Accounting Organizations Write to Education Department Objecting to Profession's Exclusion
Nine accounting organizations such as the AICPA and the Center for Audit Quality wrote a Dec. 15 letter to the US Education Department where they communicated their strong objection to any draft regulation that would exclude accounting programs from a professional degree designation.
"The accounting profession is an essential part of our nation’s economic stability, contributing to economic growth at the local, national and global levels. As key stakeholders from across the accounting profession, we support the administration’s objective of reducing the cost of advanced degrees and related student debt," the organizations stated in the letter.
However, the related proposed rulemaking efforts have raised questions regarding access to loans and unintended consequences of strict definitions of professional degrees.
According to the letter, the recent Education Department draft regulation that excludes accounting programs across the US from a professional degree designation for graduate student loan eligibility, would have a harmful effect on the profession.
"Excluding accounting would reduce graduate loan eligibility and related funding for students preparing to enter a licensed profession that safeguards financial transparency, compliance and the public interest," the organizations noted.
They called for adopting a parity approach to sustain the pipeline of future accountants and protect communities and markets.
"We appreciate the Department’s broader effort to align lending with workforce needs and respectfully request that accounting programs be expressly included in the professional degree designation in the proposed rule," organizations wrote.
The other organizations who wrote the letter are AGA, American Accounting Association, Financial Executives International, Institute of Internal Auditors, NABA, Inc., National Association of State Boards of Accountancy, and National Council of Philippine American Canadian Accountants.