Schools can leverage games and AI to combat accountant shortage

The beginning of a new academic year is always accompanied by a mix of emotions. As I organize course materials and prepare for the upcoming semester, I am filled with a renewed sense of optimism for the accounting profession, a sentiment that has been somewhat rare in recent years.

It is no secret that there is a shortage of accountants in the United States. From coast to coast, there is a discernible decline in the number of students who are drawn to this profession. This trend regrettably parallels what we observe in the hallways and classrooms of the Shenandoah University School of Business. In recent years, there has been a noticeable, albeit slight, decline in enthusiasm for accounting.

As the saying goes, however, every cloud has a silver lining. As we prepare to welcome students to the new semester, there is a glimmer of optimism in the distance. Compared to the previous academic year, enrollment in our Intermediate Accounting I course, which serves as a stepping stone for aspiring accountants, increased by nearly 500%. While these figures may appear modest in absolute terms, they are enormous when viewed in the context of the overall decline in interest. Fluctuations may be a natural part of academia, but when set against the backdrop of declining enrollments nationwide, it's hard not to see this as a beacon of hope.

One cannot help but wonder, what's driving this renewed interest? I could speculate that students are becoming more aware of the news surrounding the accountant shortage and the promise of higher salaries in the field of accounting. These financial incentives could very well pique our students' interest. 

Yunita Anwar, also from Shenandoah University, recently suggested in the Financial Times that the gamification of introductory accounting courses may be reviving the discipline's appeal. She observed that this method promotes engagement and facilitates comprehension of complex accounting principles. This method, which transforms education into an interactive experience, could be the key to making accounting more accessible and appealing to the younger generation.

Beyond gamification, the importance of active learning cannot be overstated. This teaching strategy, which integrates theoretical knowledge and practical application, has the potential to increase student engagement and deepen their understanding of the topic. Not only does active learning equip students with the necessary skills, but it also fosters critical thinking and problem-solving skills.

Chris Gaetano noted in a recent article that only the IT and tech industries invest more in AI than the accounting industry. However, we exercise caution when employing AI solely for workforce reduction. This demonstrates the enduring significance of human expertise in our field. It highlights the irreplaceable value of human accounting expertise. Our responsibility as educators extends beyond imparting knowledge. Our students must be well-versed in the most recent developments, including generative AI. My objective for this semester is to incorporate it into our curriculum, putting equal emphasis on its ethical application, limitations and capabilities.

In conclusion, the future of accounting is not limited to number calculating and ledger balancing. It resides in the combination of conventional methods and innovative new insights. Such a combination could catalyze renewed interest in our profession, providing a promising means of addressing the nationwide shortage. Let's continue to blend the two worlds, ensuring that every aspiring accountant is not only endowed with skills but also a vision of the future.