The future of the accounting profession

The Labor Department projects an increase in employment positions for accountants and auditors. According to an AICPA survey, the number of accounting graduates has significantly declined, current accounting enrollment is down, and the portion of high school students planning on majoring in accounting has declined by 75% in the past decade. Currently, 35 states have increased the cost of becoming a licensed CPA by requiring a minimum of 150 hours of education. Starting salaries for accounting graduates are relatively low. Unless other states follow Colorado's lead by rescinding the 150-hour requirement and/or starting salaries of accounting graduates are substantially increased so as to make the required additional education competitively cost-effective, the supply of quality accounting graduates is likely to fall short of demand, and a perilous future awaits the accounting profession.