US Education Department reclassifies accounting degrees as 'non-professional,' capping federal student loans and igniting outrage from CPA groups.
The US Department of Education's proposed rules, effective July 2026, exclude accounting from professional degree status under the One Big Beautiful Bill Act. This limits graduate students to $20,500 annual loans and $100,000 lifetime caps, versus $50,000 yearly and $200,000 for fields like medicine and law. Major organizations including AICPA, NASBA, and AAA have issued statements and a joint letter to Secretary Linda McMahon, arguing accounting's state licensure, CPA exam, and ethics standards qualify it as a profession vital to financial transparency. Master's completions in accounting have already dropped 38% since 2017-18, raising fears of talent shortages amid retiring faculty and rising demand.
What this means for UAE business owners:
While a US policy, it signals global accounting talent pressures. UAE firms may face higher recruitment costs for skilled CPAs; prioritize local training and tech upskilling to build resilient finance teams.