As the baby boomer generation grows older and moves into retirement, a younger generation of workers is becoming more in demand, especially when it comes to the accounting career field, according to Pennsylvania Institute of Certified Public Accountants CEO Michael Colgan.

Colgan came to Blackington Hall to speak to more than 50 students Feb. 22  to discuss the accounting profession’s future with students.

“If you are an accounting major, you are in a great position. They should have the chance to have multiple job opportunities,” he said.

“Baby boomers are retiring more rapidly, and there are not enough workers from Generation X to cover for it.”

Because of this, Colgan said, millennials are No. 1 in the workforce. But with the dawn of a new generation of employees also comes new standards and requirements in being a certified public accountant.

The field also needs to increase in employment diversity, according to Colgan.

“(The institute) has created a toolkit, available on the association’s website, for helping firms understand the business case for diversity, why they need to implement a program within their firms,” he said.

“When exam content shifted from remembering and understanding (multiple choice) to analysis and problem-solving, it tweaked the sections of the test, making two three-hour portions into four-hour portions of the exam.”

“Secondly, we started a financial literacy program in grade schools and high schools, targeting minority areas to see if they have any type of interest in the field.”

Colgan said the program has not existed long enough to know if it has produced results in growing the minority workforce, but there has been growth in the Asian and Hispanic demographic.

According to the American Institute of Certified Public Accountants’ website, the group is to introduce a new version of the certified public accountant exam April 1, 2017.

On top of professional content information, the proposed exam is to include higher-order reasoning skills, professional skepticism and a comprehensive understanding of professional and moral responsibilities.

It is also to include a solid comprehension of the business environment and effective communication skills.

In addition to these changes, the proposed exam would become lengthier, taking 16 hours to complete rather than 14, which would cause it to be slightly more expensive, according to Colgan.

Senior Ashley Jackson said the event was useful because she was unsure about details on the exam changing.

“It was very informative because I didn’t know information (such as) the exam changing in 2017 as opposed to this year,” she said. “I will definitely try to take the exam this summer now that I know that.”

Pitt-Johnstown Accounting and Finance Interest Group President Jason Wallace said he found out about Colgan visiting college campuses through occasional conference calls with a moderator from the association.

According to Wallace, coordination between club members and accounting professors made it possible for Colgan to come to  Pitt-Johnstown.

Wallace said the event taught him how dynamic the career field is right now.

“(Colgan) made it clear that the accounting firm of the future is one that has an open and integrated culture, which values the personal lives of the employees and allows for flexibility in schedules and work times,” Wallace said.