Nichols $1M gift will create modern accountants
The demand for accountants in Massachusetts is burgeoning, so much so the profession – which is fast-paced, competitive and specialized – has more jobs than it does qualified people. Demand will only continue to grow, as the U.S. Department of Labor predicts between now and 2022, the accounting and financial auditing fields will increase by 167,000 jobs.
Faced with retirements and shortages among the Generation X and Millennial recruits, accounting firms seeking to replenish their ranks desire a variety of skills beyond knowing how to crunch numbers. Modern firms want to employ well-rounded accountants who have leadership potential and skills in analytics, statistics, accounting software and business writing. They're also looking for presentation and networking ability.
Nichols College received a $1-million gift to enhance our already successful accounting and finance programs. The commitment was made by a generous donor – a Nichols graduate – who wishes to remain anonymous. It's a transformative gift that will no doubt open doors for Nichols students, who will be tomorrow's business leaders. The gift will create an endowed professorship and establish a Finance and Accounting Enhancement Fund, which will support curricular and co-curricular resources and activities to augment and enrich the programs. It will bolster our internship and job placement pipeline, fund scholarships and provide advanced technology and software.
Nichols is educating the next generation of accountants to have not only the technical skills classically associated with the profession but also the soft skills modern firms seek. The accounting and finance programs have been mainstays of the Nichols curriculum and have greatly contributed to the college's reputation as the provider of a solid business and results-oriented education. Nichols accounting graduates have either been or are partners at all of the big four international accounting firms, partners at regional CPA firms or chief financial officers at all types of organizations. More than half of our 2016 accounting graduates have jobs. These students' starting annual salaries will be between $50,000-$60,000. Meanwhile, other students will go to graduate school to obtain a master's degree of science in accounting (MSA) or master's degree of business administration. Incidentally, more than half of the graduates entering the profession nationally are women.
Nichols accounting faculty consists entirely of CPAs who have extensive professional experience and are passionate about training students to excel in public accounting, corporate, government and nonprofit fields. The faculty have recommended and placed more than 300 students in internships and full-time positions at CPA firms and other organizations, due to their extensive accounting experience and contacts in the field.
Because of the generous $1-million gift, Nichols will continue to give our hard-working students ample opportunities for current, practical and hands-on experiential learning. Through participation at conferences, networking with accountants and finance professionals, and other activities, students – particularly first-years and sophomores – become exposed to the profession.
Experts in the accounting field agree earning a CPA and a MSA degree will improve that accountants' job prospects and leads to increased responsibilities, career opportunities and financial rewards. Last year, Nichols introduced an MSA program, which is aimed at Nichols accounting majors who will be able to earn their bachelor's and master's degrees over the four-year span normally needed for an undergraduate degree. The program focuses on the courses and CPA exam preparation needed to work as a certified public accountant. To become a CPA, an individual must pass the CPA exam and have 150 college credits covering certain specific coursework. Through an accelerated curriculum track, which includes courses in the summer term, Nichols students can complete their bachelor's degree of science in business administration and MSA degrees within four years. Students receive intensive preparation for the CPA exam instead of having to find and pay for outside test prep classes.
The practical side of accounting operates like a laboratory driven by business environment change. It's an industry where every type of organization needs an accountant because they have financial departments require internal auditing activities, tax filings and complying with government regulations. Accounting helps one understand the finances of a company – and you don't have to be an accountant by profession to appreciate this discipline.
As the higher education industry develops the Massachusetts workforce, those interested in studying and practicing accounting should consider programs that embrace not only the academic but also the experiential learning opportunities a college offers. The desired outcome from accounting and finance courses is to provide students the knowledge, skills and confidence accounting firms seek and to be prepared for professional careers, so they will excel in the business world.
John A. Armstrong, MBA, CPA, CGMA, is professor of accounting and finance and chair of the accounting program at Nichols College in Dudley.
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