CEO’S MESSAGE SUSAN SPEIRS, CPA

STEM (the word used for science, technology, engineering and mathematics) is not a new term. The concept was first introduced in the 1950s after the launch of the Russian Sputnik. Americans believed that more needed to be done at the educational level in order for us to compete in the global arena. President Dwight D. Eisenhower spoke to the American people about the need for science and technology education.

Fast forward to 2010 and the words of President Barack Obama: “Leadership tomorrow depends on how we educate our students today — especially in science, technology, engineering and math.” Today, we have arrived at tomorrow.

For almost 20 years, the accounting profession has introduced legislation at the congressional level to include accounting in the STEM disciplines. In 2021, the American Accounting Association (AAA) proposed a resolution that accounting be included in STEM programs. AICPA Council members will be meeting with our congressional delegation in May, as we travel to Washington D.C. to discuss STEM for accounting for the K-12 and collegiate level.

We are in the process of joining many universities across the country to achieve STEM designation for accounting programs and degrees from the Department of Homeland Security (DHS) STEM Designated Degree Program List. We have reached out to every university in Utah to see if they would like help in applying for STEM recognition at the state level. Universities are being asked to review their Classification of Instructional Programs (CIP) to see how they relate to Department of Education (DoEd) STEM classifications and to update where necessary. We have learned from higher educational institutions across the nation that CIP codes have not been updated for years at the university level. The AICPA has created a tool kit that universities can use in updating their CIP codes as well as help them in the application process. The UACPA is also working at the state level to help our universities navigate the process.

In an era where we continue to see accounting enrollments falling, it is important that we market accounting as STEM in order to attract the finest students at the junior high and high school levels. By 2025, it is estimated that 3.5 million STEM jobs will need to be filled. With a decline in both qualified STEM professionals and an increase in unfilled STEM positions, these programs are crucial to the U.S. economy, more importantly, to the Utah economy. While we cannot solve the enrollment cliff due to the declining birthrates beginning in 2008, we can certainly open up opportunities for our students to enroll in STEM programs.

As we begin our fiscal year, the UACPA is committed to tackling pipeline issues from an education level. Assisting our universities to obtain STEM recognition is on the forefront, as we know this is something that can be utilized to attract the next generation of CPAs. n