Two men and two women smile as they pose for a photo in an auditorium. Image by Ed Brennen
MassCPA President and CEO Zach Donah, second from left, recognized six Manning School of Business students who recently won MassCPA scholarships, including, from left, Gavin Robillard, Lily Hammar and Litzi Loja.

10/17/2024
By Ed Brennen

The accounting profession has seen more changes in the last few years than it has over the past several decades, according to Zach Donah, president and CEO of the Massachusetts Society of Certified Public Accountants (MassCPA).

“It’s always been a dynamic profession, but it’s even more dynamic today,” says Donah, who cites rapidly evolving technology and shifting priorities as some of the drivers of change. He sees this as a good thing for college students interested in accounting careers: “There isn’t a better time to be getting into the CPA profession, in part because there's a lot happening.”

That was the top-line message that Donah delivered to nearly 100 Manning School of Business students during a recent talk hosted by the Accounting Department at the Saab ETIC Perry Atrium.

Donah also recognized five accounting undergraduate students — Lily Hammar, Makayla Hoffman, Litzi Loja, Benjamin Packard and Gavin Robillard — and graduate student Sarah Curley ’24 for receiving MassCPA scholarships last spring.

Due to a growing global business environment, an increase in part-time services and a rising need for companies to meet environmental, social and governance (ESG) criteria, the accounting profession is expected to grow 6% over the next decade, Donah said. That outpaces the overall projected job growth over the next decade, according to the U.S. Bureau of Labor Statistics.

A man in a blazer speaks to a room full of people while standing in front of a projection screen. Image by Ed Brennen
Nearly 100 Manning School of Business students packed Saab ETIC's Perry Atrium to hear MassCPA President and CEO Zach Donah discuss the future of the accounting profession.
But like many sectors, accounting faces a shortage of skilled professionals. According to the U.S. Chamber of Commerce’s Worker Shortage Index, Massachusetts currently has 42 available workers for every 100 open jobs overall. Meanwhile, due to an aging workforce and a decline in the number of people taking the CPA exam, there will be about 130,000 openings for accountants and auditors each year over the next decade, according to the Bureau of Labor Statistics. 

“I would be pretty excited about this, because it is almost guaranteed work out there right now. And that's especially true if you have a great education from a school like UMass Lowell,” Donah said.

While getting a CPA license can boost earning potential by over 10%, the number of people taking the CPA exam nationwide dropped by a third between 2016 and 2021. To help address this, Massachusetts adopted a new rule earlier this year that extends the window to complete the four-part exam from 18 months to 30 months.

Donah said there is a national proposal to change the CPA pathway from 150 credit hours of college study plus one year of experience to 120 credit hours plus two years of experience.

“AI isn’t going to replace CPAs. CPAs who use AI are going to replace the ones that don’t.” -MassCPA’s Zach Donah
Artificial intelligence (AI) is also transforming the accounting industry. With the technology taking over some of the “mundane” entry-level work at accounting firms, Donah said this creates opportunities for new hires to jump right into more advanced work.

“If you're graduating from UMass Lowell, you're almost skipping over this (entry-level) step and starting to engage with clients,” said Donah, who added that young employees who are comfortable working with AI will have an advantage at firms.

“AI isn't going to replace CPAs,” he said. “CPAs who use AI are going to replace the ones that don't.”

Over the past three years, UML accounting students have earned $115,000 in MassCPA scholarships, according to Associate Professor Stefanie Tate, chair of the accounting department. The organization, which offers free memberships to high school and college students, awarded a record $182,000 in scholarships this year.

“I pay for everything basically on my own, so the scholarship was a significant financial help,” said Loja, a junior from Uxbridge, Massachusetts, who received a $5,000 award.

A person takes notes on a spiral notebook while sitting. Image by Ed Brennen
A student takes notes during Zach Donah's talk on the accounting profession.
Packard, a senior from Beverly, Massachusetts, said his $5,000 scholarship provided a sense of “relief” — along with motivation to work even harder in school.

“Having an organization like this that pushes students to do better and helps us go to school, it means the world,” he said. 

Robillard, a junior from Leominster, Massachusetts, said his $5,000 award enabled him to “pick up a bunch of extra classes” this year.

“I really get to focus on academics now, which is amazing,” he said.

As a student ambassador for MassCPA this year, Hammar helps to promote the accounting concentration to Manning School students. There are 325 students with an accounting concentration this fall, a 14.8% increase over the previous year. Accounting is the third most popular concentration, after finance (528 students) and management (319).

“I’m happy that students are comfortable talking to me. It’s so much easier for them to listen to someone who is going through it right now,” said Hammar, a senior from North Andover, Massachusetts, who is secretary of the Accounting Society.

The recipient of a $2,500 MassCPA scholarship, Hammar found that Donah’s comprehensive talk about industry trends helped to broaden her perspective.

“We appreciate the insightful presentation and discussion,” she said. “We learned so much.”

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