Accounting organizations and employers face challenges with recruiting and a shrinking pipeline. The Bureau of Labor Statistics estimates an average of 124,200 openings for accountants and auditors annually from 2024 to 2034, with a 5% employment growth rate over the decade. Many openings fill positions left by retiring workers or those changing careers, not from job creation. Such data highlights worries about the availability of accountants.
A declining number of students taking the CPA exam mirrors the shortage, impacting firms’ workload and client service. As a result, various states are amending the certification requirements for accountants. On August 1, Texas provided an alternative to the traditional 150-credit-hour pathway, reflecting a broader trend of easing requirements to address this deficit.
These state reforms help aspiring accountants complete the certification process but fail to recruit more students initially. The root of the problem is broader, demanding a national intervention. Congress holds the key to crafting a federal response. Addressing this, the bipartisan Accounting STEM Pursuit Act was introduced.
The Act, presented by Reps. Young Kim (R-Calif.) and Haley Stevens (D-Mich.) in April 2025 in the House, and by Sens. Susan Collins (R-Maine) and Jacky Rosen (D-Nev.) in February 2026 in the Senate, awaits further action post-referral. With states taking this issue seriously, Congress must follow suit.
The Act proposes to include accounting education within the support provided by the Student Support and Academic Enrichment grants under the Every Student Succeeds Act. This focus aims to enhance career awareness and targets students from underrepresented groups in accounting careers, aligning accounting with STEM subjects.
The need for the bill is compelling. Modern accounting incorporates data analytics, automated audits, information systems, and artificial intelligence, which align closely with mathematics and technology. Early exposure to these areas can encourage interest in the accounting field.
Public opinion supports the legislation, with a Harris Poll commissioned by the American Institute of CPAs indicating 74% of Americans favor including accounting courses as part of STEM education. Such consensus is rare in education policy discussions.
The Act proposes no new federal programs or funding but expands existing grant usage. With finite resources, accounting would compete with other eligible activities. Permitting schools to offer accounting education could boost career awareness.
As accounting becomes more technologically demanding, federal education policy should evolve to recognize this shift. The Accounting STEM Pursuit Act is a rational move in that direction.
Jorge Lemus Encalada, a professor at the University of Illinois at Urbana-Champaign, notes a research interest in industrial organization, economics of innovation, law, and applied theory.