The Accounting Profession Is in Crisis

A Partial Solution to the Shortage of Accountants

Jacqueline A. Burke, PhD, CPA, and Ralph S. Polimeni, PhD, CPA

The accounting profession is facing a severe crisis due to a shortage of accountants. Significantly fewer students have selected accounting as a major. As a direct result of enrollment declines in accounting programs, candidates sitting for the CPA exam have also decreased from 48,004 first-time candidates in 2016 to 32,188 in 2021, a drop of 33% (as reported in the AICPA 2021 “Trends Report,” available from https://www.nysscpa.org/2021-trends or Trends@aicpa-cima.com). The AICPA/CIMA 2022 Annual Report (https://tinyurl.com/2p8jzfsp) reveals a 7% decrease from 2021 to 2022 for the total number of candidates taking the CPA exam. Also, 2022 saw the lowest number of exam takers since 2006 (“CPA Exam Takers in 2022: Fewest in 17 Years,” S.J. Steinhardt, May 30, 2023, https://www.nysscpa.org/23530sjs). Likewise, 30% fewer candidates passed their final section of the CPA exam in 2021 compared to 2016. Further compounding the problem, the AICPA has stated that roughly 75% of its members are at retirement age (https://tinyurl.com/3kr8ye4m).