The accounting profession has seen a notable decline in the number of candidates sitting for the CPA exam over the past decade. While various factors contribute to this trend, many attribute it primarily to the added cost and time required to complete the 150 credit hours mandated by most states for CPA exam eligibility. This challenge has made it increasingly difficult for accounting firms to attract a sufficient number of qualified candidates.

However, the industry is now moving in a promising direction. A new proposal allows CPA candidates to substitute real-world experience for additional academic coursework in meeting eligibility requirements. This not only alleviates the financial burden of an extra year of schooling but also provides valuable hands-on experience in the field—arguably more beneficial than further university studies. In my own career, I have found that true learning and development stem from the mentorship offered by experienced professionals who invest their time in nurturing the next generation of accounting leaders.

Under a proposal by two national accounting groups, CPA candidates can use an additional year of work experience instead of schoolwork to demonstrate professional and technical skills. That is on top of a bachelor’s degree, a passing grade on the qualifying exam and one year of work.

https://www.wsj.com/articles/new-cpa-paths-emerge-as-states-try-to-stem-accountant-shortage-769e78e6?mod=cfo-journal_lead_story