Howard University’s Center for Accounting Education and Cook Ross Inc. finds that many African Americans are leaving public accounting out of frustration with a lack of advancement.
Only 1 percent of public accounting partners are African American and only 3 percent of CFOs of Fortune 500 companies have minority backgrounds. Accounting firms have been trying to improve their recruitment of minorities, but efforts to hold on to minority staffers, particularly African Americans, are falling short. In 2007-2008, 22 percent of all new accounting graduates were minorities, down from 26 percent in the previous year. Within this group only 4 percent were African Americans in 2007-2008, down from 8 percent in 2006-2007.
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