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THE ISSUES
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WHAT OPPONENTS SAY
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WHAT ADVOCATES SAY
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Creating a NEW Credential
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We may need this type of credential 20 years from today, but not now
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This is a long-term strategy and to ensure we are first to market we must start now
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The Big 5 don’t need and won’t use this type of credential because the firms’ names are their brands
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Most CPAs have created successful personal brands, but the CPA brand is largely viewed as attest and tax
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Credential makes end run around regulatory system needed to protect public interest
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License restricts ability to stretch CPA brand to cover all services individual CPAs provide
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CPAs “do it all” already and don’t need other credentials to validate competencies outside those associated with the CPA license
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CPA/global business credential would signify depth of knowledge in finance plus breadth of knowledge across a broad range of disciplines
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The CPA brand provides all the clout a professional needs in today’s marketplace
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Market has been too slow to recognize true scope of profession’s services; 85% of CPAs don’t do audits
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Will confuse the market and ultimately diminish the CPA brand
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CPAs remain premier financial expert; research suggests credential helps emphasize strategic skills
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If the market doesn’t accept the new credential, the CPA will be undermined
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The proposed credential carries the risk, while CPA brand stays protected and intact
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CPAs are already too busy; they don’t have time to pursue and maintain other credentials
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The credential infrastructure would accommodate compressed schedules of today’s professionals
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AICPA is pursuing this credential to increase its membership numbers
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Credential holders would be members of new, separate institute and not of the AICPA
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The AICPA cannot afford to support both the CPA and the proposed credential
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AICPA will continue to support CPA brand; new global institute would support new credential
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If CPAs want a broader credential, they should get an MBA
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MBA quality differs based on university, does not require work experience or mandate CPA values
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Admitting Other Professions
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Creates new sources of competition
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Competition already exists outside core services
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Professionalizes the competition and gives them leg up over CPAs
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CPAs set the rules by which all credential holders must abide (ethics, lifelong learning, etc.)
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If it is created, credential should be reserved only for CPAs
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Credential is not a rebranding of the CPA; it defines a larger professional services footprint
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Quality of credential holders will not be up to standards of the CPA profession
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Admission exam to be as psychometrically stringent as the CPA exam, but not focused on A&A
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CPAs already have ability to outsource to non-CPA or CPA firms and have extensive access to expert networks
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Creates unprecedented worldwide knowledge resource and networking opportunities, which may not be otherwise available to smaller firms
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Entry exam should be closed to all other professionals
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Preempts non-CPAs from creating new hurdles for CPAs and taking lead in strategic knowledge area
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Spending Member Dues
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Detracts from other initiatives
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Development funds less than 2% of AICPA budget
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Most CPAs are not interested in obtaining the credential
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More CPAs are interested in credential than in any other AICPA accreditation now offered
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Funds being spent on the credential should be added to AICPA advertising campaign on behalf of the CPA profession
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AICPA ad dollars for CPA at all-time high, with $25 million for new recruiting program; R&D funds needed to build opportunities for tomorrow’s CPAs
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CPAs are less interested in the AICPA’s investment in long-term strategies than in immediate remedies to today’s challenges
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Research shows credential could significantly increase the number of students attracted to the CPA profession
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AICPA cannot afford to support CPA and new global credential
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Credential will be self-funded soon after launch and AICPA will have no ongoing obligations
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Developing a Interdisciplinary Framework
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Sounds like jack of all trades and master of none
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Market demands strategists who can apply knowledge from multiple disciplines
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No one professional can know and do everything that’s required
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Candidates don’t have to know it all, but need an effective knowledge of other disciplines
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Developing a Self-Funded Financial Structure
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No assurances that AICPA funds will not be needed in future to cover revenue shortfalls
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Global institute is designed to be self-funded soon after launch; AICPA not obliged to cover shortfalls
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Ability to self-support is questionable
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Strategic alliances/member fees will finance growth
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There is no hard evidence that market will accept the new credential
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Market data indicates businesses would pay premium to credential holders
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Risk of failure jeopardizes the financial future of the AICPA
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Once created, the new Global institute would assume funding responsibility and all financial risks
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