In recent years, higher education has seen a marked decline in the number of students pursuing accounting degrees, a trend that raises concerns for the profession’s future. 

According to the American Institute of CPAs, the number of accounting graduates dropped by nearly 17% between 2016 and 2020, and the number of candidates sitting for the CPA exam has decreased by 27% over the past decade. This decline is the result of changed perceptions of the profession, more rewarding alternative career paths, and broader challenges affecting higher education. 

Failure of universities to address these changes risks further erosion of their student base. Before college administrators can implement changes to reverse this trend, critical reflection and understanding of the changes underlying the decline are essential. Accordingly, below I will address each of the factors contributing to this issue.

Changed perceptions of the accounting profession

Until recently, accounting has often been associated with high job security, competitive salaries, and career advancement. However, today’s students are drawn to careers that are perceived as more dynamic, offering greater opportunities for growth and innovation. Professions such as finance, marketing and entrepreneurship are seen as more creative, impactful and future-oriented. In contrast, accounting has become associated with routine, rule-bound activities, and limited opportunities for applying critical thinking or adaptive learning to complex decision-making.

Moreover, technological advances — including automation, artificial intelligence, and robotics — have raised concerns about the viability of traditional accounting jobs. The U.S. Bureau of Labor Statistics estimates that employment in bookkeeping, accounting and auditing will decline by 5% from 2022 to 2032 due to automation. Consequently, students are increasingly skeptical about the long-term value of pursuing a degree in accounting when compared to other fields that seem less susceptible to obsolescence.

Influence of other business disciplines

Accounting requires considerable knowledge of tax codes and regulatory reporting frameworks. However, compared to finance, which also involves a numbers-oriented and analytical focus, accounting lacks the appeal of careers in investment banking, private equity, or portfolio management. The average salary for investment bankers in the U.S. is approximately $133,000 per year, significantly higher than the $77,250 median salary for accountants and auditors reported by the Bureau of Labor Statistics in 2022.

Similar opportunities abound in fields like data science and business analytics, which students view as more tech-oriented and futuristic. For example, the global market for data science is projected to grow to $103 billion by 2027, with professionals in this field commanding starting salaries often exceeding $100,000. These disciplines also offer greater prestige and the potential for significant financial rewards, making them a major draw for students deciding between business majors.

The financial burden of higher education

Given the rising cost of college tuition, students are increasingly considering the return on investment of their chosen degree. According to the Education Data Initiative, the average cost of a four-year public college education in the U.S. has risen to over $25,000 annually for in-state students, with private institutions exceeding $54,000 annually. In this context, accounting degrees are often viewed as less financially rewarding compared to alternative business disciplines with quicker or more lucrative career trajectories.

Additionally, accounting students face the significant financial and time investment required to become a CPA. Most states require 150 credit hours for CPA licensure, which often necessitates additional coursework beyond a bachelor’s degree. Furthermore, the CPA exam has a notoriously low pass rate of approximately 50%, adding further risk and uncertainty for prospective accounting majors. 

This combination of costs and challenges makes accounting a less attractive option when compared to other business paths that do not require comparable post-graduate certification hurdles.

What universities can do

If accounting is to survive as a viable career path — a viability with important implications for the future of American and global business — business schools must adopt a more proactive stance in addressing the current decline. Administrators must modernize accounting curricula to incorporate elements of artificial intelligence, data analytics, and blockchain. Emphasizing these technologies would elevate accounting as a science, potentially earning it STEM (Science, Technology, Engineering, and Mathematics) designation. This shift could help reframe accounting as a forward-thinking and innovative discipline.

Furthermore, universities should highlight the global nature of accounting work and its strategic importance to a variety of organizations, including startups, nonprofits, and multinational corporations. By showcasing the diverse opportunities available to students through an accounting degree, schools can attract those who might otherwise pursue alternative business majors.

To complement these efforts, the CPA certification process should be streamlined. Replacing the additional 30 credit hours most states require for CPA licensure with alternative internship experiences would reduce the financial burden of post-graduate education while providing students with practical experience essential for job success. Offering internships as undergraduate credit would not only lower costs but also enhance students’ readiness for the workforce.

Conclusion

A combination of shifting perceptions, evolving career interests, and financial pressures underlies the decline in the number of students pursuing accounting degrees. Nonetheless, accounting remains a critical component of business, serving as the language for communicating financial results. Moreover, with the retirement of an older generation of accountants and the ongoing demand for qualified professionals, opportunities in the field are likely to grow. 

