When it comes to college students studying accounting and planning to obtain their CPA, that number is dwindling year after year. According to the experts on this topic, this is not because the future workforce doesn’t see value in a CPA license, but simply because it is difficult to achieve, and requires a lot of time and money. A recent study that was conducted by the Center for Audit Quality and Edge Research takes a deeper dive into some of the reasons students are choosing not to study accounting.
Cost & Time
When it comes to obtaining the extra 30 credit hours, allotting time to study for the exam, and purchasing exam preparation courses, this can be a huge financial burden on many aspiring CPAs. On top of the finances needed, many students also complained of the significant amount of time that is needed to study for the exam, and the complexities of the long application and licensing process once your CPA is obtained was also cited.
Attracting College Talent
One of the main points of this study is that the accounting industry needs to reach out to the younger generations before college if the industry wants to attract young talent. According to the study, two-thirds of accounting students have already decided their major prior to attending college.
Wrap Up
The dwindling number of students entering the accounting profession has been a long-standing dilemma in the industry. Studies like this are always helpful because it gives industry leaders insight into what they can do to make their profession more attractive.