The AICPA recently released the 2017 Trends in the Supply of Accounting Graduates and Demand for Public Accounting Recruits report (Trends report). The report found that the total number of accounting undergraduate and graduate enrollments remains at the record levels seen in the 2014-2015 academic year, totaling more than 250,000 enrollments. This was driven primarily by an all-time high in undergraduate enrollments. On the demand side, hiring of new accounting graduates has slowed compared to previous years.
This year we saw a shift in the mix of bachelor’s versus master’s enrollments. Projected master’s enrollments have returned to pre-2014 levels, while undergraduate enrollments remained high. The last several Trends reports found a sharp rise in the number of master’s enrollments and graduates. The higher numbers previously reported may be attributed to a surge in both traditional students and those changing careers earning their master’s in accounting. The CPA profession is known to have significantly lower rates of unemployment than the broader economy, particularly during economic downturns. In my experience as an educator, economic turmoil is a strong motivator for people to seek out the stability that a career in accounting provides.