Senators Collins, Rosen Introduce Bipartisan Bill to Support Accounting Education

Accounting STEM Pursuit Act would increase K-12 exposure to accounting careers to help address workforce shortages

WASHINGTON, D.C. - Today, U.S. Senators Susan Collins (R-ME) and Jacky Rosen (D-NV) introduced the bipartisan Accounting STEM Pursuit Act that would help address workforce shortages in the accounting profession. The bill comes as the accounting profession, like many sectors of the economy, is facing a shortage of talent to fill the jobs available. In Maine, many municipalities have struggled to find accountants to conduct their annual audits.

According to the Bureau of Labor Statistics, about 124,000 job openings nationwide for accountants and auditors are projected each year, on average, over the next decade. At the same time, fewer students are pursuing accounting degrees than in prior years.

"Mathematics and technology skills can help students unlock countless doors to high-paying, in-demand fields. One of those doors leads to the accounting profession, whose work plays a key role in providing capital markets with confidence and assurance in financial reporting," said Senator Collins. "Our bipartisan bill would recognize accounting as a STEM subject and strengthen the pipeline of future accountants, who play a vital role in our financial system."

"Students don't always know what career paths are out there until they're exposed to different options in the classroom," said Senator Rosen. "By recognizing the accounting profession as a valuable STEM career pathway, we can help promote and expand access to high-quality accounting education programs and make sure the next generation is ready to fill good-paying accounting jobs."

"Designating accounting as a STEM pathway acknowledges how deeply technology and analytics are embedded in the work accountants do every day," said American Institute of Certified Public Accountants (AICPA) President & CEO Mark Koziel, CPA, CGMA. "It will help expose students to the profession, strengthening workforce development in the accounting profession and improving access for more students. We thank Senators Collins and Rosen for their efforts to have accounting designated as a STEM curriculum and urge Congress to move this legislation forward."

The Accounting STEM Pursuit Act would recognize accounting as a Science, Technology, Engineering, and Mathematics (STEM) profession and amend the Every Student Succeeds Act to add accounting education programs as an allowable use of K-12 grant funding. The bill would also promote high-quality accounting instruction for members of groups underrepresented in accounting careers.

The complete text of the bill is available here.

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