Accounting undergraduate enrollment in US colleges and universities rose 8.9% to 205,180 in spring 2026, significantly outpacing the 1.3% growth rate for all majors and business-related fields. The increase marks the third consecutive year of growth for 4-year accounting programs, according to an analysis by the American Institute of CPAs (AICPA) of data from the National Student Clearinghouse Research Center. The surge reflects strong momentum for the profession, driven by rising interest in the new CPA Exam and increasing entry-level pay.

Overall undergraduate accounting enrollment, including community colleges and hybrid institutions, grew 5.7% year over year to 281,992 students in spring 2026. This compares to 266,868 students in the prior year. However, enrollment in 2-year and related undergraduate programs fell 3.2% to 64,900, highlighting a divergence in growth between different institution types.

The growth in accounting enrollment contrasts with the broader business, management, and marketing majors, which saw a 1.3% increase in undergraduate enrollment for the semester. The 1.3% growth rate for all majors aligns with the overall business sector, underscoring accounting's relative outperformance. The spring 2026 increase follows a 12.7% rise in spring 2025 and a 4.8% increase in spring 2024.

"This is the third straight year we've seen increases, so accounting is really showing momentum right now among students," said Susan Coffey, CPA, CGMA, the AICPA's CEO of public accounting. "But it's more than just enrollment data. We're seeing strong interest in the new CPA Exam, rising entry-level pay within firms and finance teams, and more buzz in general about accounting as a great career choice for students and young professionals."

Positive trends for the profession extend beyond enrollment. In 2025, first-time CPA Exam candidates reached their highest level since 2018, excluding the 2023 spike preceding the exam format change. Exam passers and unique candidates also hit their highest levels since 2017, with the same exception. The AICPA continues to collaborate with educators and employers to promote workforce development through initiatives like the Professional Ready Initiative.

Enrollment Growth Comparison

Treasury Secretary Scott Bessent has endorsed a bipartisan effort to reduce the federal deficit to 3% of gross domestic product (GDP) by the end of President Donald Trump's term. However, data from the Congressional Budget Office (CBO) reveals a significant disconnect between this pledge and current fiscal realities. The administration's fiscal 2027 budget projects deficits will remain above 5% of GDP through 2029, while the CBO's February outlook indicates deficits will never fall below 5.6% of GDP over the next decade. Debt held by the public has already climbed to 101% of GDP, its highest level since World War II.

The CBO released its Monthly Budget Review for May on June 8, providing a detailed look at the fiscal year 2026 performance. While the deficit through the first eight months of the fiscal year totaled $1.248 trillion—$116 billion lower than the same period a year earlier—this apparent improvement is largely attributed to timing shifts. Because June 1, 2025, fell on a weekend, certain payments were shifted into May 2025. Adjusting for this effect, the deficit actually exceeds last year's level by $19 billion. May alone produced a $294 billion deficit, highlighting persistent spending pressures and rising financing costs.

Three primary factors are driving the fiscal pressure. First, net interest costs rose by $68 billion, or 10%, during the first eight months of the fiscal year, reaching $742 billion. In May alone, interest payments jumped by $28 billion, a 32% increase from the previous year, largely due to higher long-term rates. The CBO projects the United States is on track to exceed $1 trillion annually in interest payments, surpassing discretionary defense spending.

Second, revenue streams are showing weakness. Although combined individual income and payroll taxes increased by $148 billion due to wage growth, corporate tax receipts fell by $88 billion, a 30% decline. The CBO attributes this drop to provisions in the 2025 reconciliation act that allow larger deductions for certain investments. Third, customs duties surged by $107 billion year-to-date, rising 132% due to executive actions, though net tariff collections "declined sharply" in May as the Treasury began issuing refunds tied to a Supreme Court ruling.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, noted that "$2 trillion deficits used to be unheard of" and warned that such deficits are now the norm. At roughly 6% of GDP, current deficits are double the 3% target Bessent hopes to achieve. Researchers from the Penn Wharton Budget Model estimate the U.S. has roughly two decades before national debt starts colliding with market limits, emphasizing the urgency of the situation.

Fiscal Year 2026 Deficit Drivers

The divergence between aspiration and arithmetic remains consequential. While Bessent's 3% target may be politically attractive, the CBO report demonstrates that without major policy changes, the federal government is moving in the opposite direction.