07/15/2024
I am so blessed to have LUCKILY picked such a resession proof career and be so good at it with so much experience
Dear Mr. TRUSHEL,
The accounting community—from practitioners to educators to advocacy groups—has known for some time that the profession faces a significant challenge: a shortage of skilled labor. Although the demand for accounting services continues to grow, the number of qualified accounting professionals is not keeping pace. This shortage affects firms of all sizes, from sole proprietors to the largest firms, and it is expected to continue for the foreseeable future.
The well-documented shortage of qualified accounting professionals is a manifestation of several interrelated forces.
Aging Workforce - Many experienced accountants are nearing retirement age—the AICPA has suggested that 75% of accounting professionals are within 15 years of retirement—and there are not enough young professionals to take their place.
Changing Industry Demands - Employers desire accounting candidates who have strong technical accounting backgrounds and skills in areas such as data analysis, information technology, and project management. However, many accounting programs have not fully adapted to meet these changing demands.
Accounting Pipeline - The accounting pipeline refers to attracting, developing, and retaining talented individuals who can become successful accountants. The pipeline is a critical component of the accounting profession, as it helps to ensure a steady supply of skilled and knowledgeable professionals available to meet the needs of businesses and individuals. The profession has begun to recognize that the pipeline starts with attracting high school students into college accounting programs, and then from college accounting programs into professional accounting careers.
The Board is pleased to share some recent updates on its efforts to help with the CPA Pipeline challenges. Effective July 3, 2024, the Board extended the Uniform CPA Exam conditioned credits from 18 to 30 months. This action should help the accounting profession by allowing individuals to take the examination over a longer duration. This change offers greater flexibility, allowing candidates to schedule their exams at times that best suit their personal and professional commitments. The hope is to foster a more conducive environment for success by reducing the pressure associated with exam scheduling.
Additionally, the Board approved the National Association of State Boards of Accountancy (NASBA) Credit Relief Initiative (CRI), which extended all passing exam section scores for which credit expired between January 30, 2020 and May 11, 2023 to June 30, 2025. This allows many exam candidates affected by the national public health emergency declared by the United States Department of Health and Human Services to keep their section credit(s) for additional time, while attempting to pass their remaining section(s).
These Board actions represent positive changes and reinforce the momentum occurring within the profession. These accomplishments reflect the Board’s support of our CPAs. The Board is committed to protecting, supporting, and advancing the CPA profession.