It is not all doom and gloom for the accounting profession’s prospects, as overwhelming numbers of executives and students see a future in it, a survey by EY revealed.

Almost all—97 percent—of the senior executives surveyed expressed optimism about the future of the accounting profession, and 79 percent of the students polled believe an accounting degree will have long-term career benefits, the survey found. The respondents consisted of more than 1,000 people across two groups: college students with an academic focus in business or science, technology, engineering and/or math (STEM) fields and senior management leaders and executives from large, publicly traded organizations. The survey was conducted online between June 22 and July 5, 2023.

The survey report noted at the start that the accounting profession "is witnessing a steady decline in the number of people pursuing accounting degrees and CPA licensure," despite the benefits of "financial stability and rewarding work with real-world impact, plus opportunities for career growth with recognizable employers and promotions to C-level roles." This discrepancy prompted EY to ask students and senior executives about their views of the profession.

According to the survey, the top four things senior executives want students to know about a career in accounting is that they can have a global impact (40 percent), they 'll be working with emerging technologies (39 percent), accounting is a steppingstone to other opportunities (38 percent) and accounting offers a chance to understand all parts of a business (37 percent).

Yet, despite the large number of students who saw career benefits in an accounting degree, only 36 percent of the respondents saw a career in accounting as a steppingstone to other leadership opportunities.

Students’ top motivations in pursuing a career in accounting were career stability and comfortable lifestyle (46 percent); the ability to find solutions within numbers and data (25 percent); an opportunity to contribute to society (23 percent); and the chance to impact sustainability (21 percent).

There were significant divergences in attitudes between students and executives about the importance of certain aspects of working in accounting, the survey found: While 79 percent of the students polled say working in diverse teams and work environments is very or extremely important to their professional future, only 36 percent of senior executives surveyed promote diverse teams or work environments to recruits.

Similarly, 76 percent of students thought that community engagement was important, while only 27 percent of executives promoted community engagement as a selling point.  And while 81 percent of students thought that positive environmental, social and governance (ESG ) impacts were important, only 29 percent of executives promoted ESG as a selling point.

In addition, 39 percent of executives predict that artificial intelligence (AI) will enable professionals to focus on higher-level thinking, while only 19 percent of students believe share that belief.

Finally, the survey found that 87 percent of executives and 57 percent of students believe that the accounting profession would benefit from alternative paths to earning a CPA license.

"Our survey findings underscore the importance of creating alternate paths for students to become CPAs. A career in accounting can open the door for many opportunities," said Becky Burke, EY Americas assurance chief operating officer, in a statement reported by Accounting Today. "Organizations, academic institutions and professional associations can collaborate to demonstrate the benefits that a career in accounting provides and remove potential barriers to entry. One of the ways we're doing this is through the EY Career Path Accelerator, which offers an affordable alternative for students to meet the 150-credit hour requirement for a CPA licensure eligibility."