Official STEM Designation Would Strengthen Accounting Profession

Technology has reshaped accountants’ day-to-day responsibilities so much so that not only are they learning and leveraging cutting-edge tools, but they’re also developing and innovating mechanisms to help clients make informed decisions and improve services.

But ask a typical high school student what accountants do, and it’s clear there’s a gap between perception and reality. Most younger people aren’t aware that digital technology tools are automating and improving many old accounting tasks, opening up avenues for more creative work such as data analysis, advising on business decisions, and hunting down fraud.

That perception problem is contributing to a decline of accounting graduates as well as the lack of diversity in the pipeline.

The American Institute of Certified Public Accountants is endorsing bipartisan legislation in Congress that would establish the accounting profession as a Science, Technology, Engineering, and Mathematics career pathway and supporting long-standing efforts to diversify the future accounting workforce.

H.R. 3541, the Accounting STEM Pursuit Act of 2023, and S. 1705, the STEM Education in Accounting Act, would allow federal K-12 funding to be used for accounting education, with a focus on improving access for underrepresented students.

If the bills become law, educators could apply for STEM grants to teach basic accounting education in the classroom, exposing younger students to a career in accounting and providing an opportunity to increase diversity in the profession.

Driving Innovation

Accountants harness math and develop technology to solve complex issues, empower communities, and drive trust in financial markets. By recognizing the profession as a STEM field, more students will be exposed to a career in accounting.

More and more professors are innovating with technology in the classroom by incorporating R and Python programming language into their data analytics coverage. Encouraging interest in STEM careers in early education greatly improves the chances of STEM success for students in high school and beyond.

Accountants now use statistical analysis to uncover fraud and predictive modeling to help clients make strategic decisions. Artificial intelligence is used to assess financial risks in real time, while robotic process automation can flag anomalies. Firms also have developed proprietary technology to improve their data analysis and reporting capabilities.

Creating Opportunity

The profession also believes that accountants who are reflective and inclusive of the communities they serve can better solve complex issues and respond to the evolving public interest. About four in 10 accounting graduates identify as a racial or ethnic minority, but the profession still has a long way to go.

STEM recognition for accounting will help expose students from all backgrounds to the profession and set them up for success. Students in underserved communities often are denied access to Advanced Placement courses, locking them out of critical college and career opportunities. Employees in STEM fields tend to out-earn their peers, making an average salary of $100,900, compared to $55,260 for non-STEM occupations.

Designating accounting as a STEM field helps strengthen the accounting pipeline and drive economic opportunity. These bills highlight the clear and logical integration between accounting and technology—emphasizing the value of accounting professionals, including CPAs, as technological leaders. Ninety-nine percent of accounting firms have said data analysis and critical thinking are vital skills for new hires.

As the profession works to create a sustainable and robust future, finding and retaining qualified staff are consistently among the top issues facing CPA firms of every size segment and among businesses that employ accounting professionals. These bills would help ensure future leaders are highly skilled and prepared to meet the public’s evolving needs.

This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law and Bloomberg Tax, or its owners.

Author Information

Jan Taylor is the senior director and academic in residence for AICPA’s academic and student engagement.

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