Nearly everyone in Michigan relies on accountants, whether to file their taxes, help their small businesses grow or to receive financial guidance.
Yet, according to the Michigan Association of CPAs, the state’s accounting industry is facing a talent shortage that could make it difficult to find financial help at a time when many Americans need it.
The problem is only expected to worsen. The American Institute of Certified Public Accountants estimates that three-quarters of accountants are Baby Boomers who have reached or passed retirement age, and an analysis from Michigan’s Grand Valley State University demonstrates how the number of students majoring in accounting has dramatically declined over the last decade.
So it makes sense that the Michigan House is toying with legislation to make the CPA pathway more accessible and less prohibitively expensive.
Plenty has been written about this bill. And while it is worthy of consideration, Congress — including Michigan lawmakers like House Education and Workforce Committee Chairman Tim Walberg — should also support and pass the Accounting STEM Pursuit Act, a commonsense proposal that recognizes the modern reality of accounting and helps connect more students to high-paying, in-demand careers.
Accounting is no longer just about spreadsheets and tax returns. Today’s accountants work with artificial intelligence, cybersecurity compliance, enterprise software systems, data analytics and complex digital reporting platforms. In many cases, they’re even helping businesses navigate the technological transformation of the present day, such as the recent shift toward AI.
In other words, the profession has become closely linked to the same analytical and technical skills that characterize STEM fields. Hence why the shortage is so dire: companies stand to lose not just financial know-how but critical analytical and data-management talent.
Federal education policy, however, hasn’t kept up with this reality.
The Accounting STEM Pursuit Act would officially add accounting to the STEM ecosystem, enabling schools to access existing STEM funding sources to promote accounting education and career opportunities at the K-12 level.
This is important because many students aren’t introduced to accounting early enough to understand what the profession truly involves. This legislation would fix that.
The bill would not require new federal spending. It simply allows accounting programs to access existing STEM-related education resources.
For Michigan, where advanced manufacturing, automotive firms and small businesses increasingly rely on data-driven financial systems and the accountants who manage them, the economic benefits of recognizing accounting as STEM would extend far beyond the classroom.
As Michigan works to retain young talent and reinforce its advanced manufacturing economy, encouraging more students to pursue accounting careers would help keep high-paying professional jobs in the state while supporting business growth, investment and long-term economic competitiveness.
At a time when employers across Michigan are demanding workers with both technical and analytical skills, accounting offers students a stable and upwardly mobile career path.
Designating accounting as STEM would also help schools foster stronger partnerships with local businesses, universities and workforce development organizations preparing students for the modern economy.
A nationwide survey conducted by the Harris Poll on behalf of the American Institute of CPAs found that 74% of Americans believe accounting courses should qualify as STEM education. The public already recognizes what policymakers need to acknowledge: accounting is a modern technology profession.
Walberg and other members of the Michigan delegation have a chance to move forward a practical reform that directly addresses workforce needs while creating new job prospects for the next generation of students.
America’s workforce needs have changed, and accounting has changed with them. Congress should recognize that reality and modernize STEM policy.
Brett M. Decker serves as the Endowed Chair of Leadership at Northwood University.
This article originally appeared on The Detroit News: Michigan needs more accountants; lawmakers can help | Opinion
Reporting by Brett Decker / The Detroit News
USA TODAY Network via Reuters Connect
By Brett Decker | USA TODAY Network