Reversing the trend will require a significant commitment by business schools to modernize curricula, incorporate emerging technologies, and educate students about the promising career paths arising from these advancements. By making these changes, administrators can ensure that accounting remains at the forefront of business education and continues to attract a new generation of highly motivated professionals.

One suspect in the two New Year’s Day incidents being probed as terror attacks was a former U.S. Army sergeant from Texas who recently worked for Big Four firm Deloitte. The other was a U.S. Army special forces sergeant from Colorado on leave from active duty.

Law enforcement officials on Thursday said there appears to be no definitive link between the two deadly events: a truck attack in New Orleans that left at least 15 dead and the explosion of a Tesla Cybertruck outside of President-elect Donald Trump’s hotel in Las Vegas that killed the driver and injured seven. 

But in addition to the military backgrounds of the suspects — they both served in Afghanistan in 2009 — on the day of the attacks they shared at least one other striking similarity: Both men used the same rental app to obtain electric vehicles. 

The driver of the Cybertruck was identified as Matthew Alan Livelsberger of Colorado Springs. He rented the Cybertruck on Turo, the app also used by Shamsud-Din Jabbar, the suspect in the separate attack in New Orleans hours earlier. Turo said it was working with law enforcement officials on the investigation of both incidents.

There are “very strange similarities and so we’re not prepared to rule in or rule out anything at this point,” said Sheriff Kevin McMahill of the Las Vegas Metropolitan Police Department.

The gruesome assault on revelers celebrating New Year’s in New Orleans’ famed French Quarter and the explosion in Las Vegas thrust U.S. domestic security back into the spotlight just weeks before Donald Trump is sworn in as president.

Texas roots

As authorities combed through the macabre scene on Wednesday in New Orleans’ historic French Quarter, they said they discovered an ISIS flag with the Ford F-150 electric pickup truck that barreled through the crowd. Two improvised explosive devices were found in the area, according to the FBI.

Jabbar had claimed to join ISIS during the summer and pledged allegiance to the group in videos posted on social media prior to the attack, according to the FBI. An official said there’s no evidence that ISIS coordinated the attack.

Officials said the 42-year-old Jabbar, who lived in the Houston area, exchanged fire with police and was killed at the scene.

Jabbar has said online that he spent “all his life” in the Texas city, with the exception of 10 years working in human resources and information technology in the military, according to a video promoting his real estate business.

After serving as an active-duty soldier from 2006 to 2015 and as a reservist for about five years, Jabbar began a career in technology services, the Wall Street Journal reported. He worked for Accenture, Ernst & Young and Deloitte.

Jabbar was divorced twice, most recently from Shaneen McDaniel, according to Fort Bend County marriage records. The couple, who married in 2017, had one son, and separated in 2020. The divorce was finalized in 2022. 

“The marriage has become insupportable due to discord or conflict of personalities that destroys the legitimate ends of the marital relationship and prevents any reasonable expectation of reconciliation,” the petition stated.

McDaniel kept the couple’s four-bedroom home southwest of Houston. She declined to comment when contacted at her house in suburban Houston.

Fort Bragg

Jabbar moved to another residence in Houston, which the FBI and local law enforcement spent all night searching before declaring the neighborhood of mobile homes and single-story houses safe for residents. Agents cleared the scene shortly before 8 a.m. local time without additional comment.

Jabbar’s mobile home is fronted by an 8-foot corrugated steel fence that was partially torn apart to provide search teams access. Weightlifting equipment and a bow hunting target were scattered across the broken concrete walkway. Chickens, Muscovy ducks and guinea fowl roamed the property.

Behind the home, a yellow 2018 Jeep Rubicon sat with its doors left wide open and a hardcover book written in Arabic sitting atop the dashboard. The license plate expired in May 2023.

The other suspect, Livelsberger, was a member of the Army’s elite Green Berets, according to the Associated Press, which cited unidentified Army officials. He had served in the Army since 2006, rising through the ranks, and was on approved leave when he died in the blast.

Livelsberger, 37, spent time at the base formerly known as Fort Bragg, a massive Army base in North Carolina that’s home to Army special forces command. Jabbar also spent time at Fort Bragg, though his service apparently didn’t overlap with Livelsberger’s.

Las Vegas Sheriff McMahill said they found his military identification, a passport, a semiautomatic, fireworks, an iPhone, smartwatch and credit cards in his name, but are still uncertain it’s Livelsberger and are waiting on DNA records.

“His body is burnt beyond recognition and I do still not have confirmation 100% that that is the individual that was inside our vehicle,” he said. 

The individual in the car suffered a gunshot wound to his head prior to the detonation of the vehicle.