The American Institute of CPAs received a $120,000 grant from the Maryland Department of Labor to expand its Registered Apprenticeship for Finance Business Partners in the state.
More than 12,000 apprentices are registered in the state's apprenticeship and training program, and the funds will be used to cover the training of 25 new apprentices at a minimum. The program provides a new point of entry for aspiring professionals in finance or accounting as well as talent retention and diversification for employers.
"Since day one, Governor [Larry] Hogan has been focused on utilizing common sense solutions to grow and expand economic opportunities for all Marylanders," said Maryland Secretary of Labor Tiffany Robinson in a statement. "His steadfast support for Registered Apprenticeship has allowed Maryland labor to not only grow the number of apprentices in our state to a historic level, but also to grow and diversify the industries and occupations that are served by our successful apprenticeship system. Our partnership with the AICPA is a continued step in the right direction."
Through the apprenticeship, candidates will gain access to paid job training, on-site mentorship and possible financial incentives to reduce company expenses. Registered apprentices can also access online learning via the AICPA's CGMA Finance Leadership Program.
"The battle for talent is increasing, making the need for more skilled accounting and finance talent even more pressing," said Tom Hood, executive vice president of business engagement and growth at the AICPA, in a statement. "Our apprenticeship combines a world-class learning program with mentorship and on-the-job training, which helps employers recruit and grow their own, providing the kind of workplace the 21st-century workforce expects — diverse, inclusive, collaborative and innovative."
The first of its kind for accounting and finance, the AICPA's apprenticeship program is a flexible, skills-based initiative that is available to new hires, incumbent employees as well as those seeking an associate or bachelor's degree.
"Apprenticeships offer an opportunity to 'earn while you learn,' meaning that employees study the CGMA Finance Leadership Program and receive on-the-job training while also earning a living," said Joanne Fiore, vice president of pipeline and apprenticeships of CGMA Americas at the AICPA association, in a press release. "And apprenticeships help build a more inclusive accounting and finance team by widening the aperture of candidates to consider. Not every candidate has to have all the skills, experience and education up front, because the apprenticeship provides the opportunity to gain them."
Maryland is the first state in which the AICPA has registered its apprenticeship and the organization has partnered with the
"This apprenticeship is an exciting partnership with the AICPA and the state of Maryland to support more Marylanders, both those seeking to enter the accounting and finance profession and those businesses in need of more talent in this critical area," said MACPA CEO Rebekah Brown in a statement.
