2 Percent of Certified Public Accountants at U.S. Accounting Firms are Black

Nwakaego Altraide

Research has revealed that 2 percent of Certified Public Accountants (C.P.A.s) at U.S. accounting firms are black, highlighting the need for greater diversity and the inclusion of women, veterans, and underrepresented groups at the top levels.

In a statement, it was the current state of diversity within the accounting profession in the United States would be discussed by identifying the challenges underrepresented groups face and proposing a solution to break down barriers and promote Diversity, Inclusion, and Equity (D.E.I).

The statement revealed that D.E.I is like building an all-star team, adding that it is about bringing together people from various backgrounds and perspectives by fostering an enabling environment where everyone can access resources, feel heard, and contribute their best.

The statement remarked that the demography of partners in accounting firms in the United States revealed a significant underrepresentation of women, disabled individuals, veterans, and other underrepresented groups.

The statement explained that the U.S. accounting firm dominated with 82 percent white partners and 10 percent Asian or Pacific Islander, adding that 77 percent of partners are male, while women hold only 23 percent of partner positions in accounting firms.
According to statement, “Minorities, according to A.I.C.P.A.’s trends report are underrepresented, Asian or Pacific Islander professionals, while comprising 24percent of the accounting workforce, hold around 8 percent of partner positions. Black and Hispanic/Latino professionals hold 2 percent and 5percent of partner positions, respectively. Data on disability and veteran representation as partners are scarce, highlighting their underrepresentation in the accounting profession. Analyzing the current demographic above, we can better understand that barriers exist and that more significant D.E.I. efforts are needed to achieve equal representation of women, disabled people, and other underrepresented groups as partners and board members in accounting firms.

“To address these challenges, a solution that could have a transformative impact on promoting D.E.I. within the accounting profession is introducing a global platform that serves as a repository of DEI-compliant accounting firms. This platform would provide a centralized resource for companies seeking to partner with accounting firms that prioritize diversity, equity, and inclusion, and encouraging business interactions through this platform would drive awareness and incentivize other firms to prioritize D.E.I. initiatives.’

“The proposed D.E.I. platform aims to create a more inclusive and diverse accounting profession by facilitating connections between businesses and accounting firms that prioritize diversity, equity, and inclusion. This platform would enable companies to quickly identify DEI-compliant accounting firms for potential partnerships, ensuring they align with their values and commitment to D.E.I.

“The platform’s functionality would include detailed profiles of accounting firms, showcasing their D.E.I. initiatives, policies, and track records. Companies could search for accounting firms based on specific diversity criteria, such as gender, disability representation, or veteran-owned status. The platform would also provide a space for firms to share their success stories and best practices, fostering a D.E.I. community of learning and collaboration. For example, platforms recognized as the global voice of the accounting and finance profession aimed at promoting D.E.I like the Association of International Certified Professional Accountants, A.I.C.P.A., founded by the American Institute of C.P.A.S. and the Chartered Institute of Management Accountants (C.I.M.A.), can be imitated for the proposed D.E.I. platform.

“In summary, the proposed D.E.I. platform discussed in this article presents an innovative approach that can address the need for more diversity within the accounting profession. Companies can actively promote diversity and inclusion within the accounting profession by utilizing this D.E.I. platform. In contrast, businesses partnering with DEI-compliant accounting firms send a powerful message that diversity and inclusion are integral to their values and operations. The platform, therefore, benefits the underrepresented groups within the profession and helps contribute to a more equitable and inclusive society.”