With a theme of “Breaking Through,” the New Jersey Society of Certified Public Accountants held its 2023 Convention & Expo earlier this month at the Borgata in Atlantic City. The annual event featured notable keynote speakers, panels, discussions, products and service showcases, countless networking opportunities, entertainment and more.

Topics covered in those different sessions included: industry trends and challenges, taxes, cybersecurity, emerging technology, policy issues, potential solutions, the Work for Credit pilot program and other subjects.

“The NJCPA has always been at the forefront of legislative initiatives that advance the profession forward,” said James Hardenberg, chief learning officer at the organization, ahead of the conference. “Discussions at this year’s convention should prove to be equally enlightening and informative.”

When it comes to the Work for Credit initiative, stakeholders believe it can be an industry gamechanger. The concept of the pilot program was spearheaded by Dan Geltrude, an honoree on this year’s NJBIZ Accounting Power 50, founder of Nutley’s Geltrude & Co., and a regular contributor on national news programs as “America’s Accountant.” It represents an alternative path to the 150 credits needed to be eligible for a Certified Public Accountant license. Participants get the opportunity to earn the final 30 credits through a paid internship – that is, Work for Credit.

After a long road and much effort, the New Jersey Board of Accountancy last year acknowledged that the program would not require a regulatory change, setting the stage for a two-year pilot between Saint Peter’s University and PwC. The inaugural cohort of six recent graduates are wrapping up their first year of earning those 30 credits. Those students will continue at PwC while another cohort of six students gear up for the second year of the pilot.

“Effectively, these are PwC associates who, during their first year, are earning credits,” Brigid D’Souza, assistant professor of accountancy and business law, Saint Peter’s University, told NJBIZ. “It’s been a real learning experience, as we kind of expected, in the sense that the learning outcomes that we had mapped to the program have been met.”

D’Souza, who participated in a discussion at the convention along with Emem Mendie from PwC and Isainay Richardson, a pilot program participant, said that the spirit of the initiative recognizes that work experience has learning value, and value that the university believes it can assign credit to. “They’re getting experience that’s really enriching. It’s very context-rich,” the Power 50 honoree explained.

From the university’s standpoint, D’Souza said it has been a positive experience, a sentiment echoed by the other stakeholders involved in the pilot. “We’re really glad we did this, because we’re going to have students now, at the end of this first year, who are going to have 30 credits and be that much closer to getting their CPA license,” said D’Souza.

Geltrude pointed out that the world is changing, and that the profession must respond accordingly in order to maintain a pipeline of students who want to become accountants. “The Work for Credit Program is groundbreaking for the accounting profession, and it will advance the performance of our young accountants as they enter the profession,” Geltrude told NJBIZ. “What we have done in the past is not going to work in the future. Work for Credit is a critical part of the evolution of educating and preparing accounting students for their careers.”

“Students I advise, who previously thought, ‘I can’t be a CPA because I can’t afford those 30 extra credits’ … I’ve actually seen adjust their calculus and say, ‘Because this program is here, I might actually have a chance,’” D’Souza explained. “So, they’re pursuing internships. There’s a renewed sense of opportunity because of this program being in place.”

Following the Work for Credit discussion, NJBIZ caught up with the newly minted CEO and executive director of NJCPA, Power 50 honoree Aiysha Johnson, who in May was hired as the replacement for Ralph Albert Thomas following his June 30 retirement after more than 23 years leading the organization. She previously served as executive director of BKR International’s Americas Region, bringing more than 20 years of experience working for nonprofits, including professional and trade associations, building strategic partnerships and developing member value strategies.

“It is an honor to continue to support the profession and build upon the amazing success of my predecessor. My experience at BKR International has equipped me with the knowledge to understand current challenges facing the profession globally,” Johnson said in May when the move was announced. “The NJCPA remains strongly positioned to support CPAs and accounting professionals. I look forward to working closely with constituents and our members to ensure that their needs are represented and addressed.”

She told NJBIZ that the conference offered a perfect opportunity to hit the ground running.

“I’m really excited because I’ve been able to meet so many people. And while it’s a challenge to get to know everyone at this meeting because there’s so many moving parts, it’s really a great opportunity to start to make face-to-face connections,” she explained. “And over the next 100 days or so, I plan to meet with our chapters, meet with our members, meet with business leaders.”

On the Work for Credit Program, Johnson acknowledged that there were initially questions about the pilot, but she said that the discussion offered a chance to hear directly from the stakeholders about how the program is playing out.

“This was just a quick snapshot on how you can successfully integrate a new graduate into the workforce and provide benefit, not only for that new graduate to get those 30 hours, but for the participating firm and the university to partner together to have a win-win,” said Johnson. “And while we [NJCPA] haven’t shared a specific position on the 150 hours, we will be having meetings through our pipeline task force to discuss all of this and to look at ways in which we can make recommendations to support members across the state.”

The opportunity the program potentially offers tied in neatly with the convention theme.

“I think ‘Breaking Through’ is very timely because we’re at a crossroads,” Johnson explained. “We see the challenges and we know what research says about the pipeline. But I think the breakthrough is how we handle the opportunities. And there’s going to be opportunities around the pipeline. And, how we integrate and keep our recent graduates inspired to be able to move along this journey. I think that there are opportunities to bring into the fold folks who are currently working without their CPA and looking at pathways to becoming a CPA.”

Johnson also believes there are opportunities around digital transformation and technology.

“We can’t get away from that conversation. So, I feel that the breakthrough is coming,” she stressed. “And we need to be able to look forward and to still be optimistic about it, and to tell the story of what CPAs are doing and share the story about the profession. So, that we can have a positive success story in the future.”

When asked about the state of accounting in New Jersey, Johnson said the trends and challenges mirror much of what is happening nationally, but again pointed to Work for Credit as an initiative that could have a major impact on the accounting profession across the country. “Kudos to those types of arrangements where we’re not afraid to test, to pilot, in order to potentially serve as the boilerplate,” said Johnson.

And, as for other areas of focus and challenges that have her attention as she fills the big shoes of her predecessor, Johnson said it is all about prioritization and understanding the resources to put it all together.

“There’s a lot of work to be done,” she said. “And I want to make sure that I’m listening to our members’ needs in order to really have an impact. I also think there’s an opportunity with our lawmakers to have a seat at the table and make sure that we’re representing the needs of CPAs as it relates to the business community overall.”