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You have to understand the AICPA first of all. They are a lobbying group for the partners of the firms not the staff-SMs. Secondly they’ve been diminishing the value of our credential by allowing non US people, talking about Philippines and soon probably India, to receive the US designation. Why, because they want continue to have cheap labor. They don’t want to fix the salary issue that accounting no longer competes with other career paths. If accountants stopped bidding their work to the bottom just to win the work rather than putting an actual value in it then maybe everyone could eat. The low level would make more and so could the partners. But people won’t do that unfortunately.
The problem that I'm not sure can be remedied is that you'll always have people who can ace an exam, but lack the understanding of the issue. I had a classmate who was also a former co-worker who graduated with top honors in accounting. However, when a group of us would get together and 'talk shop' she wasn't able to add to the conversation, she was puzzled and would ask questions. I've seen that more times than I could mention. I agree, lowering the the 150 won't help.
Removing the extra credits it’s a great idea. I got my extra credits on online community basket weaving classes. Absolutely nothing to do with accounting.
Exactly! No one was going to sell me a masters in accounting that I would never use.
No, the rule of 150 credit hours is itself ridiculous and the solution to is either 1) remove, which most states are moving towards or 2) bolstering the requirement so that you actually have to "accounting related" education credits. Having students go into 30 credit hours more of student debt and paying opportunity costs of work directly correlates to what would be an "affordable wage" for those young professionals
What state is that?
I totally agree.
The CPA industry has systemic shortcomings in terms of income return, quality of life, and long term career attractiveness.
Canceling 150 credits may attract a wave of people in the short term, but if the industry's own value feedback mechanism for talents is not changed, it will only be a temporary solution and not a fundamental solution