Accounting and Finance Exposure in High School and Its Talent Pipeline Implications

This feature looks at research into the influence early exposure to accounting education in high schools had on prospective accounting majors in college. The findings may not be exactly what you thought.

The accounting profession continues to face persistent challenges in student enrollment and entry into the workforce, raising concerns about the long-term sustainability of the profession’s talent pipeline. National and state-level discussions consistently point to the shrinking number of accounting majors and CPA candidates despite strong labor market demand. This study emerged from an initial hypothesis that declining college enrollment in accounting and finance might be driven, in part, by limited exposure to these subjects during primary and secondary (K-12) education.

Accounting and finance faculty are situated at the intersection of education and workforce preparation and are directly impacted by pipeline trends. To evaluate the hypothesis, we sought a comprehensive database of Pennsylvania public high school curriculum offerings related to accounting and finance. In the absence of a centralized database, we constructed our own by reviewing publicly available curriculum guides from public high schools across the state. Preliminary findings challenged our initial assumption. Among 381 public high schools reviewed, 84% offered at least one accounting course and 76% offered a finance or personal finance course. These results suggest that access to coursework is relatively widespread and, by itself, does not explain the declining interest in accounting and finance pathways.

National data reinforce this observation. A February 2025 National Business Education Association (NBEA) report indicates that although accounting courses are widely available, enrollment remains exceptionally low. In 2023, only about 1.3% of U.S. high school students were enrolled in an accounting course.¹ The disconnect between availability and participation suggests that factors beyond access – for example, student perceptions, beliefs, and experience – play a critical role in shaping educational choices.

Guided by Social Cognitive Career Theory, our study examines whether early exposure to accounting and finance coursework influences students’ postsecondary decisions and the underlying psychological factors associated with career choice. By combining survey data from college students with a regional review of high school course offerings, the study contributes empirical evidence relevant to all educators, policymakers, and practitioners who are concerned with strengthening the accounting and finance talent pipeline.

Literature Review and Theoretical Framework

Prior research consistently demonstrates that exposure to academic disciplines during high school influences students’ postsecondary choices. Gregory T. Marinaccio found that students who completed accounting coursework in high school were significantly more likely to major in accounting in college, and early exposure improves persistence and performance in related postsecondary courses.² James Oben and Annelien van Rooyen identified high school accounting coursework as a meaningful predictor of students’ intentions to pursue professional accounting credentials.³ Edward E. Scott and S. Cathy McCrary similarly reported that access to financial literacy and accounting instruction influences college major selection.⁴

Collectively, this literature suggests that early exposure to accounting and finance can shape long-term academic trajectories. However, these studies also imply that access alone may be insufficient if coursework does not positively influence students’ perceptions or confidence.

Social Cognitive Career Theory – Social Cognitive Career Theory provides a robust framework for understanding how early educational experiences translate into academic and career decisions. Social Cognitive Career Theory posits that self-efficacy beliefs, outcome expectations, and personal goals interact to shape career interests and choices.⁵

In an accounting context, Oben and van Rooyen found that students’ confidence in their accounting abilities and their expectations about career outcomes significantly influenced their intent to pursue the field.⁶ These findings highlight the importance of examining not only whether students are exposed to accounting and finance, but also how that exposure affects beliefs and expectations central to career development.

Student Perceptions – Student perceptions of accounting remain a persistent barrier to recruitment. Jason Porter and Darryl Woolley report that students often view accounting as monotonous, rigid, and lacking creativity.⁷ Work by Denise Jackson and her research partners similarly found that accounting ranks low relative to other business disciplines in perceived autonomy and innovation.⁸

More recently, scholarship has emphasized the need to reframe the profession. Timothy J. Fogarty and Cory Campbell argue that modern accounting roles are increasingly strategic and advisory, yet these characteristics are not well reflected in how the profession is introduced to students.⁹ If early exposure reinforces outdated stereotypes, coursework may fail to generate sustained interest despite broad availability.

