What Corporate America knows that CPAs ignore: Training pays.
Today’s top CPE trends
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By Michael Ramos
Michael Ramos + Associates
To maintain their licenses, professionals are required to meet annual continuing education requirements. To practice in certain areas (e.g., government audits) or maintain a designation (e.g., Certified Financial Planner, Certified Fraud Examiner) also requires continuing education. Thus was born the multibillion-dollar continuing professional education industry, to meet the needs of millions of professionals forced to comply with continuing education requirements.
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Outside of the professions, most businesses face few if any mandated training requirements. Though not required, businesses still train their employees regularly and at great cost. One study shows that the typical small business trains each employee an average of 40 hours each year – the same as a CPA.
Sadly, most CPA firms do not share this mindset. Whether it’s because of the overt regulatory nature of professional CPE requirements or for some other reason, compliance with licensing requirements continues to be a major driver for training at most CPA firms. Few firms approach training as an investment of strategic value.