Celebrating Hispanic Heritage in Accounting

In honor of National Hispanic Heritage Month, we want to take the opportunity to recognize the importance of Hispanic and Latinx accountants, the progress that they have contributed to the field, and how the profession can increase diversity and representation of this community. 

What is National Hispanic Heritage Month? 

National Hispanic Heritage Month celebrates the people and cultures in the US that have their roots in Spain, Mexico, the Caribbean, and Central and South American countries. The month covers the 30-day period from September 15 through October 15—including multiple significant holidays:¹ 

Communities across the US use this month as a time of special recognition for Hispanic and Latinx individuals, people, and cultures who have influenced and continue to impact our diverse nation. 

Latinx representation in accounting 

When we talk about diversity, equity, belonging, and inclusion (DEBI) in the accounting profession, statistics help provide context and create a snapshot of the existing landscape. 

Hispanic and Latinx people make up about 19 percent of the total United States population.² That said, there is a clear disparity as to the representation of Hispanic and Latinx individuals within the accounting field. 

Hispanic and Latinx populations represent only: 

• 14.3 percent of graduates with an accounting degree³ 
• 8.9 percent of accountants and auditors⁴ 
• 5 percent of CPAs⁵ 
• 1.8 of CFOs³ 

These gaps create real concerns related to this community's access into the profession, as well as the opportunities available for new Hispanic and Latinx accountants to leverage the resources, support systems, and confidence to become CPAs, gain other licensures, and advance their careers in general. A lack of representation means fewer role models and mentors to guide upcoming professionals in navigating the often-challenging career pathways. In fact, a 2023 investigation confirmed that ethnic minorities are significantly less likely to make partner in an accounting firm.⁶ 

The importance of Latinx inclusion 

A lack of diversity within the accounting field is detrimental to the profession, and many are starting to realize the importance of equity in the workplace. 

These are just a few of the ways that providing opportunity to Hispanic and Latinx accounting professionals will benefit organizations and the profession as a whole: 

CPA pipeline and talent shortage 

It’s no secret that the accounting profession is facing a concerning shortage of skilled labor.⁷ Simply put: there aren’t enough students earning accounting and finance degrees, and even fewer who go on to become licensed CPAs.

This problem is exacerbated by the lack of diverse opportunities within the workplace. One study shows that 55 percent of Hispanic and Latinx accountants end up leaving their employers, while 18 percent leave the profession completely.⁸ 

This is a major concern for an already under-staffed field. However, providing educational and licensing opportunities to ethnic minorities, as well as including them at senior-level positions, could play a big role in helping recruit and retain talent to combat the shortage. 

High job performance 

Hispanic and Latinx employees, as ethnic minorities, start at a disadvantage of corporate opportunities when compared to their ethnic majority counterparts. Perhaps for this reason—as indicates a recent study on ethnic minorities in the workplace—they demonstrate exceptional job performance, under pressure to “adapt and work harder.”⁹ 

One study in the accounting field found that ethnic minorities outperformed ethnic majority colleagues in auditing tasks, suggesting that they work harder to prove their belonging in the workplace by achieving higher audit quality.⁶ 

Of course, each individual will demonstrate her or his capabilities and work ethic on the job. However, it’s important to acknowledge the contribution and great value add of ethnic minorities on your accounting team. 

Keeping up with changing markets 

A diversity in the workplace results in a diversity of new ideas and approaches to the profession. As the backbone of business operations, accounting and finance professionals need to have this wide range of input to stay relevant with an ever-evolving business landscape. 

Hispanic and Latinx team members can provide insight into their cultures’ unique nuances, entrepreneurship mindsets, and approach to finance, thus providing accounting firms with the best way to relate to these customers and their businesses.¹⁰ 

Giving back to Hispanic and Latinx communities 

Hispanic accountants can provide immeasurable value to their own communities, with the skills and knowledge to help entrepreneurial minds and business owners successfully set up and manage their projects. 

Sharing back the accounting knowledge that they have learned, these professionals can build up the economy in their home communities to improve the overall well-being and livelihood of families nationwide. 

Fostering the next generation of Latinx accountants

As younger generations with larger Latinx populations step into roles vacated by retiring professionals, recruitment and mentorship are increasingly essential to raising the representation of Hispanic people in the accounting and finance fields. 

The Association of Latino Professionals for America (ALPFA) and similar organizations are critical to these efforts. ALPFA was founded in 1972 and has grown into one of the largest minority-focused business and accounting organizations in the United States with over 116,000 members.¹¹ The group offers scholarship opportunities, skill development workshops, and networking with key hiring professionals to foster opportunities and increase representation. 

Mentorship and community are key areas of focus for ALPFA, as they are integral to career development. Having a mentor who can relate to your background, language, and culture can bridge gaps, create opportunities, and provide a sense of belonging. This also helps Latinx and Hispanic students and professionals navigate the complexities of the accounting industry—from landing the first job to understanding the various accounting certifications and specializations available.¹² 

Steps to improve diversity in accounting 

The accounting industry must make improvements to increase Hispanic and Latinx representation—and to help level the playing field for this group of students and CPA prospects. 

Address the leadership gap 

Hispanic and Latino leaders continue to be underrepresented in the executive ranks of the accounting industry. Companies need to be intentional about developing executive talent from Hispanic and Latinx backgrounds. 

Enhance cultural inclusivity and representation 

Accounting firms must adapt their practices to be more inclusive and accessible to the Hispanic community. In regions with a higher Latinx population, businesses are creating bilingual materials and offering services in both English and Spanish. 

Hiring Hispanic accountants can bridge the cultural gap and build trust within the community. Moreover, firms should match their internal representation with that of their customer base to ensure that marketing messages resonate with a diverse audience. 

Invest in global talent pools and support cross-cultural training 

Accounting firms should invest in bringing in more diverse talent and developing cross-cultural skills throughout the organization. It’s especially important for leadership to embrace a multicultural office and prioritize diversity in the workplace. Seeking thoughts from underrepresented groups is crucial for an inclusive work environment and successful business model. 

Building opportunities for Hispanic and Latinx accountants 

Achieving diversity isn't just a moral obligation; it's a business imperative. A diverse team brings together multiple perspectives, skills, and ideas, making for a richer and more effective working environment. While the accounting industry is making progress toward becoming a more diverse workforce, there is still more to do. 

To Latinx and Hispanic accounting students and professionals: your unique perspective is invaluable. You are the future of this industry and you deserve every opportunity to succeed. 

To businesses: Take actionable steps to encourage diversity. By doing the work now, we can create an equitable and inclusive future for everyone in the accounting profession. 

Start promoting equity in your workplace

Becker's CPE certificate, Leading Change for a Diverse and Inclusive Workplace shows you how to drive positive change in your organization by developing and implementing a clear strategy and conscious effort. This certificate program includes five CPE courses, developed through the lens of the accounting and finance profession and taught by thought leaders in diversity.