By Megan Gleason
Albuquerque Journal, N.M.
(TNS)
Jun. 14 — A decades-long shortage of accountants is coming to a head in New Mexico, presenting an ultimatum for leaders: modernize the field or face disruptive financial consequences.
That’s how State Auditor Joseph Maestas described the state of the accounting industry, a problem he says puts New Mexico’s financial integrity at risk.
Maestas’ oversight agency is responsible for ensuring all public bodies are audited. But it’s a difficult feat amid a national shortage of accountants.
“The industry is in dire need of comprehensive reform,” Maestas said.
Employment of accountants and auditors is projected to grow 6% nationwide by 2033 with 130,800 openings forecast annually as people leave the field or retire, according to a 2023 report from the Bureau of Labor Statistics.
Twelve years ago, Maestas said, New Mexico had 76 independent public accountants, or IPAs—professionals that the Auditor’s Office vets as capable of auditing public bodies. Today, there are 49 IPAs.
Those 49 auditors are responsible for ensuring the around 1,200 public bodies in New Mexico are complying with financial laws. Maestas said the disproportionate ratio is resulting in late audits, audit disputes and accountants working with the entities longer than is typically allowed.
“We live in a free market economy, and this is crucial,” Maestas said. “Accounting and auditing are crucial.”
In the late 1980s, the American Institute of Certified Public Accountants voted to require 150 college credit hours as a prerequisite for becoming a licensed CPA. Most states, including New Mexico, adopted the standard by the early 2000s.
But the requirement, put in place to ensure high standards in the profession, is stopping students today from entering the field.
Why? A traditional bachelor’s degree typically only requires 120 credit hours.
“And so you’re a struggling student and you want to start making money, I’m sure many students are asking themselves, ‘Do I stay another year in college, or do I start making money?'” Maestas said.
That’s where recently passed legislation comes into play. House Bill 296, which flew through the Legislature this year nearly unanimously and takes effect next year, creates alternative prerequisites for CPA licensure. Students can either obtain a bachelor’s degree with the 30 additional credit hours in accounting or business classes, obtain an accounting or business bachelor’s degree—without the 30 additional credit hours, or obtain a master’s degree with a concentration in accounting or business.
“This is huge for New Mexico,” said Jeanette Contreras, president and CEO of the New Mexico Society of CPAs.
However, Ling Zhou, chair of the accounting department at the University of New Mexico, isn’t entirely convinced the new bill will cause an uptick in enrollment, noting that “nobody knows exactly what’s going to happen.”
“House Bill 296 is meant to attract more students into the profession, but we are still going to wait and see whether it’s going to be effective,” Zhou said in an interview. “There are many reasons for the shortage of accountants, so the difficulty of the 150 credit hour rule might be one of the reasons. But whether that’s the main factor, we don’t know, right? We’re going to wait and see.”
She also noted the difficulty of the CPA exam.
“One of the main obstacles is that the CPA exams can be really challenging,” Zhou said. “The passing rate for (the) CPA exam is low, right? You do need a lot of preparation for those tests. “
The bill also extends the timeline for completing the CPA exam from 18 months to 30 months.
Maestas views the legislation as just the starting point to modernizing the profession.
The most important change to enact now, he said, is to incorporate accounting under the science, technology, math and science umbrella—opening up a slew of resources that the accounting field doesn’t currently have access to.
That includes a modernized curriculum that uses advanced technology like artificial intelligence and federal grants and research funding, Maestas said. He added that the STEM umbrella inclusion would elevate the perception of accounting, making students more interested in studying it.
Federal legislation, introduced in the House in April, would include accounting in STEM fields but has yet to pass the chamber.
Maestas wants New Mexico to take the initiative by directly prioritizing accounting for the state’s higher education endowment fund, about which he said he plans to write to the governor.
“There’s so much potential here, but I think the time has come for us to be proactive in addressing these issues,” he said.
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© 2025 the Albuquerque Journal (Albuquerque, N.M.). Visit www.abqjournal.com. Distributed by Tribune Content Agency LLC.
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