When accounting firms build partnerships with colleges it improves accounting education and helps fill the pipeline. Beyond internships, partnerships provide numerous opportunities to encourage students to pursue accounting.
The building of partnerships between accounting firms and colleges and universities can play a vital role in helping to improve accounting education fill the pipeline. This blog details how we came together to establish a unique partnership that we see enhancing the accounting pipeline.
After 35 years in controllerships and CFO positions for midsize businesses, Carlo became a full-time assistant professor of accounting at Gwynedd Mercy University in Gwynedd Valley, Pa., from 2006 through 2020. During Carlo’s time as a full-time faculty member, a partnership evolved with Herbein + Company Inc. in Reading, Pa. that proved to be mutually beneficial. For Gwynedd, it provides a continuing source to place students in internships and is a channel to add enhancements to our accounting curriculum. For Herbein, many interns earn positions as entry-level accountants, with some progressing within Herbein. This strong connection was instrumental in developing Herbein’s accounting talent pipeline. Regina, a partner at Herbein and an alumna of Gwynedd Mercy University, was key to this relationship even before Carlo’s arrival in 2006.
From the reports and discussions with students interning at Herbein, we could clearly see the growth occurring from this experiential learning. Over time, we began to discuss the strengths and weaknesses of the students. We worked to capture and retain their interest and lead them on the path to becoming successful CPAs.
The partnership soon became much more than the placing of interns. Herbein was the first firm to participate in the Southeastern Pennsylvania Consortium for Higher Education (SEPCHE) Accounting Career Fair before it became an established annual event. We also organized student debates for Carlo’s Intermediate Accounting classes where various professionals were invited to judge the students. Herbein was a regular participant. When revenue recognition was being introduced, Herbein shared slides from an internal CPE presentation, which were used to teach the concept to Carlo’s Intermediate Accounting class. It expanded the learning beyond the textbook and better prepared the students for internships and to apply one of the evolving professional standards.
Finally, Regina established the Herbein + Company Inc. Annual Scholarship to further support this relationship. She has served on the university’s business advisory council, president’s council, and has recently been elected to serve on the university’s board of trustees.
While this should not be perceived as the only solution to filling the pipeline, it has been an effective partnership that has helped bring students into the profession. Accounting firms should look for partners with colleges and universities. Beyond just internships, a partnership provides numerous opportunities to encourage students to pursue the accounting profession. It requires an investment, but it is guaranteed to pay dividends and assist you in maintaining and growing your staff.
Carlo Silvesti, CPA, is an adjunct professor at Gwynedd Mercy University in Gwynedd Valley, Pa. He can be reached at Silvesti.C@gmercyu.edu.
Regina C. O’Keefe, CPA, is a partner with Herbein+Company Inc. in Reading, Pa. She can be reached at rcokeefe@herbein.com.
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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of the PICPA's officers or members. The information contained herein does not constitute accounting, legal, or professional advice. For actionable advice, you must engage or consult with a qualified professional.
