Pennsylvania Senate Bill 719 will modernize the state's CPA Law and help address the staggering accounting talent shortage.
Pennsylvania's economy depends upon the knowledge, acumen, and integrity of CPAs, and the demand for the profession’s services continues to grow in all sectors. Businesses and governments of all sizes, families, schools, and nonprofits all turn to CPAs to navigate increasingly complicated tax, financial, and business regulations.
But a crisis is looming. A whopping 75% of CPAs will retire within the next 15 years, and there are too few new professionals to fill the gap. With half of all CPAs over 50 and a 20-year low in candidates sitting for the licensing exam in 2022, now is the time for all of us to act.
You play an important role in solving the problem. We encourage you to ask state lawmakers to support Senate Bill 719, which would modernize and expand access to the CPA journey in Pennsylvania and help address this talent shortage. You can write emails, attend your local state legislators’ town hall meetings, and help us present a united front in Harrisburg.
Currently, to become a licensed CPA in Pennsylvania, candidates must complete a master’s degree or 150 credit hours of qualifying education, gain one year of professional experience, and pass the Uniform CPA Exam.
This process can be cost-prohibitive for many and delays students’ entry into the workplace, exacerbating the CPA shortage. While Senate Bill 719 retains the traditional route, it also creates an additional pathway to help replenish the CPA talent pool.
The bill would expand licensure to individuals who have an undergraduate degree that includes specific relevant coursework, have two years of professional experience, and have passed the CPA Exam. Notably, the bill also would enhance CPA mobility, allowing out-of-state licensees to serve clients in Pennsylvania without additional licenses or fees.
Providing additional accessible and cost-effective pathways for aspiring CPAs will open the profession to a broader range of individuals, allow them to enter the workforce earlier and fill the expected retirement gap. Senate Bill 719 will enhance the profession, bolster the workforce, and strengthen the state economy.
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