‘Seizing the moment’ starts with giving back to the profession

The phrase “to live a life that matters” inspires incoming AICPA Chair Okorie Ramsey every day.

Throughout his life, incoming AICPA Chair Okorie Ramsey, CPA, CGMA, has repeatedly found motivation and purpose through meaningful causes. Whether it has been involvement in college organizations, mentoring nascent accountants, or driving strategy as vice president of Sarbanes/Oxley (SOX) at U.S. managed care consortium Kaiser Permanente, connecting to a higher purpose is a strong motivator behind Ramsey’s personal and professional choices.

Ramsey describes himself as mission-driven, and his personal philosophy is “to live a life that matters.”

Looking ahead, he said, the greatest opportunity is to work with younger professionals to help them meet their aspirations and goals in being accountants or finance professionals.

As Ramsey steps into his role as the 2023–2024 chair of the board of directors of the AICPA and the Association of International Certified Professional Accountants, representing AICPA & CIMA members, his focus will be on three key issues that matter greatly to the profession: supporting the next generation of accountants; increasing public trust in key areas, such as sustainability; and continuing innovation within the profession.

As chair, he’s also looking forward to combining his passion for accounting with efforts to make the profession more accessible and equitable for future generations.

“There were many people who invested in my growth and development as a young professional and continue to do so today,” Ramsey said. “It is critical to pay it forward to make a difference in the careers of young professionals coming behind me.”

CONTINUING THE FOCUS ON DEI

An integral part of supporting the next generation of accountants is focusing on diversity, equity, and inclusion (DEI), Ramsey said. He plans to continue to build upon the platform of his predecessor, Anoop Natwar Mehta, CPA, CGMA. Mehta’s platform centered on helping others grow personally and professionally, driving DEI, and preserving trust in the profession.

“I believe [Mehta’s] platform is foundational to advancing our profession,” Ramsey said.

Underrepresented populations in the United States are also underrepresented within the profession. In 2020, just 2% of CPAs were Black and 5% were Latino, according to the AICPA 2021 Trends report. But the report also showed that firms increased their hiring of diverse graduates of bachelor’s and master’s degree programs by nearly five percentage points between 2018 and 2020.

Addressing the lack of diversity is a twofold problem: Some young people may not fully understand what accountants do, the impact they make in financial markets, and how they support local businesses and their communities. Those from underrepresented groups may not feel accounting is a possible avenue for them because they don’t see themselves represented — a feeling Ramsey knows all too well.

Ramsey left public accounting in 2008 and entered the health care industry. At the time, the accounting firm where he worked had no African American partners in his region and that was discouraging. “Not seeing someone who I could emulate or thought that I could become was somewhat disappointing for me. I didn’t see it, so I didn’t know if I could achieve it,” Ramsey said.

When he joined Kaiser Permanente in January 2009, the organization’s mission “to provide high-quality, affordable health care services and to improve the health of our members and the communities we serve” instantly resonated with Ramsey.

“I learned our mission by heart very quickly because it was so paramount to everything that we did. I became a huge fan of health care,” he said. “Being in an organization whose mission aligns with my personal values is very important, and I saw individuals who looked like me in the highest levels of leadership within the organization.”

It’s powerful to see people who look like you thrive and succeed, said Marcum K. Jones, who met Ramsey in college. “If we see people that look like us do and accomplish certain things, that’s a note to self that I can probably do that,” Jones said.

Fresh out of high school and a first-year student at San Francisco State University, Jones participated in a summer bridge program at San Francisco State, where Ramsey was a rising junior and served as a summer bridge program counselor. Jones saw how Ramsey handled himself with integrity, confidence, and intelligence — and those were behaviors he wanted to emulate.

“I look at him as a role model, not only professionally, but personally. He’s my mentor forever,” said Jones, who is the business unit planning coordinator and finance manager at Sacramento Municipal Utility District. Throughout his undergraduate and graduate studies and professional career, Jones leaned on Ramsey’s advice. “He’s basically the blueprint, and I follow it to figure out what’s next and uplevel from where I am.”

Bolstering DEI efforts also future-proofs the profession — another key area of focus for Ramsey. He thinks a lot about where the accounting and finance profession will be in 10, 20, or 30 years. Upon his retirement, he wants to know that the profession is as strong or stronger. And to achieve this longevity, he knows it requires innovative approaches implemented now — and that includes advancing relationships with state societies, partners, policymakers, and standard setters.

The goal to invite the younger generation into accounting is a large undertaking, said Gina Wolley, a retired financial services executive who met Ramsey through the National Association of Black Accountants (NABA) while he was a student member. But she has faith that under his leadership the groundwork will be laid to keep the extremely low percentages of Black professionals in accounting trending upward, Wolley said. “He is calm under pressure, and he’s amazingly collaborative. He can get this done.”

