Sandy Torchia expressed that had the 150-hour rule for CPA certification existed when she was choosing her career path, she would have opted against accounting due to its diminished accessibility. This statement highlights the significant impact of educational requirements on professional choices, especially for first-generation college students.
Tim Morrison emphasized that both the 150-hour education requirement and the relatively low starting salaries in accounting compared to other fields contribute to a decline in students pursuing accounting degrees. This dual challenge fosters a talent shortage in the industry, necessitating a reevaluation of entry barriers.
KPMG's advocacy for alternatives to the 150-hour requirement, including work-study programs, reflects a proactive approach to addressing this talent shortage. Such measures could expedite the training process for new hires while adapting to the changing landscape introduced by technological advancements.
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