The American Institute of CPAs spelled out updated plans Thursday to increase the number of accounting graduates who decide to pursue a career in the profession and go on to earn a CPA license.
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The Pipeline Acceleration Plan includes several recommended actions that weren't 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 permit the use of 529 college savings plans to include expenses needed to earn 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. 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 looking into the need for best practices and other potential resources that would help small and midsized firms partner where needed with offshore talent suppliers. That's in addition to expansion of the administration of the CPA exam in India and South Korea, as well as looking into offering the CPA exam in the Philippines.
- Explore launch of a CPA image campaign: The AICPA is 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.
"Building the CPA pipeline requires a united effort from all stakeholders tied to the profession," said AICPA CEO of public accounting Susan Coffey in a statement Thursday. "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."
The AICPA acknowledged a number of factors are contributing to a decline in the number of accounting graduates and those who go on to earn a CPA license. Those factors include overall declines in college enrollments due to demographic shifts and rapidly rising education costs that have led some to question the value of a college degree. But there are other factors too, including misconceptions about the nature of an accounting career, lower entry-pay than in some comparable fields like the tech industry, and a complicated licensing process.
The detailed plan emerged after AICPA participated in a dialogue with various 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. The AICPA plans to create a clearinghouse for innovative pipeline ideas and hold stakeholder forums to discuss issues, set data-driven goals, and measure outcomes to provide accountability.
A synopsis and full version of the Pipeline Acceleration Plan are
