Addressing a Shortage (Editorial)

Karen Garrett, managing partner, HCJ CPAs & Advisors (Steve Lewis)

Just one week before we published our issue focusing on accounting, a news story showcased the importance of well-trained — and honest — certified public accountants.

Macy’s had to delay its quarterly earnings report on discovering that an accounting employee hid more than $132 million since 2021. The Wall Street Journal noted that the retailer had become “the latest company to report issues in financial statements amid a deepening shortage of qualified accountants.”

The Arkansas Board of Public Accountancy, which now requires certified CPAs to have 150 hours of college credit, or five years, is considering providing a second route, what it calls “the 120+2 pathway.” That path would shave one year off the college credit required, replacing it with a second year of experience verified by a CPA.

Karen Garrett of HCJ CPAs & Advisors of Little Rock called the proposed path “a win-win for the student to get some work experience while they’re finishing up their college degree, and have the opportunity to earn some money.”

College is expensive, and the dearth of qualified accountants is projected to only deepen. Giving aspiring accountants a way to save on that expense while profiting from hands-on work experience seems like a “win-win” to us too.