The Dying Language of Accounting
According to a United Nations estimate, 230 languages went extinct between 1950 and 2010. If my profession doesn’t act, the language of business—accounting—could vanish too.
The number of students who took the exam to become certified public accountants in 2022 hit a 17-year low. From 2020 to 2022, bachelor’s degrees in accounting dropped 7.8% after steady declines since 2018.
While the shortage isn’t yet an issue for the country’s largest firms, it’s beginning to affect our economy and capital markets. In the first half of 2024, nearly 600 U.S.-listed companies reported material weaknesses related to personnel. S&P Global analysts last year warned that many municipalities were at risk of having their credit ratings downgraded or withdrawn due to delayed financial disclosures.
Our profession must remove hurdles to learning the accounting language while preserving quality. In October, KPMG became the first large accounting firm to advocate developing alternate paths to CPA licensing. We want pathways that emphasize experience, not academic credits, after college.
