AICPA Publishes Detailed Plan to Boost Pool of Prospective CPA Candidates

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May 18, 2023, 07:53 ET

Recommendations Include Input from Accounting Firms, State CPA Societies and Other Stakeholders

NEW YORK, May 18, 2023 /PRNewswire/ -- The American Institute of CPAs (AICPA) today released an updated version of its plan to increase both the number of accounting graduates who pursue a career in the profession and those who go on to obtain a CPA license.

The detailed plan, which builds on earlier drafts to create a nationwide CPA pipeline strategy, will be presented next week at the spring meeting of the AICPA's governing council. AICPA leadership is looking to move forward with a consensus approach for both quick and long-term actions to attract future generations of accountants and CPAs.

Main elements of the AICPA's plan to boost the pool of prospective CPAs

"Building the CPA pipeline requires a united effort from all stakeholders tied to the profession," said Susan Coffey, CPA, CGMA, the AICPA's CEO of public accounting. "We need to work together to raise awareness about the rewarding work we do, broaden the range of talent we draw from, and address stumbling blocks that derail too many prospective CPA candidates. As the largest national body for the accounting profession, the AICPA is uniquely positioned to channel ideas into action and mobilize efforts in a coordinated way to achieve success. Our plan offers a framework for moving forward but is by no means the last word – this is an evolving process that will require resolve, foresight and close collaboration with important partners."

There are numerous factors leading to a decline in the number of accounting graduates and of those who go on to obtain a CPA license. Some are not unique to the profession, such as falling college enrollments due to demographic shifts and rapidly rising education costs that have led some to question the value of a college degree. But misperceptions about the nature of a career in accounting, lower entry-pay than some comparable fields, and a licensure process that can be complicated have also played a role.

The AICPA engaged in a dialogue with numerous stakeholders before publishing its plan, including state CPA societies, accounting firms, academia, state boards of accountancy and their organizing body, the National Association of State Boards of Accountancy (NASBA). Going forward, we intend to create a clearinghouse for innovative and meaningful pipeline ideas and convene stakeholder forums to work through issues, set data-driven goals and measure outcomes to ensure accountability.

The Pipeline Acceleration Plan includes several recommended actions not included in earlier drafts:

Expand 529 funds to CPA Exam costs - The AICPA and state CPA societies are working with federal legislators on the Freedom to Invest in Tomorrow's Workforce Act (H.R. 1477), which would allow the use of 529 college savings plans to include expenses required to obtain or maintain postsecondary credentials, including CPA-related costs such as exam review courses.
Support for the government audit and finance sector– To address concerns over the ability of local governmental entities to find skilled auditors and finance professionals, the AICPA is collaborating on solutions with the National Association of State Auditors, Comptrollers and Treasurers (NASACT). A working group involving key stakeholders – state auditors, state comptrollers, state treasurers, CPA firm representatives and local government representatives -- will delve into opportunities and best practices for hiring CPAs to work in state and local government and finding qualified CPA firms to audit local governmental entities.
Develop best practices for offshore talent - The AICPA is examining the need for best practices and other potential resources that would help small and medium-sized firms partner successfully where needed with offshore talent suppliers. This is in addition to the expansion of the administration of the CPA Exam in India and South Korea, and exploration of offering the CPA Exam in the Philippines.
Explore launch of a CPA image campaign – We are looking into a campaign to create positive awareness of the profession with middle and high school students. The initiative would build on the Center for Audit Quality's Accounting+ initiative, and the AICPA will work with state society input and perspectives to draft a feasibility plan later this year.

A synopsis and full version of the Pipeline Acceleration Plan are available online

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 415,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.

SOURCE AICPA