According to Ramsey, diversifying the profession now will attract more people to come into the profession for decades to come. “If you see it, you can believe it, and you can achieve it,” he said.

EARLY EXPOSURE UNLOCKS DYNAMIC CAREERS

An accounting seminar series of classes taught by Diane Foster at Berkeley High School was among the reasons for Ramsey to become an accountant. In those classes, Ramsey was in charge of his own simulated business. He handled the balance sheet, income statement, cash flow, and general ledgers — and loved it.

“I knew going into college I was going to major in accounting, and I just continued from there,” he said.

Ramsey, the youngest of three children, graduated from San Francisco State University in 1992 with a bachelor’s degree in business administration and a concentration in accounting. He joined several organizations while in college — including his campus’s chapter of NABA, Beta Alpha Psi, and the Accounting Students Organization. After graduating he became a professional member of NABA and held leadership positions at the local, regional, and national levels. Ramsey also served as chairman of the Accounting Career Awareness Program (ACAP) for the San Francisco Bay Area, which is a summer residency program for high school students designed to increase the number of underrepresented ethnic minorities pursuing careers in accounting and finance.

Much of how Ramsey carries himself today can be credited to his late parents and his late paternal grandmother, whom he considers his “greatest heroes.” Ramsey describes his mother as the “eternal optimist,” always looking at the bright side. His dad taught Ramsey to work hard to achieve goals. His dad was very involved with local community and volunteer opportunities, and Ramsey took that to heart. As a child and into his adult life, Ramsey spent a lot of time with his grandmother. She taught him the importance of family, management of personal finances, and old school values — for example, always open the door for a woman, respect yourself and others in all situations, treat others how you wish to be treated, and give back to others.

The early years of Ramsey’s career were spent at various firms, focusing on audit, internal audit, risk management, and SOX-related activities.

“Even as a staff auditor, he had a way to make you feel valued and important. That’s a skill that not all of us have,” said Loretta Doon, CPA (retired), who retired as CEO of the California Society of CPAs in 2019.

Doon first met Ramsey early in his career as his client and, upon her insistence, he became involved with CalCPA and the AICPA. They reconnected years later at a conference and have since created a unique bond where they oscillate from mentor to mentee. Doon describes Ramsey as thoughtful, measured, and not one to rush into decisions.

“It’s not about him; it’s about what he can do to make you feel valued and important,” Doon said.

KEYS TO ADVANCING THE PROFESSION

Ramsey credits his high school accounting classes for getting him started on a successful career and instilling in him a passion for the profession. That’s why he considers early exposure to accounting in nearly any form — high school course, career fair, roundtable discussions, marketing brochures — as so critical.

Recruitment and engagement efforts of all kinds can make a “huge impact” in reaching wider populations, advancing the profession, and addressing the current struggles of talent recruitment and retention, Ramsey said. But for those efforts to be successful, the profession needs to be better at marketing itself and telling its story.

“We need to make sure we can tell that story of why it’s great to be in the profession,” he said. “If we don’t do that, we’ll continue to have a pipeline problem and we won’t be able to support businesses and help them grow.”

Ramsey acknowledges that the challenge of advancing the profession is complex and nuanced and that there are many different views on how to address advancement, recruitment, and retention.

“We have to increase the number of individuals who are ultimately entering the profession and make sure that the profession looks like something that people would aspire to be a part of,” he said, adding that “it can’t be done the way it’s always been done,” because today’s young professionals have different interests than previous generations. One example Ramsey offered is for employers and organizations to embrace social media platforms that younger professionals prefer, like TikTok, Instagram, and Snapchat — directly reaching them and sparking interest.

The biggest message to communicate to rising generations, Ramsey said, is that the accounting and finance profession “is second to none. We have a brand that is trusted and valued across the world, and there are so many options for building an amazing career between audit, tax, advisory, business and industry, government, and so much more.” Also, a compelling case needs to include “the value we bring to business, the opportunities for short-term and long-term growth, innovative ways of working, lifelong learning opportunities, and the ability to make an impact on the future.”

Brainstorming, implementing, and sustaining long-term solutions to attract and retain talent requires the help of the profession as a whole. Already, broader, professionwide initiatives that address obstacles at all stages — K-12 education to employment — are being implemented. Additionally, the AICPA has drafted a plan to accelerate talent pipeline solutions. Within the plan are initiatives, many of which began this year, that identify and address affordability challenges, extend the 18-month Uniform CPA Exam window, identify jurisdictional inconsistencies for initial licensure, increase high school students’ awareness of the profession, and more.

