Addressing the Friday Group, a forum for public affairs and business issues, Copeland expressed concern about attracting sufficient numbers of talented people to the accounting profession in the years ahead. Citing demographic and population trends (specifically the baby boom generation that is beginning to retire) and the potential impact of new accounting legislation, he indicated that recruiting and retaining the highly specialized competencies and expertise required to audit global companies may be very difficult.

"America's capital markets demand a steady supply of top-notch talent," Copeland remarked. "The accounting profession will be challenged in the years ahead to attract and retain the caliber of professionals required to fulfill the responsibilities with which it is entrusted." 

Copeland noted that recent scandals highlight the need for sophisticated experts who can perform competent audits, as well as persons with highly technical skills in areas such as taxation, capital markets, trading controls, derivatives, actuarial science and information technology.

Copeland said he has witnessed very talented people in the profession decline to join the partnership out of fear of losing their life's savings because of the actions of another professional. "Long term, I'm concerned that the prospects for litigation and professional liability will frighten away the very people we need to help restore public confidence in our capital markets," said Copeland.

On an optimistic note, Copeland pointed out that student interest in the role of public accountants within America's financial system has increased at business schools across the country, calling this a "phenomenon we see from time to time -- one in which many people, particularly young people, step up to the challenges of a crisis."

In addition to student recruitment, Copeland called upon current and future leaders to consider joining the profession for a "challenging career that combines private sector compensation with public sector contribution."

In the full speech, Copeland outlines solutions for recruiting and retaining professionals to accounting. Also worth checking out is a five-part SmartPros series authored by Copeland a few years ago on how to Attract and Keep the Best People.

See also:

• Accountants Fare Well in Public Opinion Survey
• Innovative Strategies for Recruiting Accounting Students

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