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CPA Exam Candidate Numbers Hit Record Low — But Recovery May Be Starting
NASBA data shows just 27,994 new CPA exam candidates in 2024 — the fewest on record. But enrollment in accounting programs is up 12.4%, and 14 states have adopted 120-credit pathways. Here is what the latest pipeline data tells us.
Published March 8, 20265 min readVerified as of April 17, 2026
2024: A Record Low for New CPA Candidates
According to the NASBA 2024 Candidate Performance Book (released August 2025), only 27,994 new candidates entered the CPA exam pipeline in 2024 — the fewest since NASBA began tracking in 2008. A total of 74,165 candidates sat for at least one section during the year, but only 13,070 candidates completed their final section, down from a peak of 26,911 completions in 2010. The sharp drop in new candidates is partly explained by timing. In 2023, 42,626 new candidates rushed to begin testing before the CPA Evolution exam overhaul took effect in January 2024. Many of those early starters were still working through sections in 2024, which compressed the pool of true first-timers.
Fewer Graduates, Fewer Candidates
The candidate pipeline starts in the classroom, and the numbers there have been declining for years. The AICPA 2025 Trends Report found that U.S. schools awarded 55,152 accounting bachelor's and master's degrees in the 2023–2024 academic year — down 6.6% from the prior year and a 20-year low. Master's degrees in accounting and taxation fell approximately 15% year-over-year, while bachelor's degrees dropped 3.3%. Annual declines of 1–3% have compounded since the 2015–2016 academic year, gradually hollowing out the talent pipeline. In a 2024 CFO survey, 83% of finance leaders said they could not find enough accounting talent.
Signs the Bottom May Be In
Despite the concerning headline numbers, there are concrete signals that the pipeline is starting to recover.
- Enrollment in accounting programs reached 266,506 students in Spring 2025 — a 12.4% increase from the prior year and the highest total since 2020
- Two consecutive semesters of roughly 12% year-over-year enrollment growth during the 2024–2025 academic year
- First-half 2025 CPA exam data shows 16,448 new candidates through six months, suggesting a rebound toward pre-2024 levels
- 75% of firms expected to hire at least as many new graduates in 2025 as they did in 2024, signaling sustained demand
The 120-Credit Effect
One of the biggest structural changes driving recovery is the expansion of 120-credit CPA licensure pathways. As of early 2026, 14 states have enacted laws introducing alternative pathways that allow candidates to sit for the CPA exam with a bachelor's degree and 120 credits instead of the traditional 150-credit requirement. More than 40 states are expected to adopt some form of a 120-credit pathway before the end of 2026. The revised Uniform Accountancy Act now recognizes three routes to licensure, including a bachelor's-only path paired with two years of experience. By removing the fifth-year requirement, these pathways directly address one of the biggest barriers to entry — the time and cost of earning 150 credit hours.
CPA License Losing Ground at Firms
While the candidate pipeline recovers, the profession is already feeling the effects of a decade of decline. Inside Public Accounting data shows that the average percentage of staff holding CPA licenses dropped from 56.0% in 2020 to 48.4% in 2024 — falling below 50% for the first time. At large firms, the ratio is even lower at 41.5%. Firms are increasingly hiring non-CPA professionals into roles that once required the credential, expanding into advisory, consulting, and technology services where alternative qualifications are accepted.
What This Means for You
If you are studying for the CPA exam, the pipeline data paints a clear picture: competition for the credential is lower than it has been in decades, while demand for CPAs is near all-time highs. Fewer people are entering the pipeline, which means those who do earn their license are entering a job market that strongly favors them. The combination of rising salaries, expanded 120-credit pathways, and employer willingness to invest in new hires makes 2026 one of the best times in recent memory to be a CPA candidate.
Sources
- 1.NASBA — 2024 Candidate Performance Book(accessed Mar 8, 2026)
- 2.Going Concern — New CPA Exam Candidates Are Down(accessed Mar 8, 2026)
- 3.Journal of Accountancy — Accounting Graduate Pipeline (October 2025)(accessed Mar 8, 2026)
- 4.Inside Public Accounting — CPA License Is Losing Ground (July 2025)(accessed Mar 8, 2026)
- 5.CFO Dive — U.S. Accounting Degree Graduates Drop 6.6%(accessed Mar 8, 2026)
- 6.AICPA — Accounting Firms Report Strong Hiring Outlook(accessed Mar 8, 2026)
Brennan Kolar
Founder, Atlas CPA Index
Brennan Kolar is the founder of Atlas CPA Index, an independent CPA review comparison platform covering all 55 U.S. jurisdictions. With over 10 years of experience with CPA review, he built Atlas to help candidates find the right review course based on how they actually learn, not which provider has the biggest ad budget.
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