Bipartisan legislation recently introduced in the U.S. Senate would help address work force shortages in accounting.
The Accounting STEM Pursuit Act would amend the Every Student Succeeds Act to add accounting education programs as an allowable use of K-12 grant funding. It also would recognize accounting as a science, technology, engineering and mathematics (STEM) profession and would promote high-quality accounting instruction for members of groups underrepresented in accounting careers.
There will be approximately 124,000 projected job openings for accountants and auditors nationwide annually over the next decade, according to the Bureau of Labor Statistics. In addition, when compared to prior years, fewer students are pursuing accounting degrees.
“Designating accounting as a STEM pathway acknowledges how deeply technology and analytics are embedded in the work accountants do every day,” Mark Koziel, American Institute of Certified Public Accountants president and CEO, said. “It will help expose students to the profession, strengthening workforce development in the accounting profession and improving access for more students. We thank Sens. Collins and Rosen for their efforts to have accounting designated as a STEM curriculum and urge Congress to move this legislation forward.”
U.S. Sens. Susan Collins (R-ME) and Jacky Rosen (D-NV) introduced the bill. Many Maine municipalities have been struggling to find accountants to conduct their annual audits.