We’ve written about the anticipated shortage of accountants many times. Fewer college students are graduating with accounting degrees, and among those who are, fewer still become CPAs. There are ways to mitigate against the possible shortage of accounting talent, such as embracing automation, technology, and AI efficiencies, but no amount of tech will substitute for the skills of a good accountant or CPA.
That’s why we celebrated the recent steps that the AICPA has taken to address the possible shortage of accounting talent. Here are all the things they’re doing to help prepare the profession for the future.
The AICPA Pipeline Acceleration Plan
The AICPA Pipeline Acceleration Plan addresses the ongoing talent shortage in the accounting profession by implementing targeted initiatives at various stages of the CPA pipeline. The plan focuses on increasing awareness, improving perceptions of accounting careers, enhancing education and training, and fostering diversity and inclusion.
Highlights of the plan include:
- Career paths in accounting: CPAs share their career journeys with students, highlighting the daily challenges they face and encouraging them to explore various career paths.
- Addressing stereotypes: Books, movies, and television often portray CPAs as nerdy and unattractive. By directly confronting these stereotypes, CPAs can offer students a realistic view of the CPA profession that challenges and dispels stereotypes.
- Interactive sessions: Another way in which CPAs are encouraging students to consider accounting careers is through direct interactive sessions. Career days or classroom visits within their local community can encourage students to ask questions and to consider accounting careers.
Experience, Learn & Earn (ELE) Program
Launched in 2023, this program provides students with paid work experience while earning affordable college credit hours. It is designed to help candidates meet the 150-hour CPA licensure requirement without excessive financial burden. The program goal is to increase both access to and the affordability of the CPA license requirement.
STEM Recognition for Accounting
STEM fields encompass science, technology, engineering, and mathematics. The AICPA is advocating for accounting to be classified as a STEM field, which would allow K-12 STEM grant funding to support accounting education and improve access for underrepresented students. The organization is actively seeking bipartisan support to allow K-12 STEM grant funding for accounting education, as well as adding six accounting degrees to the government’s list of STEM degrees.
Accounting Opportunities Experience
CPAs are also stepping into the classroom to share their experience with students. Part of the AICPA outreach includes the “Accounting Opportunity Experience,” in which CPAs participate in career awareness events at local high schools. Through direct, personal community outreach, these CPAs are introducing a new generation to the profession.
Firm Culture & Business Models
The plan encourages firms to offer competitive salaries, career advancement opportunities, and flexible work environments to attract and retain talent.
The AICPA is working with stakeholders, including state CPA societies, academia, and accounting firms, to implement these strategies and strengthen the profession’s talent pipeline.
What You Can Do
While the AICPA is doing its part, you can do yours as well. Encourage the young people in your life to consider a career in accounting. Teens often view accounting as boring. Help them explore the many ways in which accounting contributes to society and business, including specialties such as nonprofit accounting, forensic accounting, tax accounting, and more. Students often form an impression of a career from television or movies, and there’s so much more to any field than what is depicted in their favorite shows.
Welter Consulting
Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact us for more information.
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