The M in STEM (Editorial)

Tom Cotton

The accounting industry, as the Wall Street Journal reported last week, is lobbying Congress to recognize accounting as a STEM career — part of the M in science, technology, engineering and mathematics.

Specifically, the American Institute of Certified Public Accountants wants accountants to be included in the list of STEM skills that get special consideration when the federal government grants H-1B work visas. 

“The accounting-industry push underscores the degree to which the immigration debate isn’t just about illegal immigrants and the low-skilled jobs they take — it is also about highly skilled, technical jobs and how many foreigners the U.S. should allow to fill them,” reporter Michael Rapoport wrote.

The immigration question has become almost hopelessly politicized. Our own U.S. Sen. Tom Cotton has introduced legislation that would cut the number of immigrants in half, even as business groups like the AICPA and chambers of commerce are begging for more labor. NPR’s invaluable “Planet Money” podcast last week pointed out that more immigration — much, much more — is one of the few paths available to make the world’s largest economy grow at the 3 percent rate that President Trump considers his low-end starting point.

If accountants were included in STEM, it would tighten the already stiff competition for STEM visas. And skeptics of the AICPA’s motives point out that foreign accountants being recruited by the big firms tend to be lower paid.

While that’s being thrashed out in Washington, something occurs to us here at home: Why can’t we include accounting in our definition of STEM? Introduce accounting skills to students early and often and make sure students understand that accounting is a vital career, well-paid and fulfilling? The worst thing that could happen is thousands of Arkansans grow up understanding more about money and finance, a very good thing indeed.