The American Institute of Certified Public Accountants reports a significant decline in accounting graduates, with only 65,000 students completing degrees in the 2021-22 school year, an 18% drop from a decade prior. Only around 30,000 of those students took the CPA exam in 2022, down from nearly 50,000 in 2010, indicating a serious disinterest in accounting careers among new graduates.
The stereotype of accountants as dull, tax-obsessed individuals repels Gen Z more than any previous generation. This negative perception, coupled with industry challenges, contributes to a nationwide shortage of accountants.
Three-quarters of CPAs in the US were at or near retirement in 2019. The high turnover and shortage of accounting staff pose risks for corporate America and can lead to serious issues in financial reporting.
The consequences of the dwindling accountant workforce extend beyond personal tax returns; they put the integrity of corporate financial reporting at risk, with potential material weaknesses arising from inadequate accounting oversight.
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