30 Sep Should We Lower Standards?
I have read that we must keep lowering standards, such as the educational requirements for elementary and high school kids, where graduation rates and grade point averages have risen. Still, standardized tests show declines in comprehension and academic performance. In addition, the U.S. military and police and fire departments have lowered standards. This was done mainly because not enough people have qualified for the standards in place for ages. It will hurt students later when universities or employers expect them to perform at the levels that they supposedly achieved.
There is also strong evidence that there has been inflation in the grades being given to students. Students that formerly received a “C” for their work now receive a “B”, or perhaps even an “A.” This is a call to action. Should we not urgently investigate why this is happening and then do something to remedy the problem rather than accept that the inability to meet older standards is the “new normal”?
Consider this: military drill instructors have been instructed to ease up on their criticisms and harassment of recruits. But it’s crucial to ask ourselves, do we want a less rigorous Army, Navy, Marines, or Air Force? Or do we want a military that can withstand formidable adversaries under often challenging conditions? The responsibility to maintain high standards lies with each of us; we must all play our part.
Recently, I read on the Chicago Tribune editorial page that there is a shortage of accountants. The editorial was titled “Not every finance major can be an investment banker: We need more accountants.”1 The editorial explained that the country is facing a crisis of a shortage of accountants because “Approximately three-fourths of CPAs today are expected to retire within the next 15 years.”2 The universities and colleges do not have enough accounting graduates to take their place. This was not the case as recently as ten years ago. The editorial noted that starting salaries have recently increased to address the shortage. It also notes that technology is reducing the burden of many repetitive tasks. Artificial intelligence will assist accountants, but not lessen the need for independent audit reviews and certifications.
However, the Tribune editorial suggested radical remedies such as ‘Dropping the school requirements (to qualify to become a Certified Public Accountant), shortening the CPA exam and giving credit for relevant work experience”3. As someone who obtained my college degree by attending evening classes and studied for the CPA examination while working overtime, I favor the work experience exception. Still, I am adamant against the other two suggestions, which, in my mind, may water down the competency of CPAs and the public perception of them as independent certifiers of the financial statements of publicly traded (and private) companies.
If there is a shortage of brain surgeons and air traffic controllers, do we also want to soften the qualifications and training to become either? As my son has noted, we are seeing the results of lowering standards in transportation with airplane parts falling out of the sky, trains derailing, ships getting stuck or crashing into bridges, and astronauts being stuck in space. Let’s fix the cause rather than the symptoms of the problem.
I suggest that high school and college career counselors emphasize the availability of jobs financial and other benefits of a career in accounting or finance other than investment banking. This also applies to information technology, engineering, and building trades, where severe shortages exist. Let’s be proactive and encourage students to consider careers in these fields rather than majoring in subjects that do not have as many economic benefits.
1 Chicago Tribune, Section 2, September 22, 2024, Opinion. https://www.chicagotribune.com/2024/09/22/editorial-accountants-gaap-partnerships-private-equity/
2 Ibid.
3 Ibid.