The second time around

Accounting makes a great second career for adult learners. It’s time to focus on this demographic to help fill the accounting student pipeline. 

By Nammy K. Lee, CPA, Ph.D. 

Recently, I was a panelist on the ACES (Achieving Collegiate Excellence and Success) Professional Pathway, which helps historically underrepresented high school students in higher education attain bachelor’s degrees and achieve professional success. During the panel, one of the questions to the panelists was, “What did you picture as your dream job when you were in high school, and how does that compare with your professional career now?” I often ask my colleagues similar questions related to accounting. “Did you always know you wanted to be an accountant?” 

There are many studies about parental influence on one’s early career choice. A 2021 study by Joblist that surveyed 810 working professionals comprising Gen X, Millennials and Gen Z showed that 48% of people felt their parents strongly influenced their career path. The colleagues who knew they wanted to be accountants at an early age almost always had parents who were accountants. For others, the career decision did not come until much later.   

Job outlook for accountants  

People make career decisions at various points when starting and continue to make more career choices, leading to different careers during their lifetimes. According to the Bureau of Labor Statistics National Longitudinal Survey, the baby boomers born in the latter years of the baby boom (1957–1964) held an average of 12.7 jobs from ages 18 to 56. Of the 12.7, more than half were from ages 25 to 56. For the younger generation born between 1980 and 1984, the average job held was nine from ages 18 to 36. 

With new career opportunities, people are returning to school to acquire new skills and professional knowledge to stay competitive in the job market. In the current economic climate, accounting for a second career looks promising. Job outlook, reported by the Bureau of Labor Statistics, is optimistic as employment for accountants and auditors is projected to grow 4% from 2022 to 2032, with about 126,500 openings anticipated each year. The increase in global businesses will demand accounting expertise and services related to international trade, mergers and acquisitions.  

Decline in accounting degree graduates  

While demand for accountants continues, the pool of accounting graduates is steadily declining. According to the AICPA 2023 Trends Report, the number of first-time candidates taking the CPA Exam from 2016–2021 fell by 33% (48,004 in 2016 to 32,188 in 2021); it fell again by 23% from 2017–2022 (39,436 in 2017 to 30,351 in 2022) as fewer people are taking the CPA Exam. Bachelor’s degree completions in accounting have steadily declined by 1–3% annually, dropping 7.8% from 2021 to 2022.   

In the current crisis of a shortage of accountants, adult learners returning to school to choose accounting as a second career provide a much-needed boost to the talent pipeline for the profession.  However, these adult learners — nontraditional accounting students — have not attracted much attention for outreach and recruitment efforts to fill industry needs. Much of the recruiting efforts are for traditional college students and, to a certain extent, high school students.   

Nontraditional learners  

Nontraditional learners are traditionally defined as adult learners over age 24. Older and more experienced in life, adult learners are internally motivated to learn with specific goals; they are interested in learning subjects that have immediate relevance and impact on their job or personal life.   

In their 2020 exploratory study on why adult learners return to school to study accounting, researchers Brown and Tegeler stated study participants found accounting through various work experiences and exposures related to accounting. They made career changes based on practical considerations such as financial security and earnings potential. The study showed that adult learners came from various educational and professional backgrounds and had greater maturity and work experiences with analytical skills in critical writing, communication skills, and project management. As the advances in artificial intelligence and automation of routine tasks shift the role of accountants to more prominent advisory and analytical services, adult learners’ unique experiences and human skills are essential for a successful accounting career and add value to employers.  

Challenges faced by adult learners  

Balancing education with work and family responsibilities is a challenge all adult learners face. Lack of time, financial resources, or support systems can hinder academic success. The Lumina Foundation’s study (2022) about the experiences of adult learners who returned to college found that most adult learners could persevere to successful completion with sufficient time and support. The study reiterated the critical need for financial accessibility as most adult learners faced significant economic challenges.   

Finding jobs after completing the program can also be challenging. The traditional pathway from a campus recruiting pipeline to a career at an accounting firm does not extend to adult learners. Career services on campus are only sometimes available to adult learners, and they often miss out on career-related activities such as career fairs, information sessions, and on-campus interviews. Finding a first job in a new field with little experience as an adult learner can be daunting. They need help finding mentors and the right network. 

Support for accounting as a second career 

Adult learners choosing accounting as a second career can be critical in filling the talent pipeline. Having prior work and life experiences, they bring valuable skills, experiences and perspectives that traditional college graduates often need to learn and gain. They possess the attributes to be successful — intrinsic motivation and rich resources in experiences. The accounting profession can support adult learners in transitioning to successful careers in accounting.   

• State CPA society:  One way the profession can support adult learners is through membership in a state CPA society. The free student membership is typically offered only to traditional college students, and adult learners who do not fit the definition of a “student” do not have access to this valuable service. However, a slow change is taking place as more state CPA societies recognize the needs of adult learners and broaden the definition of a student as “any college student with an interest in accounting.” The membership provides a gateway to a new profession with career advice, jobs and internship opportunities, and mentors through the membership network. 

• Accounting firms:  To guide adult learners in navigating the employment landscape, accounting firms can modify their recruiting practices to include the pool of adult learners who may not easily fit into the traditional recruiting pipelines. Adding flexibility to traditional internships and customizing internships will give learning opportunities to working adults; tuition assistance will help with the successful completion of the program. Through collaboration with a state CPA society’s mentorship program, accounting firms can help adult learners learn the knowledge and practical skills needed to be successful practitioners. 

• Scholarships and access to financial resources: Adult learners are often left out of consideration for scholarships and other financial aid opportunities, unable to meet specific criteria, such as enrolling in a minimum number of course hours. Economic challenges are significant for adult learners. Organizations can set specific eligibility for adult learners to partake in scholarship opportunities to reduce the financial burden. 

At a time when the accounting profession is struggling to attract talent, the profession must rethink the accounting pipeline and create opportunities for this pool of future accountants — skilled and experienced. Not only does accounting help them fulfill their personal and professional goals, but they are a valuable workforce for the profession. 

Nammy Lee, CPA, Ph.D., is a professor and regional director at the University of Maryland Eastern Shore, School of Business and Technology at the Universities at Shady Grove. Previously, she was an associate professor of accounting at the University of Virginia, School of Continuing and Professional Studies. She is a former member of the VSCPA Board of Directors and vice-chair of the Executive Committee. Connect with her on LinkedIn.