The U.S. is witnessing a decline in the number of new accountants entering the workforce. Accounting organizations and employers note challenges in recruitment and the dwindling pipeline of professionals. Projections from the Bureau of Labor Statistics indicate approximately 124,200 annual openings for accountants and auditors from 2024 to 2034, with a modest 5 percent employment growth over the decade. Most of these positions represent replacements for retiring workers or those shifting careers, reflecting concerns about the availability of accountants.
This shortfall is evident in the declining number of students taking the CPA exam. Firms of all sizes report that vacant positions are impacting workloads and client services. In response, various states have begun adjusting the requirements for becoming Certified Public Accountants (CPAs). Texas, as of August 1, offers an alternative to the traditional 150-credit-hour path, joining a broader movement to tackle the accountant deficit.
States have relaxed licensure requirements, making it easier for prospective accountants to qualify. However, this only addresses the final steps in the process of becoming an accountant. A wider, more effective solution at the federal level could increase the pipeline entry.
The Accounting STEM Pursuit Act aims to tackle this issue federally. The legislation, introduced in the House in April 2025 by Reps. Young Kim and Haley Stevens and in the Senate in February 2026 by Sens. Susan Collins and Jacky Rosen, remains under committee review. The Act proposes adding accounting education to permitted uses of Student Support and Academic Enrichment grants under the Every Student Succeeds Act, focusing on underrepresented student groups.
This change would grant school districts federal permission to fund accounting-related curricula, including internships and mentorship programs, in conjunction with existing STEM subjects. The integration of modern accounting practices like data analytics, AI, and information systems with math and technology indicates a significant benefit to early exposure in accounting.
Public sentiment supports this legislative initiative. An American Institute of CPAs commissioned Harris Poll reveals 74 percent of Americans believe accounting should receive STEM classification. The Act does not introduce a new federal program or secure new funding. Instead, it broadens the application scope of current grants, allowing schools to decide on supporting accounting education, thereby heightening career awareness.
Accounting’s technical evolution demands federal education policies that reflect this change. The Accounting STEM Pursuit Act represents a rational step in recognizing accounting’s evolving nature. Jorge Lemus Encalada, a professor at the University of Illinois, emphasizes the importance of federal solutions alongside state efforts to effectively address the profession’s challenges.
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