For Ramsey, these initiatives address many current barriers to entering the profession, including time and cost. He’s optimistic the initiatives demonstrate how rewarding this career can be and how the profession is committed to evolving with the times.

“There are so many different doors available to you if you pursue [accounting],” Ramsey said. “But we have to make people want to come knock.” And that’s a mission Ramsey is ready to undertake.

BOLSTERING TRUST IN SUSTAINABILITY EFFORTS

Another of Ramsey’s goals as chair is to promote awareness of opportunities for CPAs in the environmental, social, and governance (ESG) arena. Increasing expectations for businesses to identify relevant ESG issues and report on progress in addressing them creates a significant opportunity for the profession.

In the United States, the SEC’s proposed climate disclosure rule would require public companies to disclose their climate risks and greenhouse gas emissions, and public accountants could provide attestation and advisory services in this area. Management accounting professionals have a key role to play in working with their organizations in navigating this complex arena.

However, in the United States, many nonaccountants are active in ESG reporting. Ramsey would like to see accountants take on a larger role. “We can own this space. Right now, I think it’s up for anyone to take. Why not us?” Ramsey said. The profession, he said, can drive true accountability for sustainability within the financial reporting space. Advocacy and engagement with policymakers, standard setters, and regulators around the world can ensure the profession is involved with important conversations and policymaking efforts.

“Together, public and management accountants can enable value creation through transparent and trustworthy ESG data, reporting, and decision-making,” Ramsey said. “Because of this, our profession is more prepared than any other to drive strategic conversations on sustainability opportunities and risks and help create meaningful change.”

Public accountants can provide ESG reporting and assurance and cultivate additional trust around ESG. Management accountants can help with the integration of high-quality ESG reporting into corporate strategy operations, which will help drive conversations on sustainability opportunities and potential risks for the organization.

PROMOTING INNOVATION TO ADVANCE THE PROFESSION

Technological advances in the last few years have unlocked more value in firms and organizations, altered business models, presented new career paths, and completely changed ways of working. It’s safe to assume more changes are coming, and that’s why Ramsey wants the profession to continue its evolution. “The accounting and finance profession is awash with opportunities for innovation and transformation,” he said. He added that, to keep up, accounting and finance professionals should embrace flexibility, creativity, and agility, and they must commit to lifelong learning.

“I am proud of how the profession stepped up during the pandemic and pivoted with technology and working remotely, and met the moment related to supporting small businesses, advocating for tax relief, and supporting large and small organizations with sound financial advice, guidance, and performance in unprecedented times,” Ramsey said.

Artificial intelligence, robotic process automation, and machine learning are a few of the emerging technologies that some accounting and finance firms are embracing. These technologies can streamline processes and enable accountants to be more efficient and effective. Ramsey believes adopting these new technologies will create greater value at a lower cost.

“If we are able to provide greater assurance over the accuracy of financial information because we can validate the completeness and accuracy of entire general ledger balances versus sampling, or if we are able to analyze large volumes of data and identify anomalies through technology, we can really change the game,” he said.

A new approach to how CPAs are licensed, which the AICPA has developed with the National Association of State Boards of Accountancy (NASBA) and the help of academia and the regulatory community, reflects the changing role of CPAs. CPA Evolution is an initiative that aims to equip newly licensed CPAs with the large body of knowledge and advanced skills expected from them today. Part of the initiative is a new CPA Exam that will launch in 2024.

This continued focus on innovation will ensure the CPA profession remains trusted, resilient, and thriving, Ramsey said.

“We must move with agility and be ahead of the curve or we will be left behind,” he added. “I also think if we want to remain a relevant profession that grows top talent, we must leverage technology to change and improve the work that we do.”

Okorie Ramsey, CPA, CGMA

Term as AICPA chair began: May 24, 2023.

Title: Chair, American Institute of Certified Public Accountants (AICPA) and the Association of International Certified Professional Accountants; vice president of Sarbanes/Oxley (SOX) within Kaiser Permanente.

Location: Orinda, Calif.

Education: Bachelor of Science, San Francisco State University.

Family: Wife, Tracy; son, Alexander; and daughter, Avery.

Hobbies: Spending time with family, investment club with friends that are family by choice, fitness, and mentoring young people and professionals to support them in reaching their full potential.

Favorite musical artist: Prince.

Favorite movies: Purple Rain and Black Panther.

Favorite colors: Black or charcoal gray.

Favorite foods: Homemade spaghetti and barbecue.

About the author

Beth Roessner is a senior content writer at AICPA & CIMA, together as the Association of International Certified Professional Accountants. To comment on this article or to suggest an idea for another article, email joaed@aicpa.org.

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