New Senate bill aims at STEM designation

STEM students, if two US Senators have their way, could soon be considered STEAM students, to address the workforce concerns currently irking the accounting industry.

The Accounting STEM Pursuit Act, introduced last week by Sen. Susan Collins of Maine and Sen. Jacky Rosen of Nevada, would bring accounting under the STEM umbrella, and make accounting programs available for additional federal funding and grants.

This bill comes on the heels of a December decision by the Department of Education that dismissed accounting graduate degrees from its “professional” degrees list for the purpose of qualifying for federal loans.

Accounting professionals have long been warning about the current accountant shortage. Similar fields like data science and certain AI-related careers are nabbing up students that otherwise might have been attracted to accounting in years past, at the same time as baby boomers are leaving the workforce.

It’s worth noting, though, that the same bill was introduced in the House last year, and in 2023, but has failed both times to get out of committee. But a survey conducted last year by The Harris Poll on behalf of AICPA found that nearly 75% of the 2,000 Americans surveyed believe that accounting should be included in STEM education programs.

The Accounting STEM Pursuit Act is “a practical step,” president and CEO of the AICPA Mark Koziel said, “to ensure the profession continues to serve the public interest and power economic growth in an increasingly digital world.”

“Accounting today sits at the intersection of data, technology and critical thinking a—and that’s exactly what STEM is all about. Recognizing accounting as a STEM pathway will help schools introduce these skills earlier, expand access for students in every community, and build a stronger pipeline of future CPAs and finance leaders,” Koziel said.

When reading the bill on the Senate floor Feb. 5, Sen. Collins echoed Koziel by saying “accountants play a key role in today’s economy” as she described the bill’s fine print.

It seeks to amend the Every Student Succeeds Act to allow accounting education programs to take advantage of K-12 grant funding, and ensure accounting programs qualify for federal dollars via Student Support and Academic Enrichment grants.

“This recognition aligns with the increasing need for accounting professionals to have high-level math and technology skills, including the ability to analyze big data, ensure data security, and manage cyber security risk,” Collins said.