Advocating for the Future

• Why is STEM Designation Important to the Accounting Profession?

   

  Accounting encompasses cutting-edge technology to deliver greater efficiency, improved accuracy, and deeper insights.

  STEM designation is an essential part in acknowledging that the accounting profession has a major role in the further development of technology.

  And in the face of a nationwide shortage of accountants and CPAs, STEM designation will open the door to more educational opportunities, encourage more young people to join the profession, and lay a foundation for those entering the profession to develop deeper skillsets.

   

• Modern Accounting is STEM

   

  Accountants harness math and develop technology to solve complex issues, empower communities, and drive trust in financial markets.

  From data analytics to machine learning, accountants increasingly use STEM skills to improve audits, assess fraud risk, and automate business processes, among other services.

  Increasingly, the profession relies on next-generation technological services rooted in artificial intelligence, robotic process automation (RPA), and predictive analysis. 

  Accounting professionals are called on to leverage and understand these technologies to find hidden opportunities for efficiency and cost-savings, and to not only understand where the numbers have been – but where they are going.

   

   

• Attract Students to Accounting

   

  Gaining the STEM designation will help attract high-caliber students to consider the accounting profession. It will also help position the profession for the future by:

  • + Affirming the profession’s role in driving technological advancement
  • + Acknowledging accounting’s use of higher-level math skills
  • + Recognizing the ongoing evolution of accounting education
  • + Exposing more students to a career in accounting and finance
  • + Ensuring employees have the skills to excel in a competitive global marketplace
• Global Economic Competitiveness

   

  + STEM-qualified professionals are critical to U.S. economic growth and competitiveness in global markets.

  + Expanding STEM programs is crucial to closing the growing talent gap for qualified accountants and CPAs.

  + Accountants are integral to driving and managing technological innovation in finance and business. This requires accountants with the math and technology skills to keep pace.

   

   

• Academia is Already Adapting

   

  Universities are already advancing STEM curricula for accounting.

  Accounting students today engage in research, innovation, and development of new technologies primarily using data and financial analytics, but also in computer science.

  At least 56 schools have received STEM designation for their postgraduate accounting programs, including the University of Illinois, Ohio State University, Fordham, Cornell, University of Northern Iowa, and the University of Mississippi.

  At least two, the University of Northern Iowa and USC-Marshall School of Business, have received STEM designation for their bachelor’s degree programs.