High school students spend massive portions of their academic careers studying science, math, arts and social studies. They prepare for college by taking midterms, finals, AP courses and entrance exams, all in an effort to develop themselves and their academic resume before the next step of their lives. However, there is a problem that often arises after they leave home:
Across Michigan, high school curriculums lack the foundation of financial literacy necessary to help students develop real-life, practical solutions to everyday problems.
The MICPA continues taking steps to address this issue through our support of educational programs dedicated to informing high school students about personal finance as the world of accounting continues to develop and expand in 2022. We are excited about the progress we have made toward our goal this year, and our commitment to educational programs gives plenty of reason to be optimistic about the future. Moving forward, there are three key initiatives the MICPA is excited to continue supporting:
High School Leaders + School Visits
The most important step the MICPA can take to reach and teach students about the CPA profession is by interacting with them directly. We have been connecting potential future CPAs to accounting professionals for more than 20 years with our High School Leaders Conferences, where college students share their stories about the pursuit of an accounting degree, and professionals working in the industry talk about what makes the profession enticing in today’s financial climate.
Our growing effort to connect directly with high schoolers is why we are teaming with the AICPA and other CPA state societies during CPA Week 2022 (Nov 7-11) to kickstart our effort to match MICPA members with high school classrooms at over 30 schools across the state. Our volunteers will meet with students to answer questions about the world of accounting, the process of transitioning to college and the different career paths available after graduation.
HB5190 — Bringing Personal Finance Education to High Schoolers
The MICPA is home to a number of task forces and volunteers that advocate for the profession in Lansing. Sometimes, that means working directly with lawmakers to provide insight on CPA and accounting matters, but other times that means supporting legislation that concerns adjacent areas of interest, such as financial literacy in education. HB5190 was introduced last year by Rep. Diana Farrington (R-UTICA) and supported by the MICPA as a bipartisan piece of legislation that requires high schoolers to take at least a half-credit worth of personal finance education before they graduate.
The bill was signed into law this spring, and the MICPA is now tracking the progress of the initiative through various state departments. We plan to meet with the Michigan Department of Education to explore how our Financial Literacy Task Force and other CPA member-volunteers can lend their expertise to facilitate a successful implementation of the bill’s tenants, which are slated to become a requirement for all Michigan high school students starting in 2024.
The Student Accounting Academy
Finally, for those students interested in exploring a career in business, finance and accounting, we have partnered up with the Michigan Accountancy Foundation (MAF) and six affiliated accounting firms to develop our Student Accounting Academy (SAA). The SAA is an online resource with videos and other educational activities that offer students an introduction to the world of finance and careers in accounting.
The videos are interactive and include perspectives from many professional CPAs working in a variety of different industry applications. Visit the MICPA online for more info on the SAA, which is supported by Deloitte, EY, Grant Thornton, KPMG, Plante Moran and PwC.
Each of the efforts outlined above are part of the MICPA’s strategic plan to amplify our services and our profession to the hard-working people of Michigan. Part of the MICPA’s Pipeline pillar, these initiatives are how we continue our work toward educating and informing the younger generation about the CPA profession and its many opportunities. If you would like to get involved with any of these MICPA volunteer opportunities, contact our student engagement leader, Laura Bullard, at lbullard@micpa.org.