𝐓𝐡𝐞 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧 𝐢𝐬 𝐅𝐚𝐜𝐢𝐧𝐠 𝐚 𝐂𝐫𝐢𝐬𝐢𝐬...
There is a significant decrease in the number of students enrolling in accounting programs and also sitting for the CPA exam where there is already a direct effect on the profession. With 75% of CPA's already facing retirement, higher education institutions are seeing a 33% decline in enrollment.
So why the decline? There are many factors to consider and one major reason is the 150 hour requirement to sit for the exam; this is a substantial opportunity cost.
Other factors include:
- Monotony
- Complexity
- Burn Out
- Competition from other fields such as tech
- Compensation
- Diversity
𝐇𝐨𝐰 𝐝𝐨𝐞𝐬 𝐚𝐧 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭 𝐬𝐡𝐨𝐫𝐭𝐚𝐠𝐞 𝐚𝐟𝐟𝐞𝐜𝐭 𝐭𝐡𝐞 𝐞𝐜𝐨𝐧𝐨𝐦𝐲?
Accountants play key roles in ensuring financial regulation compliance and quality of financial reporting. Accurate financial reporting is crucial for investor and consumer confidence and non-compliance could result in fines and legal issues for businesses.
𝐌𝐚𝐧𝐲 𝐬𝐦𝐚𝐥𝐥 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐡𝐞𝐚𝐯𝐢𝐥𝐲 𝐫𝐞𝐥𝐲 𝐨𝐧 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐭𝐡𝐞𝐲 𝐰𝐢𝐥𝐥 𝐧𝐨𝐰 𝐬𝐭𝐫𝐮𝐠𝐠𝐥𝐞 𝐭𝐨 𝐟𝐢𝐧𝐝 𝐚𝐟𝐟𝐨𝐫𝐝𝐚𝐛𝐥𝐞 𝐚𝐧𝐝 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭. 𝐖𝐢𝐭𝐡𝐨𝐮𝐭 𝐬𝐤𝐢𝐥𝐥𝐞𝐝 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬, 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐠𝐫𝐨𝐰𝐭𝐡 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐡𝐢𝐧𝐝𝐞𝐫𝐞𝐝.
What are your thoughts on how new entrants could be brought into the field?
Comments
Post a Comment