Accounting firms have long felt the crunch, and it’s getting worse.
A growing shortage of certified public accountants is pushing the profession to its limits, leaving firms overwhelmed, under-resourced and increasingly forced to turn away clients, according to the CPA Journal’s 2025 Global Threat Report.
About 75% of today’s public accounting CPAs will retire within the next 15 years. Meanwhile, the number of accounting students nationwide has declined to a 15-year low, meaning there isn’t the necessary talent coming up to replace them.
It takes a lot of time and schooling to become a CPA, a factor in its declining interest.
With the accounting profession short on talent and fewer newcomers stepping up, the American Institute of Certified Public Accountants and National Association of State Boards of Accountancy in May approved a quicker, easier path to becoming a CPA in an effort to open up the talent pipeline for the next generation of accountants.
Bryant University’s Accounting Department has been a steady pipeline of talent when it comes to the CPA workforce. The undergraduate accounting program is ranked in the top 5% nationally by College Factual and No. 1 in Rhode Island.
Charles Cullinan, department chair and accounting professor, says he’s seen the shortage firsthand, having worked at the university for 28 years.
“Are we down relative, to say, 20 years ago? Absolutely, yes,” he said. “There are barriers in becoming a CPA that are dissuading some students from pursuing accounting as a career and major.”
The previous model required 150 credit hours of education, which typically means obtaining a master’s degree.
Under the new model legislation, aspiring accountants will also be able to become practicing CPAs with 120 credit hours and a bachelor’s degree focused on accounting, alongside two years of real-world work experience and a passing score on the CPA exam. The exam is a key indicator of accountant shortages. From 2019 to 2024, the number of CPA exam candidates fell by approximately 7%, according to the CPA Journal’s report.
Easing CPA requirements could also help accounting programs stay competitive with other business majors that aren’t facing talent shortages. Finance and tech jobs, which require only 120 credit hours, pay at least 20% more than CPA roles, according to the CPA Journal’s report.
Rhode Island has not acted, but as of May, at least 14 states have already passed and enacted legislation to lower the educational requirements for CPA licensure. Another nine states have introduced or are already in the process of introducing such legislation.
“It’s really picked up over the last few months,” Cullinan said. “A lot of states are seeing the value in lowering these barriers to accounting.”
Those changes already appear to be paying off across the country. New estimated data from the National Student Clearinghouse Research Center shows a 12% increase in nationwide undergraduate accounting enrollment this spring compared with the previous spring. The increase amounted to an additional 29,312 students.
“By aligning our model legislative framework with the laws recently adopted in certain states, we’re encouraging the removal of outdated barriers and reaffirming our commitment to a truly mobile CPA profession,” Susan Coffey, AICPA’s CEO of public accounting, said in a statement. “This is how we keep the profession strong, relevant, and ready for what’s next.
“It’s inspiring to see positive trends in student interest,” Coffey said. “Enrollment growth underscores the need to continue to raise awareness of the benefits of accounting careers. Building future talent also hinges on continuing to make the path into accounting more accessible and the work, once there, rewarding.”
However, not every state has proved to be as eager to lower the 150 credit hours requirement. The California Society of Certified Public Accountants has voiced concerns about lowering educational requirements. Several other states such as New York and Texas have previously expressed similar reservations.
A lot of their pushback is based on worries that lowering the required credit hours could hurt the profession’s reputation. Easing the barriers of entry could lead to a drop in competency.
“There is much work to do to increase awareness and interest in accounting as a major and to sustain that interest through college and into the workplace as students begin their careers,” Coffey said in a separate statement. “This ongoing work will be even more critical in the coming years as demographic shifts reshape education and the workforce.”
Rhode Island has not introduced or enacted legislation to modify the 150 credit hours requirement for CPA licensure.
The Rhode Island Society of Certified Public Accountants did not return requests for comment.
However, that’s likely to soon change, Cullinan says, thanks in large part to the state’s standout accounting programs at Bryant, the University of Rhode Island and Rhode Island College.
“I’d say it’s more a matter of when than if,” Cullinan said. “I certainly think it will be introduced and adopted here soon.”
