Want to solve the US accountant shortage? Argentina may have the solution! I know it sounds crazy, but hear me out...
I recently spoke with Nicolás Villafañe, an accountant from Argentina (and partner at South Offices), on The Accounting Podcast. What he shared about the accounting profession in his country blew me away.
In the States, we're struggling to attract new talent. But in Argentina? Accounting is the second most popular career choice, right after law.
Why? Two words: mandatory licensing.
The Power of Mandatory Licensure
Here's the key difference between there and here. In Argentina, only CPAs can do bookkeeping and accounting work. No exceptions. If you want to crunch numbers, you need those three special letters after your name.
Compare that to the US, where you can still be an accountant without earning your CPA. And surprise, surprise - many folks are choosing to forgo the CPA path altogether these days.
Why Argentine Accountants Excel
Life as an accountant in Argentina is no cakewalk. Laws and taxes change constantly. Inflation is through the roof, so all the accounting has to be inflation-adjusted. As Nicolas delicately put it, it's "quite a challenge" economically.
But rising to that challenge? That's what makes Argentine accountants so dang good.
"If you learn how to navigate through the Argentinian economy, Argentinian accounting, you tend to be very good," Nicolas explained. "Because you have to reskill yourself every day."
Time to Take a Page from Argentina’s Playbook?
Meanwhile, the accounting profession is facing a crisis here in the States. Enrollment is down, and the CPA pipeline is drying up.
I can't help but wonder: Is mandatory licensure the solution?
Check out my full discussion with Nicolas Villafañe on The Accounting Podcast. You can listen and subscribe on all podcast platforms.
