Addressing the U.S. Accountant Shortage: Legislative and State-Level Actions

In Pennsylvania, high school classrooms filled with empty desks illustrate a growing problem in accounting. Organizations and employers express concern over recruitment challenges and a dwindling talent pool. According to the Bureau of Labor Statistics, the U.S. will see approximately 124,200 job openings for accountants and auditors annually from 2024 to 2034, with a projected 5% employment growth within the decade. Many of these positions arise from retiring professionals or those shifting to different careers rather than from new job creation. This situation highlights the industry’s workforce supply issues.

The number of students taking the CPA exam has decreased over the years. Accounting firms, regardless of their size, face the impact of vacant positions affecting their workload and client services. Consequently, several states have begun to adjust the criteria for becoming Certified Public Accountants (CPAs).

On August 1, Texas joined other states in offering an alternative to the traditional 150-credit-hour CPA pathway, part of a broader initiative to confront the national accountant shortage. While these changes at the state level may facilitate the process for aspiring accountants, they do not address the core issue: an insufficient number of students pursuing accounting from the start. Although licensure reforms ease the final steps, they do not increase initial engagement in the field.

This matter requires federal intervention. Some members of Congress introduced the bipartisan Accounting STEM Pursuit Act. Representatives Young Kim (R-Calif.) and Haley Stevens (D-Mich.) presented the House version in April 2025. It was referred to the Committee on Education and Workforce. Similarly, Senators Susan Collins (R-Maine) and Jacky Rosen (D-Nev.) introduced a Senate companion in February 2026, which was referred to the Committee on Health, Education, Labor, and Pensions. As of July 2026, there have been no further legislative advances.

The Accounting STEM Pursuit Act seeks to incorporate accounting education into the allowable uses under the Every Student Succeeds Act’s Student Support and Academic Enrichment grants. This initiative emphasizes aiding students from groups underrepresented in accounting careers. Schools would receive federal authorization to finance accounting curricula, internships, and mentorship programs, aligning them with other STEM subjects.

The rationale for the bill is strong. Modern accounting relies increasingly on data analytics, automated audit procedures, information systems, and artificial intelligence, all intersecting with mathematics and technology. Early exposure to these elements in accounting can significantly benefit students.

According to a national survey conducted by Harris Poll for the American Institute of CPAs, 74% of Americans believe accounting courses should be part of STEM education. Such widespread public support is rare for education policy matters.

The bill does not propose a new federal program or funding but expands existing grant usage. While funding remains limited, encouraging schools to support accounting education is a constructive measure to enhance career awareness.

Accounting is becoming more technologically intensive, and federal education policy should adapt to this change. The Accounting STEM Pursuit Act is a pragmatic step in recognizing the evolving nature of accounting.

Jorge Lemus Encalada, a professor in the Department of Economics and of Law at the University of Illinois at Urbana-Champaign, underscores these educational and economic challenges. His expertise lies in industrial organization, the economics of innovation, law and economics, and applied theory.