Accounting Profession Moves Forward with STEM Initiative
On Aug. 1, the American Institute of CPAs (AICPA) and all 54 state CPA societies, including the New Jersey Society of CPAs, sent a letter to the Department of Homeland Security (DHS) requesting DHS recognize accounting under the “T” for Technology in Science Technology Engineering Math (STEM) education.
The letter specifically requested that six accountancy programs be added to the Classification of Instructional Program (CIP) code list maintained by DHS’s STEM Designated Degree Program List. Should these codes be added to the list, colleges and universities across the country could tap into a deeper pool of STEM-designated grant money to enhance their accounting programs and grow their student bodies.
The letter leans heavily into the new skills accounting students are acquiring to both use existing tools AND to develop new technology tools that drive change and advancement in the accounting profession. We anticipate DHS will release the updated STEM CIP code list next summer.