TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
The Finance Story
No Result
View All Result

AICPA’s strategic plan to tackle CPA Pipeline Challenges: Will it solve Shortage Of Accountants in the US?

The American Institute of Certified Public Accountants (AICPA) released a comprehensive plan to address the declining number of accountants and CPAs.

Preeti Mondal by Preeti Mondal
Published date: 23rd May, 2023
Last edited date: 12th June, 2023
SHARE (0)
AICPA's plan to tackle CPA Pipeline Challenges
Share on FacebookShare on Twitter
  • The US is experiencing a talent shortage, with more than 300,000 accountants and auditors having left their positions.
  • The number of young individuals pursuing the CPA qualification has also declined.
  • To tackle the CPA pipeline situation, the American Institute of Certified Public Accountants (CPA) has unveiled a game-changing plan.

AICPA releases plan to address CPA pipeline challenges

The accounting profession in the United States is facing a massive shortage of talent.

Over the past two years, more than 300,000 accountants and auditors have resigned from their positions. The number of young individuals, particularly Gen Z, studying accounting and pursuing the CPA qualification has also declined.

To enhance the profession’s talent pipeline, the American Institute of Certified Public Accountants (CPA) has unveiled an expanded plan.

AICPA is one of the largest organizations, representing the accounting profession. The institution is actively fostering opportunities for dialogue and collaboration, to tackle the underlying challenges and develop a robust pipeline of future CPAs.

In order to accomplish this, the AICPA is partnering with stakeholders to implement short-term, medium-term, and long-term activities that target specific root causes of pipeline issues.

Encouraging students to pursue CPA qualification

The AICPA has worked closely with state CPA societies, accounting firms, the Center for Audit Quality (CAQ), State Boards Of Accountancy, and the National Association of State Boards of Accountancy to identify several crucial areas in the pursuit of talent.

Considerable attention, discussion, investment, and research are being directed toward a wide range of initiatives throughout the entire CPA pipeline.

These initiatives encompass various activities, including the CAQ-led Accounting student awareness campaign, the implementation of CPA Evolution, and the upcoming launch of the new CPA Exam in January 2024.

Through collaboration with stakeholders, the AICPA has pinpointed specific initiatives that address key areas of focus:

  • Raising Awareness: Enhancing awareness regarding the accounting profession and highlighting the advantages of pursuing a career in accounting.
  • Changing Perceptions: Addressing outdated perceptions and utilizing updated, positive messaging to resonate with current students.
  • Training and Education: Providing top-notch accounting education and training opportunities.
  • Collaboration with Educational Institutions: Establishing partnerships with colleges and universities to offer internships, scholarships, and other programs that entice individuals to enter the profession, alleviate financial burdens, and equip students with the necessary skills for success as CPAs.
  • Firm Culture and Business Models: Empowering firms with resources to offer competitive compensation packages, attractive benefits, career growth prospects, and engaging work environments.
  • Diversity, Equity, and Inclusion: Promoting inclusivity and diversity to attract and retain a broader spectrum of talent.

The plan expands upon an earlier eight-point draft that was released in early 2023. Key initiatives within the plan include the implementation of the Experience, Learn & Earn Program.

AICPA talent pipeline acceleration plan
AICPA talent pipeline acceleration plan

Closing…

“Building the CPA pipeline requires a united effort from all stakeholders tied to the profession,” Susan Coffey, CPA, CGMA, the AICPA’s CEO–Public Accounting, revealed in a press release.

She also mentioned that they need to work together to raise awareness about the rewarding accounting profession and address stumbling blocks that prevent prospective candidates from pursuing the CPA qualification.

AICPA holds a distinctive position to transform ideas into tangible actions.

While its plan provides a structured framework for progression, it is not the definitive solution.

This process is continually evolving and demands determination, foresight, and strong collaboration with vital partners to drive meaningful outcomes.

Now the only question is, “How successful will these game-changing plans and initiatives be, in solving the talent shortage in the US accounting profession?”

Preeti Mondal

Preeti Mondal

Recommended for you

Deloitte to add hundreds of tech jobs across the UK, over the next 3 years.
Big 4

Deloitte to add hundreds of tech jobs in UK

25th May, 2025 | 2 mins read
JP Morgan may slash over 10% of operations workforce
AI in Finance

JP Morgan may slash over 10% of operations workforce

23rd May, 2025 | 2 mins read
EY in trouble for audit failure of NMC Health: Faces £2 Billion lawsuit
Accounting & Consulting services

EY in trouble for audit failure of NMC Health: Faces £2 Billion lawsuit

22nd May, 2025 | 3 mins read
Randstad India CFO says executive hiring booming
Hiring

Randstad India CFO says executive hiring booming

22nd May, 2025 | 2 mins read
FTI Consulting taps Antoine Nasr to lead Middle East Business
Dubai

FTI Consulting doubles down on the Middle East

21st May, 2025 | 3 mins read
Microsoft fires 6000 employees...To sharpen focus on AI
News

Microsoft fires 6000 employees…To sharpen focus on AI

20th May, 2025 | 4 mins read
Next Post
from-a-mid-sized-accounting-firm-to-becoming-the-ceo-at-kpmg-india-meet-richard-rekhy

Former KPMG CEO on how he went from Partner to Chief Executive within 8 years

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

1:1 career advice platform

  • Manager

    Investment Banking (Front Office) at HDFC Bank.

  • Finance Director

    at Procter & Gamble (P&G)

  • Strategic Program & Ops Manager

    Risk and Internal Audit at Accenture

  • Vice President

    at Alcazar Capital

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL

1:1 career advice platform

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert