CPA examination, COVID 19, and accounting
Opportunities and Challenges
Because of the COVID 19 pandemic, the scheduled CPA examinations in May and October 2020 were canceled, as well as the one set for May 2021. Before the pandemic there were 18 examinations held from May 2011 to October 2019 (741 schools, 57.550 talers. 33% national passing rate [NPR], 23% of schools above NPR, 40% below 20% passing rate, 28% with zero passing rate in nine years). The odds of passing the CPA examination or having a successful accounting career are against the graduates of these schools. Two examinations were finally held in October and December 2021, both with more alarming results. Only a combined total of 3,821 took the examinations and 679 passed (18% including repeaters).. The pandemic has not only cut the number of takers but might also have contributed to the low passing rate .resulting from class disruptions, diminished and ineffective instruction, poor delivery of content, fatigue, and economic dislocation. Instruction was already bad enough before the health crisis.. If these factors persist, there will be a shortage of accounting professionals. The number of new CPAs cannot meet the need of the professional services sector.. The problem will be more serious in other areas of accounting, not just CPA related work.
Opportunity in crisis
Hiring qualified accounting staff is increasingly difficult with few applicants or qualified graduates. Companies are reviewing job design to match skills with task requirements. Most accounting work do not require CPA level expertise or a college diploma. These can be performed with basic skills and knowledge of the fundamentals of accounting learned in the first two years of accounting study. Functional skills are beginning to be valued more than a college degree for these jobs. Companies are now considering programs that will help qualified students find gainful employment and at the same time pursue their college studies up to graduation and the CPA certificate. Working student and cadetship programs are expected to open up for promising undergraduates with the needed skills. The benefits include a competitive remuneration plus allowances, subsidized tuition payment, flexible working hours that do not conflict with college schedule, a job offer, upon graduation or success in the CPA examination, and other benefits of regular employment. By combining practical experience with theoretical knowledge, the program will improve chances in the CPA examination immeasurably, better than any curricular offering or requirement.,