Focus NJ: Crunching CPA Numbers

Focus NJ

By Althea D. Ford, Executive Director, Focus NJ On Jan 6, 2026

National trends in the accounting profession reveal a paradox: while student interest is surging, the supply of graduates and CPA candidates is still under pressure – a dynamic that parallels, but also contrasts, with conditions in New Jersey.

Accounting enrollment is rebounding nationally. According to data from the National Student Clearinghouse Research Center, undergraduate accounting programs saw a 12% increase in fall 2024 compared to fall 2023, bringing enrollment to approximately 266,840 students, the highest since 2020. Spring 2025 data show similar growth, with enrollment jumping 12% year-over-year to 266,507, including a 24% rise at two-year institutions (77,936 students) and an 11% rise at four-year schools (188,571). 

Yet despite the enrollment uptick, degree completions are declining. The 2025 AICPA Trends Report found that total bachelor’s and master’s accounting degrees awarded fell to 55,152 in 2023–24, a 6.6% drop from the prior year. That decline is driven largely by master’s degrees (down approximately 15% to 14,335) and a 3.3% dip to 40,817 for bachelor’s degrees in accounting. 

On the hiring front, public accounting firms that responded to AICPA’s survey reported hiring 11,985 new graduates in 2024, 75% of whom held accounting degrees, and three-quarters of those firms expect to maintain or increase hiring in 2025. However, the CPA Exam pipeline has tightened: 42,626 new candidates entered in 2023, but only 28,082 did in 2024, coinciding with the debut of a re-engineered exam emphasizing core competencies in accounting, tax, auditing, technology and one of three discipline tracks. 

Turning to New Jersey, the state is grappling with similar talent-pipeline issues. The NJCPA reports that the number of licensed CPAs in New Jersey has declined from roughly 23,500 in 2019 to about 20,500 in 2024. Meanwhile, the New Jersey Department of Labor’s 2025 Labor Demand Occupations List (effective July 1, 2025) removed accountants among in-demand occupations: professions must have over 2,000 current jobs and be projected to grow at least 4.8% from 2022 to 2032 under the updated methodology. 

The workforce gap is further demonstrated when comparing current degree completions to projected employment openings. Data tracking trends in degree completion by US Department of Education CIP codes reveal 1,584 accounting degrees were completed in 2023-24. By comparison, occupational employment projections from the New Jersey Department of Labor and Workforce Development for 2022-32 report that the accounting and auditing occupation will experience an average of 3,820 openings a year.

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