AICPA and CIMA says MPs are right to call for accounting to be considered a STEM (Science, Technology, Engineering, Maths) subject in the UK.
A report by the All-Party Parliamentary Group (APPG) on Accounting for Growth, which CIMA provides the secretariat for, found that including accounting in STEM would give the grouping a more commercial focus, and guide young people towards developing high-end skills relevant to the modern workplace.
The report stresses that the understanding of what STEM is supposed to achieve would benefit from clarification, and the grouping would benefit from a stronger focus on its commercial application. If accounting were considered a STEM subject, it would raise the status of the profession and recognise the vital contribution it makes to the functioning of modern organisations.
Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at AICPA & CIMA, said: “We welcome this report, and I hope it stimulates further debate on designating accounting as a STEM subject. In recent years, accounting has developed many high-level technical aspects, including the use of data analytics and advanced forecasting tools. It is right that this technical component is recognised through the STEM designation. Young people choosing their career paths should fully understand that if they train as accountants, they will be using cutting-edge technology to influence organisational decision-making at the highest level.”
