The 2025 Trends Report from AICPA offers a mixed outlook on the future of the CPA pipeline. Bachelor’s degree completions in accounting declined by 10.3% from 2021-2022 to 2022-2023, and by another 3.3% in provisional data for 2023-2024. Master’s degree completions saw an even steeper drop, falling 7.6% and then 15% across the same periods. 

Yet, despite these declines in degree completions, early signs of recovery have emerged. Enrollment data from the National Student Clearinghouse indicate that accounting student enrollments rose 12% in 2024 from the previous year. If that trend holds, graduation rates may begin to rise as these students complete their programs. 

Among public accounting firms that responded to the AICPA’s survey, 75% reported hiring accounting graduates in 2024 and expect to maintain or increase hiring in 2025. However, the overall response rate to the demand survey was too low to draw statistically reliable conclusions. These data reflect only a subset of hiring activity within the public accounting sector and do not account for other career pathways from accounting graduates. 

Pipeline concerns remain a central focus. The AICPA highlights demographic shifts, cost barriers, and evolving career interests as long-term challenges. It also details several pipeline forts, including scholarship expansion, firm culture initiatives, and CPA Exam reforms.

The report concludes that while recent enrollment increases are promising, sustained action will be required to reverse longer-term downward trends and ensure a strong future for the profession.