The accounting profession is facing a significant challenge in 2025. In an article by Accounting Today, fewer students are pursuing accounting degrees, raising concerns about the future of the field. Between 2016 and 2020, the number of accounting graduates dropped by 17%, as reported by AICPA, while the number of CPA exam candidates has fallen by 27% over the past decade.
This shift reflects changing perceptions of accounting, increasing competition from other business disciplines and the financial burdens associated with higher education, the article stated.
Once viewed as a stable career path with competitive pay and advancement opportunities, accounting is now often seen as routine and lacking in creativity. Today’s students are drawn to careers they perceive as innovative and impactful, such as data science, entrepreneurship and marketing.
Technology is also reshaping the narrative around accounting. Automation and artificial intelligence have led to fears that traditional accounting roles may become obsolete. Accounting Today reported that the U.S. Bureau of Labor Statistics projects a 5% decline in bookkeeping, accounting and auditing jobs by 2023 due to technological advancements. These factors make students question the long-term viability of accounting as a career.
Accounting also faces stiff competition from fields like finance and data analytics, which often promises higher salaries. For instance, investment bankers in the U.S. earn an average $133,000 annually, far surpassing the $77,250 median salary for accountants and auditors reported by the Bureau of Labor Statistics in 2022.
Moreover, tech-driven fields such as data science are booming. The global data science market is expected to grow $103 billion by 2027, with starting salaries frequently exceeding $100,000. These disciplines appeal to students seeking cutting-edge roles, leaving accounting struggling to capture interest, according to Accounting Today.
The rising cost of education is another factor contributing to the decline in accounting majors. According to the Education Data Initiative, in-state tuition at public universities now averages over $25,000 annually, while private colleges cost more than $54,000 per year.
Accounting degrees face additional challenges due to the CPA certification process. Most states require 150 credit hours for licensure, necessitating extra coursework beyond a bachelor’s degree. The notoriously low CPA exam pass rate of 50% adds to the uncertainty, making students hesitant to invest in this career path.
To attract more students, universities and the accounting profession must evolve. Business schools should modernize accounting curricula by integrating emerging technologies like artificial intelligence, blockchain and data analytics. Accounting Today stated that elevating accounting to a STEM (science, technology, engineering and mathematics) discipline could also help reposition it as a forward-thinking and innovative career.
Additionally, promoting the diverse opportunities within accounting—such as roles in startups, nonprofits and multinational corporations—can help reframe the field as dynamic and essential. Streamlining the CPA licensure process by substituting additional coursework with internships could reduce financial barriers and provide students with valuable hands-on experience.
Accounting Today concluded that accounting remains a critical profession, serving as the language of business and a cornerstone of financial communication. While the decline in accounting majors is concerning, targeted efforts to modernize the field and address student concerns can reverse the trend. With the right changes, accounting can continue to thrive, attracting a new generation of professionals ready to shape the future of business.