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Bean Counters and Bean Sprouters by Jeffrey C. Thomson For many, the word "accountant" conjures up the image of some- one working at a public accounting firm, tracking income and expense reports. However, the majority of America's five million accountants— more than 80 percent, according to the Institute of Management Accoun- tants (IMA)—hold jobs in industry, using corporate data to help top manage- ment decide the course of the company's future. These management accountants aren't bean counters—they're bean sprouters, who play a completely different role from the traditional CPA. They not only improve the quality of internal controls and financial reporting, but also focus on business performance, analyze company data, play a role in decision mak- ing, nurture new ideas and products, and help companies maintain their ethical business practices. But many of today's accounting graduates aren't prepared to take on such roles. Most undergraduate accounting programs focus on teach- ing audit, tax, and compli- ance. Only a few leading- edge schools recognize that most students will pursue careers in industry, where they'll need an expanded set of skills. Students need a solid foundation of both "hard" skills, such as planning, budgeting, and forecasting, as well as "soft" skills, such as leadership and com- munication. They need to understand all parts of the accounting value chain to make businesses operate. Their design, implementation, man- agement, and reporting functions must work syn- ergistically with the CPA's financial reporting, audit, and compliance. If either function fails, a company can fail, as evidenced by the scandals and market woes that have rocked the business world in the past decade. A few universi- ties have embraced a progressive accounting curriculum. Northwestern University, for example, offers two tracks for an accounting major— financial accounting and managerial accounting. Michigan State Univer- sity's master's degree in accounting offers a concentration in manage- ment accounting, with coursework in strate- gic planning, costing, operational management accounting, and global enterprises. Johnson & Wales University has developed a bachelor's in management account- ing, which requires an internship in management accounting and aligns coursework with prepa- ration for the Certified Management Accounting (CMA) credential given by the IMA. But there still aren't enough programs to meet demand. The U.S. Bureau of Labor Statistics reports that the account- ing profession will grow faster than the average of all professions during the next decade. To turn out the graduates that cor- porations need, account- ing programs must work with corporations and associations, both to col- laborate on courses and experi ences and to teach students the critical man- agement accounting skills they'll need before they enter the workforce. The wide range of choices available to students presents a mas- sive opportunity—and responsibility—to busi- ness schools. Not only do we need to increase the number of undergraduate students pursuing careers in industry, we need to provide them with the proper education. Jeffrey C. Thomson is president and CEO of the Institute of Management Accountants in Montvale, New Jersey. He previously was the organization's vice president of research and applications development. BizEd JULY/AUGUST 2009 49