Bowman & Company LLP Senior Managers Maryann Holloway (CPA, RMA, PSA) and Lexi Wilson (CPA, RMA, PSA) recently spoke with the assembly of the New Jersey state capital. Hosted by the New Jersey Society of Certified Public Accountants (NJCPA), politicians and accountants spent time discussing the future of the accounting profession. By providing their first-hand knowledge to state lawmakers, accountants in New Jersey are helping to form practical, impactful, and informed regulations. The main topic of discussion: how to get more students into accounting programs and on track to becoming a CPA.

The number of students entering college accounting programs has been declining for years across the nation. Many students lack access to advanced finance courses in high school that would provide the foundation and inspiration for an accounting career. Another reason for the decline in enrollment is that the barrier to entry in this field is slightly higher than other business fields; accounting licenses require 30 more credits than a standard 120-credit college degree, and there is a CPA licensing exam. These requirements cost considerable amounts of both time and money. While these requirements have successfully upheld the professional quality and experience of CPA’s, they also cause many promising young students to consider alternative career paths. The goal of meeting with lawmakers is to generate solutions that strategically balance career accessibility without sacrificing labor quality. A solution that has been discussed at length within the profession is a work-for-credit program, in lieu of additional semesters of schooling. Hands-on experience serves as a benefit to both graduates and the short-staffed employers throughout the state.

Our staff are involved in many programs for the NJCPA, many of which impact the future of accounting. Multiple staff participate in the scholarship program as interviewers and essay reviewers, the emerging leader’s council, and mentorship programs. Multiple Bowman Partners have served terms as the NJCPA President, chapter presidents, and committee seat holders. As representatives of both our own Firm as well as the industry at large, it is imperative that Bowman maintains a future-oriented mindset. Our collaboration with the NJCPA, government bodies, and local universities allow us to plan accordingly for the future and allows our staff to utilize every option at their disposal to achieve their career goals.