession both nationally and globally.
The study is the third in a series of white papers prepared by a board-level task force at the Indiana CPA Society. The previous two were on the topics of integrated reporting and the future of accountant competency (see Indiana CPAs Study Integrated Reporting and Indiana CPAs Examine Future of Accountant Competency).