Accounting Talent Pipeline – Declining enrollment in accounting programs has been widely documented. Erik S. Boyle, Marcus Burger, and Rana Mazumder attribute much of the decline to unfavorable student perceptions and competition from other business and technology-oriented majors.¹⁰ Marie E. Gioiosa argues that effective pipeline development must begin earlier, particularly in high school.¹¹ Professional initiatives such as AICPA’s Accounting Opportunities Month reflect growing recognition that early engagement is critical. Together, the literature suggests that while access to coursework is necessary, it is insufficient without attention to how accounting and finance are framed and experienced by students. Our study builds on prior research by empirically examining these relationships through the lens of Social Cognitive Career Theory.

The Early Exposure Study

The purpose of this study is to evaluate the role of early exposure to accounting and finance in shaping students’ postsecondary academic decisions. Specifically, the study examines whether participation in high school accounting and finance coursework influences students’ likelihood of pursuing related college majors and how such participation affects self-efficacy, outcome expectations, and interest. The study addresses the following research questions:

• To what extent does early exposure to high school finance and accounting influence students’ decisions to pursue finance and accounting majors in college?
• How does participation in high school finance and accounting courses influence students’ self-efficacy, outcome expectations, and interest in pursuing finance or accounting majors?

Study Design and Participants – This study employs a mixed-methods design informed by Social Cognitive Career Theory. Quantitative survey data were collected from undergraduate students enrolled at a regional college in Western Pennsylvania, complemented by a systematic review of public high school course offerings within the region. Fifty-seven students participated, representing a range of majors and academic standing. Participation was voluntary, and all procedures were approved by the institution’s Institutional Review Board.

Data Collection and Measures – Students completed an online survey administered via Microsoft Forms. The survey collected demographic information, high school educational background, and responses to 13 Likert-scale items measuring self-efficacy, outcome expectations, and interest related to accounting and finance. High school course availability was assessed through a structured review of publicly available curriculum guides from public high schools across a 10 to 15 county region in Western Pennsylvania.

Data Analysis – Survey data were analyzed using descriptive statistics, Fisher’s exact tests, and regression analysis to examine relationships between early exposure and college major selection, as well as Social Cognitive Career Theory-related constructs. High school course data were used to contextualize student experiences within broader patterns of access.

Results

Most participants attended public high schools (88%), with representation across all undergraduate class years. The high school course review indicated that 84% of schools offered at least one accounting course and 76% offered a finance or personal finance course, suggesting broad access within the region.

Question 1: Early Exposure and Major Choice – Fisher’s exact tests revealed no statistically significant association between taking a high school accounting or finance course (or participating in related extracurricular activities) and selecting an accounting or finance major in college. Effect sizes were small, and confidence intervals were wide, reflecting the modest sample size.

Fisher Exact Test (Table 1)

High School Course Influencing College Major Choice

Fisher Exact Test (Table 2)

High School Extracurricular Influencing College Major Choice

Question 2: Self-Efficacy, Outcome Expectations, and Interest – Students who completed accounting or finance coursework in high school reported higher mean levels of self-efficacy, more positive outcome expectations, and greater interest in accounting and finance than students without such exposure. The largest differences were observed for items related to perceived influence of high school exposure on college major consideration, although overall mean responses remained near neutral.

Frequency and Proportion of Students Who Took Accounting or Finance in High School

Discussion

The findings indicate that early exposure to accounting and finance does not directly predict college major selection within this sample. However, consistent with Social Cognitive Career Theory, coursework is associated with more favorable beliefs and attitudes toward the field. These results suggest that exposure may be a necessary, though insufficient, condition for influencing career choice, operating through self-efficacy and outcome expectations rather than immediate major selection.

Implications for PICPA Members – The findings have direct implications for accounting practitioners and professional organizations seeking to strengthen the talent pipeline. First, existing widespread course availability suggests that efforts should focus on engagement of high school students with already available accounting and finance courses. Practitioners participating in high school outreach should emphasize the strategic, analytical, and advisory aspects of modern accounting rather than traditional compliance-focused narratives.

Second, engagement initiatives may be more effective if they target belief formation rather than immediate recruitment. Guest speakers, mentoring programs, and classroom partnerships can play a critical role in shaping students’ self-efficacy and expectations, even if they do not immediately influence major selection.

