The CPA Crisis

[BobKamman]

In an article about mistakes in financial statements of public companies, Bloomberg reports:

While it’s unclear what exactly led to the mistakes in each of these cases, one major risk factor has reached crisis levels: a shortage of certified public accountants.

Seasoned practitioners are retiring while the profession isn’t drawing the next generation of workers entering the labor market. The lack of help means current accountants’ hours and workloads can be grueling, upping the odds of mistakes and burnout.

https://www.bloomberg.com/news/articles/2024-03-01/severe-cpa-shortage-risks-creating-expensive-corp...  (may have paywall)

[IRonMaN]

Just to clarify “seasoned practitioners” is the more politically correct way to say old farts?

[rbynaker]

Well, at least there's Hope for the future of tax preparation.  And Conway. 🙂

[sjrcpa]

I haven't seen him around in a while.

Oh, he changed his name to MGC94 and his avatar is a pretty woman.

[PATAX]

I wonder why there is a shortage? Could it be nonstop BS from all sides?

[IRonMaN]

A few years ago Minnesota bumped up the education requirements to 150 credits to become a CPA "in order to keep in line with other states".  In this legislative session they are trying to reduce it to 120 credits to fight the shortage.  Maybe we shouldn't have bumped it up that high to begin with??????  This profession is no different than carpet layers to headstone engravers ----------- the people that did the job for years are either retired or dead and nobody wants to do those jobs any longer.

[qbteachmt]

"Well, at least there's Hope for the future of tax preparation.  And Conway."

Wow; I bow down to your genius. That was great.

[BobKamman]

@IRonMaN  Meanwhile, Minnesota requires 1500 hours of barber school before issuing a license.  But then, you probably don't come close to your clients' neck with a razor too often.  

[IRonMaN]

"But then, you probably don't come close to your clients' neck with a razor too often"

There are some days that I would like too.