Training for CPAs must evolve to focus on the skills and experiences necessary to meet future market demands, the leader of the largest US accounting industry group said.

Barry Melancon, president and CEO of the American Institute of CPAs, also defended a required fifth year of college for CPA candidates, saying current rules have achieved their purpose of elevating the role of accountants and turning out better-educated professionals.

Melancon, who is preparing to retire in December, spoke to Bloomberg Tax reporter Amanda Iacone about ongoing efforts to restore what is now a shrinking pipeline of future accountants. Proposed reforms could soften the bite of the mandatory 150 college credit hours for CPAs to earn their license by offering alternatives such as employer-provided training or work-study programs.

He also discussed the role artificial intelligence could play in closing the talent gap and the impact of private equity investors as CPA firms look to keep pace with technology advancements.

—Produced by Matthew S. Schwartz.

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