The American Institute of CPAs expressed strong support Wednesday for bipartisan legislation that would establish the accounting profession as a STEM career pathway and support efforts to diversify the accounting staff of the future.
In May, Rep. Haley Stevens, D-Michigan, and Young Kim, R-California, introduced the Accounting STEM Pursuit Act of 2023 in the House, while Sen. Susan Collins, R-Maine, and Jacky Rosen, D-Nevada, introduced the STEM Education in Accounting Act in the Senate.
Both pieces of legislation would allow federal grant funding to be used for K-12 accounting education, highlight the integration between accounting and technology and acknowledge the value of accounting professionals, including CPAs, as technological leaders.
The AICPA has lobbied Congress for several years to push recognition of accounting as a STEM subject, and the effort has grown in urgency given the declining number of young people signing up for accounting courses.
STEM recognition for accounting at the K-12 level could enable federal funding to be directed toward accounting awareness and education, while affirming that the accounting profession is relying more on technology and exposing diverse students to potential accounting careers. The AICPA and the National Association of State Boards of Accountancy have been emphasizing the role of technology in the accounting profession through their CPA Evolution initiative while trying to attract more young people to join the profession.
“These bills reinforce our digital-first efforts to educate and reskill the profession so the public’s, client’s and employer’s needs are met,” said Susan Coffey, CEO of public accounting at the AICPA, in a statement Wednesday. “This legislation recognizes the importance of expanding the pipeline of accountants and CPAs that support industries and serve the public interest across the country. This legislation will promote greater diversity in the accounting profession as it continues to facilitate our country’s economic growth.”
Another way the AICPA and its partner, the Chartered Institute of Management Accountants, hope to attract more young people to the accounting profession is through apprenticeships. Last week, the AICPA & CIMA announced a partnership with the Institute for American Apprenticeships and the state of Maryland. The Maryland State Department of Education is funding a Maryland Works grant for a youth apprenticeship program aimed at the underserved, underrepresented population.
The Maryland Association of CPAs has worked on similar apprenticeship programs.
“Skills development and career progression are the new currencies for companies looking to hire, develop and keep the best talent,” said Tom Hood, executive vice president of business growth and engagement at AICPA & CIMA, and a former CEO of MACPA, in a statement. “Considering the rapid pace of change, especially with technology, and the specialization required in the accounting and finance function, companies are increasingly seeking to ‘grow their own’ and to train and develop new hires and existing staff to meet the challenges they face as they transform to become the finance function of the future. In Maryland, we have partnered with MACPA to provide this pathway through our recently launched Registered Apprenticeship for Finance Business Partners.”
“We are pleased to partner with the AICPA & CIMA in using the apprenticeship model to create opportunities for Maryland students in the accounting and finance profession,” said MACPA’s current CEO Rebekah Brown Olson in a statement.
The Blueprint for Maryland’s Future requires the state to ensure that, by 2030-2031, 45% of high school graduates will have completed a registered apprenticeship program or have received an industry-recognized credential. In addition to the AICPA & CIMA, apprenticeships grants are also going to the Society of Human Resources Management Foundation and the College of Southern Maryland.
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