Third, professional organizations such as the PICPA are well positioned to support teachers through curriculum resources, practitioner-led classroom activities, and professional development opportunities that reflect current practice. Aligning classroom content with real-world applications may help counteract outdated stereotypes and increase student interest.

Finally, outreach efforts should extend beyond students already enrolled in accounting courses. Engaging students in general business, mathematics, or economics classes – and doing so earlier in the educational pipeline – may broaden awareness of accounting as a viable and dynamic career option.

Limitations and Future Research – This study is limited by its small sample size and focuses on a single regional institution, which constrains generalizability. Future research should include larger, multi-institutional samples and examine variation in exposure and outcomes across socioeconomic and geographic contexts. Additional work should also explore the effectiveness of practitioner-led outreach initiatives and partnerships between professional organizations and K-12 educators.

Conclusion

Although student access to high school accounting and finance courses is relatively widespread, college enrollment and downstream participation remain low. Early exposure alone does not appear to determine college major choice, but it is associated with stronger self-efficacy, outcome expectations, and interest, all of which are drivers of career development. These findings suggest that strengthening the accounting talent pipeline will require not only access, but intentional efforts to improve how the profession is presented and experienced during primary and secondary education. 

¹ Sid C. Bundy, “Pairing High School CTE Curriculum with CPA Engagement to Address Nationwide Shortage of Accountants,” National Business Education Association (Feb. 21, 2025).

² Gregory T. Marinaccio, “The Effect of High School Accounting on the Selection of College Major, Performance, Satisfaction, and Retention,” Honors Theses and Capstones, University of New Hampshire, Durham (2017). 

³ James Oben and Annelien van Rooyen, “Social Cognitive Career Theory and Rural High School Learners’ Intentions to Pursue an Accounting Career,” Accounting Education, Vol. 32, No. 4 (2023).

⁴ Edward E. Scott and S. Cathy McCrary, “Revisiting the Benefits of High School Accounting to Increase the Number of Accounting Majors,” Journal of Higher Education Theory and Practice, Vol. 21, No. 10 (2021). 

⁵ Robert W. Lent, Steven D. Brown, and Gail Hackett, “Toward a Unifying Social Cognitive Theory of Career and Academic Interest, Choice, and Performance,” Journal of Vocational Behavior, Vol. 45, No. 1 (August 1994). 

⁶ Oben and van Rooyen.

⁷ Jason Porter and Darryl Woolley, “An Examination of the Factors Affecting Students’ Decision to Major in Accounting,” International Journal of Accounting and Taxation, Vol. 2, No. 4 (December 2014). 

⁸ Denise Jackson, et al., “Attracting Accounting and Finance Graduate Talent – Beyond the Big Four,” Accounting & Finance, 62.3 (2022): 3761-3790.

⁹ Timothy J. Fogarty and Cory Campbell, “The Big Data Crossroads: Accounting Education and the Challenge of 21st Century Technology,” Journal of Accounting Education, 68 (2024): 100914.

¹⁰ Erik S. Boyle, Marcus Burger, and Rana Mazumder, “Staring into the Abyss: Does Accounting Face a Looming Enrollment Crisis?” Journal of Accounting Education, 71 (2025): 100967.

¹¹ Marie Elaine Gioiosa, “How Do We Reverse the Decline in Accounting Majors?” Industry and Higher Education, 39.1 (2025): 74-84.

Jennifer Waldo, DBA, is an assistant professor, finance in the School of Business at Westminster College in New Wilmington. She can be reached at waldoj@westminster.edu.

Keith B. Bittel, CPA, is assistant professor of accounting and economics in the School of Business at Westminster College and chair of the Pennsylvania CPA Foundation board. He can be reached at bittelkb@westminster.edu.

^{The authors gratefully acknowledge Trevor Bittel, tax associate at Bittel CPA LLC in Coraopolis and former actuarial analyst for his statistical analysis and Tory McKinney, student researcher at Westminster College for creating the K-12 Accounting & Finance Curriculum Database.}