Accounting
Indiana CPA Educational Foundation publishes 2023 INCPAS College Student Survey Results
The Indiana CPA Educational Foundation recently conducted a comprehensive survey of college accounting and business students to better understand their interests, influences, career aspirations and work expectations.
Jan. 09, 2024
The Indiana CPA Educational Foundation recently conducted a comprehensive survey of college accounting and business students to better understand their interests, influences, career aspirations and work expectations. Respondents represented 11 Indiana universities/colleges, with the majority in their sophomore, junior or senior years.
Key Finding #1: Work or internship experience has the most significant influence on career choice.
While 39.5% of respondents shared that social media has had an influence on their career choices, the foundation’s research indicates Indiana candidates find the most influential experience is a work or internship experience, followed closely by a class or relationship with a parent or guardian. This preference for a “show and tell” experience over formal, high-level introductions that come from career assessment tools, visits from recruiters, and/or career counselors, shows the importance of well-crafted introductory courses and internship experiences.
Key Finding #2: Creating supportive, healthy environments for staff should be a top concern, if the profession is going to attract the talent it needs for the future.
When asked to think long-term and describe their ultimate career goal, CFO and partner in a public accounting firm were common responses.
Also on respondents list for “ultimate career goal” — work/life balance. The emphasis on achieving a good work-life balance as an “ultimate career goal” suggests students are aware of the potential for long hours, burnout and job-related stress. This highlights the importance of creating supportive, healthy environments for staff. Ranking at the top of the list — alongside stability and enjoyment of the work — work/life balance ranked third as the most important factor, when considering only issues that were deemed very important.
“My ultimate career goal is to find fulfilling and rewarding work in the field of accounting that will enable me to positively influence the operations of a business or society and comfortably support a future family.” –Survey Respondent
Key Finding #3: Though Indiana experiences significant brain drain, accounting and business students plan to stick around.
Indiana has 85,000 teens turning 18 each year; there are 75,000 high school graduates, 42,000 students who go on to college, and 25,000 graduate and continue living in Indiana. That’s a 29% workforce retention rate, according to Leaking Talent Pipeline Study, Indiana Chamber of Commerce 2022.
What are Indiana’s college accounting and business students considering when it comes to building a career in Indiana? The good news is 59% of respondents plan to work in Indiana after graduation. This retention rate far outpaces the state’s average. Further, the students who participated in the foundation’s survey indicated that they were interested in a job within the accounting profession (68%).
What’s Next
INCPAS will use these results to help members attract and retain a diverse accounting talent pipeline by demonstrating accounting offers the fulfillment, stability, and culture that today’s students seek. Working to actively dismantle the myths that shroud our profession, highlighting not only the practical benefits like job security and professional development but also the meaningful work and potential for community impact, we can make a positive impact.