HOW THE FIFTH YEAR IS BECOMING THE MINUS-1 YEAR: WHAT IT MEANS FOR THE ACCOUNTANCY PROFESSION AND PUBLIC POLICY

Abstract

Accountancy initially sought increased professional prestige through postbaccalaureate education. Over time the rationale for further education changed to the need to cover a growing body of knowledge and to protect the public interest. The sought-after requirement ultimately evolved into the “fifth year” requirement and then the “150-hour requirement:” 150 baccalaureate or higher credits for CPA licensure. Growth in dual credit coursework (students earn both high school and college credit) has resulted in the unintended consequence of CPAs earning, at least partially, during high school what was initially intended as postbaccalaureate education. Cognitive-structural theories suggest that high school students are less able to evaluate evidence-based knowledge claims. While accountants face more ill-structured problems, shifting education into high school means that more professional education is undertaken when students are less developed in the critical thinking skills needed to manage such problems.