As waves of retiring Baby Boomers begin their planned exits from CPA firms, the newer accountants will employ very different skill sets and tools than did their predecessors as the succession planning torch is passed to the next generation.

With 75 percent of the American Institute of CPAs' membership set to retire over the next 15 years, Gen Y accounting professionals will capitalize on such technologies as collaboration tools, online applications and social networking sites, and CPA firms that want to recruit and retain the younger generation of accounting professionals and ensure a succession strategy must provide that forum.

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