In a move that finally gives accounting its just reward as a necessary life skill, Congress has introduced bipartisan legislation to recognize accounting as part of the STEM programs in schools, as part of the science, technology, engineering, and mathematics curricula.
This is a very exciting time in American history! Finally, it is being recognized that everyone needs some sort of accounting skills to navigate life successfully. Even if all a person carries forward with them after learning basic accounting is the ability to balance a bank statement, the fact that accounting is now being considered a necessary life skill is huge.
Rep. Victoria Spartz, R-Indiana, and Haley Stevens, D-Michigan, introduced the Accounting STEM Pursuit Act, which would amend the Student Support and Academic Enrichment Grant program to promote career awareness in accounting as part of a well-rounded STEM educational experience. The bill aims to help establish the accounting profession as a valuable STEM career pathway and encourage diversity in the future of the accounting workforce.
“As a CPA who worked in a variety of industries, taught accounting at college, and started my own businesses, I understand the importance of finance and accounting skills for our students — regardless of which endeavor they pursue in life,” said Spartz in a statement. “I am happy to join Rep. Stevens in leading this bipartisan legislation.
This bipartisan bill will work to increase access to high-quality accounting education for K-12 students to improve career awareness and workforce diversity in the field. Our financial institutions and their consumers will benefit tremendously from a strengthened pipeline of talented workers of all backgrounds who are ready to meet the needs of our rapidly changing world.”
Key accounting professionals are just as excited as we are at MoneyThumb about this development. Here is a statement from Susan Coffey, CEO of public accounting at the Association of International Certified Professional Accountants, “The accounting profession has always been a leader in using and developing technology to make informed decisions, solve complex problems and improve the delivery of audit, finance, and tax services. As the profession continues to apply advanced technology and technology-enabled techniques, it’s never been a more exciting time to be an accounting professional.”
The American Institute of CPAs (AICPA) says it strongly supports the Accounting STEM Pursuit Act of 2021 because it establishes the accounting profession as a STEM career pathway and supports long-standing efforts to create more diversity in the future accounting workforce. The legislation is an important step in recognizing the clear and logical connection between accounting and technology.
As the global market evolves, so does the demand for individuals specifically trained in accounting. In order for the United States to lead the way in providing accountants for the next generation, we must drastically increase their numbers. Through the introduction of AP courses and the expansion of the definition of STEM, we will provide the opportunity and resources to make this goal achievable. CPAs are the glue that holds everything together and, as such, are more than deserving of the additional support currently given to those working in STEM fields.
From the viewpoint of MoneyThumb, over time we predict a huge increase in those who have learned basic accounting skills in school seeing the need for our PDF financial file converters to help them with basic accounting tasks in their personal life and professionals who choose accounting as a career path to realize the advantages of our professional products, such as our PDF financial file converters that allow importing bank statements into QuickBooks.
These are very exciting times in the field of accounting! We'd love it if you could share this Rules of Thumb blog post on your social media page so that your peers can learn the good news.