AT the recent accountancy centennial celebration, Professional Regulation Board of Accountancy Chairman Noe Quiñanola mentioned the issue of a shortage of accountants in the Philippines. There are about 200,000 certified public accountants (CPAs) as of 2023. Recent CPA licensure examinations add only about a few couple of thousand CPAs every year due to the passing rates not going above 25 percent.
Traditionally, new passers get their professional experience at audit firms in order to land better job opportunities and higher compensation in the future. This entails going through the busy season where accountants usually experience 50- to 90-hour work weeks for about three to four months. This job requires a lot of personal sacrifices, physical and mental stamina, emotional stability and spiritual strength, especially during the busy season.
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