AICPA backs legislation to add accounting to STEM education

Efforts to grow and diversify the pipeline of accounting talent have been buoyed by the introduction of legislation that would add accounting to grades K–12 science, technology, engineering, and mathematics education programs, better known as STEM.

The AICPA has voiced strong support for the legislation, which was introduced in the House of Representatives and the Senate earlier this year.

In the AICPA news release supporting the legislation, the AICPA said the bills would “allow federal grant funding to be used for K–12 accounting education, highlight the clear and logical integration between accounting and technology, and note the value of accounting professionals, including CPAs, as technological leaders.”

The legislation says that adding accounting to STEM education nationwide would support “activities to promote the development, implementation, and strengthening of programs to teach accounting, including increasing access to high-quality accounting courses for students through grade 12 who are members of groups underrepresented in accounting careers.”

The bills align with multiple initiatives in the AICPA’s Pipeline Acceleration Plan.

“These bills reinforce our digital-first efforts to educate and reskill the profession so the public’s, client’s, and employer’s needs are met. This legislation recognizes the importance of expanding the pipeline of accountants and CPAs that support industries and serve the public interest across the country,” Sue Coffey, CPA, CGMA, the AICPA’s CEO of public accounting, said in the news release. “This legislation will promote greater diversity in the accounting profession as it continues to facilitate our country’s economic growth.”

Introduced as H.R. 3541, the Accounting STEM Pursuit Act of 2023, in the House by Haley Stevens (D-Mich.) and Young Kim (R-Calif.), and as S. 1705, the STEM Education in Accounting Act, in the Senate by Susan Collins (R-Maine) and Jacky Rosen (D-Nev.), the official title as introduced reads: “To amend the Student Support and Academic Enrichment Grant program to promote career awareness in accounting as part of a well-rounded STEM educational experience.”

Beyond high school graduation, accounting and technology are intertwined more than ever. The AICPA, together with the National Association of State Boards of Accountancy, developed CPA Evolution — a new licensure model that focuses on building core competencies in accounting, auditing, tax, and technology while developing deeper expertise in one of three disciplines: information systems and controls; tax compliance and planning; or business analysis and reporting.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.