FT News Briefing Solving America’s shortage of accountants
Sep 5, 2023
UK banks are pushing for more office attendance, while a critical shortage of accountants is causing significant challenges in the U.S. Enrollment in accounting programs is dwindling due to strict certification requirements and retirements. In Brazil, former president Jair Bolsonaro faces scrutiny over luxury gifts received in office, despite maintaining his popularity. Additionally, the case of a controversial Russian banker seeking asylum adds an intriguing layer to international banking discussions.
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Accounting Crisis
- The U.S. faces an accounting crisis due to a shortage of auditors, impacting the financial system.
- This shortage stems from difficulty becoming an accountant, deterring many.
150-Hour Requirement
- The 150-hour requirement for the CPA exam turns people away from accounting.
- This elevated requirement was intended to raise the profession's status.
Impact of Shortage
- Smaller accounting firms are shedding clients in niche areas due to the shortage.
- This impacts government areas, municipal debt, and the broader financial system.