Photo courtesy of Liberty Bank
A new apprenticeship program that will build a pipeline of diverse talent in accounting and finance has signed Middletown-based Liberty Bank as one of its first employers.
Created by the American Institute of Certified Public Accountants and the U.S. Department of Labor, the Registered Apprenticeship for Finance Business Partners program has signed Liberty Bank, financial services firm Aon PLC and technology company HP Inc. as the first three employers to participate in the program, AICPA said in a statement yesterday.
The apprenticeship program, which is registered through the U.S. Department of Labor and is the first of its type for accounting and finance, looks to create a path for people interested in accounting and finance careers through a program that will also help employers develop, retain, and diversify talent, the statement said.
AICPA said the program was modeled after the CGMA Finance Leadership Program, which results in the chartered global management accountant designation.
“The battle for talent is increasing, making the need for more skilled accounting and finance talent even more pressing,” Tom Hood, AICPA’s executive vice president of business engagement and growth, said in the statement. “How we address the needs of our finance teams today will better position us for tomorrow. Our apprenticeship combines a world-class learning program with mentorship and on-the-job training, which helps employers recruit and grow their own, providing the kind of workplace the 21st century workforce expects – diverse, inclusive, collaborative, and innovative.”
Liberty Bank, which has about $7.3 billion in assets and more than 50 Connecticut branches, already has eight registered apprentices working with the bank, with seven more starting by early next year, AICPA said. Aon plans to bring on 15 apprenticeships and HP will have 10.
“We wanted a consistent program that immerses the employees in the experience beyond the traditional upskilling methodology. A cohesive, ongoing opportunity for talent development across the group,” Paul Young, Liberty Bank’s senior executive vice president and chief financial officer, said in the statement. “The program allows employees from across all different spectrums of their career development into the program with cohorts at their learning level, supplemented with a strong mentorship program. And that’s powerful because it helps ensure success and appeals to the entire organization.”
This week is considered National Apprenticeship Week in the U.S.
“The Registered Apprenticeship for Finance Business Partners program will help ensure diverse, skilled teams are ready to fill financial jobs now and, in the future,” U.S. Secretary of Labor Marty Walsh said in the statement. “Registered Apprenticeship is a proven model and solid investment for employers seeking to develop a talented and diverse workforce. Today’s signing reflects the department’s continued commitment to expanding Registered Apprenticeship programs in high-growth and emerging industries.”
