Gary Bolinger writes in Accounting Today that "the 150-hour rule is not the problem" and recommends that a solution to the talent shortage is "partners need to share the wealth" by increasing starting salaries.
So let me get this straight.
The partners — who worked really hard for an average of 15 years to get there — should bear the cost of the labor shortage. We'd rather ask them to do that than consider an obvious way to reduce the cost to become a CPA, and thereby increase the supply of talent.
I agree that the cost of the 150-hour rule would not be as much of a problem if starting salaries increased — but telling partners to "share the wealth" as a solution is insulting. It also ignores the plight of students, who continue to go deeper and deeper into debt while rewarding colleges and universities that have failed to modernize their curricula to prepare students for work in the modern world.
Yes, replacing the extra 30 semester hours of education with a year of work experience could hurt master of accountancy enrollments. But it would help firms. And I think colleges and universities can handle it. The best programs will continue to attract students who see the value.
I also agree with Gary's argument that the 150-hour rule is not the biggest problem. I don't believe anyone is making that argument. But it is a contributing factor and a problem that is relatively easy to solve in the short term — if our leaders had the will to do it.
