Why is it important to care about the shortage of accounting talent?
“College enrollments have declined precipitously in recent years. According to some estimates, the number of students enrolled in college fell by 1.3 million during the pandemic. Combine that issue with competition from other disciplines, and the result is a significant drop in students pursuing a major in accounting. This is important to me because I have fewer opportunities to help students find a rewarding career in accounting. A recent episode of NPR’s The Indicator from Planet Money was titled “If the World Had No Accountants.” CPAs were referred to as the “unsung heroes of the financial world.” The entire financial system rests on the CPAs who perform audits of public companies. Without new students studying accounting, who will fulfill this important role in society?”
Diane L. Sturek, CPA, MAcc
INCPAS Chair
Indiana University Kelley School of Business
“The CPA profession has a challenge. The number of people becoming CPAs is declining. From the 150-hour requirement, to the CPA Exam and the decrease in accounting majors in general, there are multiple factors causing the decline. Boomer CPAs are retiring and there aren’t enough new CPAs to replace them. The shrinking supply of CPAs will require more work to be done by fewer people, which creates more pressure and may increase the risk of reporting errors and missed reporting deadlines. In order to address the pipeline challenge, firms have had to adapt—changing their recruiting strategies, implementing pay raises, hiring non-CPAs and utilizing remote workers. This impacts current CPA salaries, workloads and futures. But the biggest concern we should have with the pipeline issue is the value of the CPA license. If people aren’t becoming CPAs, are they not understanding its value?”
Carrie B. Minnich, CPA, Macct
INCPAS Chair-Elect
Dulin, Ward & DeWald, Inc.
“The CPA designation has always meant a higher level of quality and professionalism. The weight of having “CPA” behind my name has offered me many opportunities in my career, from professional development to volunteer opportunities and everything in between. I want others to be able to experience the career growth and opportunities I had. Having a robust pipeline only strengthens the CPA profession and everyone who is currently representing the designation.”
Melanie King, CPA
INCPAS Vice Chair
The Hagerman Group
“When you talk about relevant issues, ensuring we have a strong pipeline of talent for the sustainability of our profession is one of the most pressing. Even with technology advancements, the highest value our profession provides to the market and our clients requires human intelligence. The key consideration is identifying the factors (I don’t believe there is just one) leading to the decline in accounting student graduates and newly licensed CPAs. From there, we need to obtain buy-in from all interested parties to address these factors. They can’t be addressed in a silo and need significant member involvement to right the course of our future.”
Kyle A. Simmerman, CPA
INCPAS Vice Chair
BGBC Partners, LLP
“My biggest concern surrounds the students and their perception of our profession. The old stereotype of accountants frantically typing in a solitary cubicle for hours on end while pulling their hair out is certainly not the CPA of today. It’s not just about “doing math” any longer, as advances in technology have certainly replaced much of that work. We need to provide a clear picture of the impact we have on our clients and their businesses and how rewarding that work can be. Plus, changes in the educational requirements to both sit for the Exam AND obtain licensure are real concerns that still need to be addressed.”
Lisa D. Tressler, CPA
INCPAS Vice Chair
RBSK Partners PC