AICPA® & CIMA®’s Registered Apprenticeship for Finance Business Partners creates a new path for those looking to develop management accounting careers while providing employers with a structured program to help develop and retain talent.
The U.S. Department of Labor (DOL)-approved program combines paid on-the-job training, instruction through the CGMA® Finance Leadership Program, mentorship at the employer’s site and potential financial incentives to ease employer costs. The result is greater attraction and retention of trained, diverse talent who hold the CGMA designation.
AICPA & CIMA provide structured learning for registered apprentices while they receive their on-the-job training from participating employers.
Upon completing the CGMA Finance Leadership Program, passing mandatory case study exams and meeting the experience requirements, apprentices will earn the CGMA designation.
For Employers
Why apprenticeships?
Apprenticeship programs are one form of a career development program.
They establish a pipeline of employees that an employer can mentor and monitor over time. This close attention encourages the development of a highly engaged, long-term employee.
These programs allow organizations to better control how they address their ongoing and future skill set needs, as well as how they obtain and develop talent. Through apprenticeships, employers can consciously build the talent needed to design a program specific to their organizational needs.
Careful forecasting of employment needs enables an employer to fill their pipeline with enough apprentices to guarantee that critical skill gaps do not occur.
In addition, apprenticeships:
Improve profitability — Apprentices improve company profitability due to higher productivity levels, as they are given the exact skills the employer needs.
Reduce turnover — Turnover is reduced because apprentices feel loyalty to their employers for investing in them through the program.
Improve recruitment — Apprenticeships allow an organization to seriously consider individuals who they may have otherwise discounted. Understanding that the apprenticeship program will help individuals develop the necessary experience and education, the candidate pool can be expanded. Many organizations look for X amount of experience and Y amount of education, and apprenticeships are designed to fill any gaps in knowledge and experience.
Employer Responsibilities
AICPA & CIMA provide expert guidance and a “concierge service” to employers to help set up and manage their apprenticeships.
Employers:
- Select and hire apprentices, who they pay a minimum wage
- Provide on-the-job training and a mentor to assist the apprentice’s progression
- Work closely with AICPA & CIMA on reporting and progression
- Periodically assess on-the-job performance and competency development, provide feedback and update their plan to provide experiences that help master competencies
Apprenticeships yield results
The U.S. Department of Labor notes:
- International studies suggest a $1 expenditure in an apprenticeship yields an average $1.47 increase in productivity.
- 91% of apprentices remain employed after their program ends.
- A survey of businesses with apprenticeship programs found that 97% would recommend apprenticeship to others.
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For Apprentices
Apprenticeships offer new employees the opportunity to gain essential skills that help develop their careers while simultaneously earning their CGMA® designation.
The programs provide a clear path for skill development and job growth. Apprenticeships appeal to a wide range of students, including:
- Graduating students preparing to enter the workforce
- Professional students
- Nontraditional students
- Working adults
- Military students
Features of the Registered Apprenticeship for Finance Business Partners:
Career bridging — Offers an easy transition between higher education and employment
Income — Once selected for an apprenticeship, participants will earn a salary while learning the profession, receiving on-the-job training from their employer and completing the CGMA Finance Leadership Program.
Career Development — At the point of hire, apprentices are selected for career development and receive accelerated, competency-based training with real-world applications.
CGMA designation — Upon completion of the program, apprentices have on-the-job experience, a potential career pathway with the employer and the opportunity to earn the CGMA designation.
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