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114

Advances in Business Research

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Amelia Baldwin, University of Arkansas - Fort Smith

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The shortage of doctoral graduates in accounting is evidence of a problem in the industry as a whole. While demand 

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whole, using a macro perspective to analyze data about doctoral graduates and programs, in order to identify positive 

and negative attributes of the market and identify further areas for inquiry. Uniquely detailed data on U.S. accounting 

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are also addressed.

The academic accounting industry is in crisis. Some of the problems are good ones, e.g. high demand for 
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and the need for accounting professors to train them, the academic accounting industry is not educating the needed 
number of accounting doctoral graduates on an annual basis. 

Rather than measuring the number of graduates or the lack of graduates to meet demand, what happens if the academic 
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accounting graduates, with a focus on the doctoral graduates. The purpose is to identify the characteristics of the important 
players, doctoral programs and doctoral graduates, as well as, secondarily, other stakeholders, such as universities and 
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are driving, aggravating, or potentially alleviating the shortage problem.

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.8!.%;"#106+2%!44#5(.0(,%D8=2%.#%.8+%4#5(."3E2%0(2.0.5.0#(2%#9%80,8+"%$+!"(0(,@%B8!.%4$5+2%0(%.8+%;!2.%!(6%.8+%;"+2+(.%
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sections, including a literature review, a general discussion of the academic accounting market, research methods, 
and an extended discussion of the nature of U.S. accounting doctoral market, and its descriptive trends.

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The literature describing accounting doctoral programs is mostly comprised of various studies attempting to rank 
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-.#$.<952%TUUVP% 8!(%+.%!$7%TUUWP%&"#'(%J%X!C2>!(!%TUUWY)%0(0.0!$%;$!4+>+(.%#9%,"!65!.+2%I-.!>>+"Z#8!(%J%[!$$%
TUUTP%\#,!".3%J%-!9.(+"%LMM]!%J%LMM]FY)% %!(6%9!45$.3% "+;"+2+(.!.0#(%#(%+60.#"0!$%F#!"62% I^0..+">!0+"%LMMLY7%_#%
2.560+2%8!1+%2;+40:4!$$3%2+.%#5.%.#%6+24"0F+%.8+%0(652."3%!2%!%'8#$+)%!$.8#5,8%"+4+(.%!".04$+2%8!1+%,+(+"!$$3%$!>+(.+6%
the state of accounting academia (Fellingham 2007; Fogarty & Markarian 2007; Demski 2007; Grasso 2008; McNair 
TUUNY7% \+$$0(,8!>% ITUUWY% ;#20.2% .8!.% !44#5(.0(,% 02%>#10(,% .#'!"62% F+0(,% !% 1#4!.0#(!$% 60240;$0(+% "!.8+"% .8!(% !(%
academic discipline. Fellingham notes that accounting journals are internally focused, self referential and rarely 
referenced by other disciplines and that accounting academics focus on the current generation of students rather than 
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02%>#"+%!%1#4!.0#(!$%60240;$0(+%.8!(%!(%!4!6+>04%60240;$0(+7%K"!22#%ITUUNY%40.+2%4!52+2%#9%.8+%0(4"+!2+%0(%6+>!(6%
for accounting education, concludes that the demand cannot be met through traditional means due to a shortage of 
accounting PhDs and posits that the shortage should be viewed as an opportunity for transformational change. 

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.+!48+"̀ 248#$!"%02%6+:(+6%I^4_!0"%TUUN)%TTY%!2%2#>+#(+%'8#%b02%!2%6+604!.+6%.#%.+!480(,%!2%.#%;5"250(,%(+'%06+!2%!(6%
engaging in scholarly discourse.” McNair cites three causes that set up what he calls the loop of doom for the teacher-
248#$!"7%A8+%.8"++%!"+c%aa -&%6+:(0.0#(2%#9%ad%!(6%Dd%9!45$.3)%;5F$04!.0#(%0(%(!""#'$3%6+:(+6%a%Z#5"(!$2%F+0(,%!%C+3%
metric for tenure in more schools, and schools adopting student-teacher ratios and number of scholarly publications as key 
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.+!48+"%248#$!"2%F+0(,%;528+6%$#'+"%0(%.8+%!4!6+>04%80+"!"483P%.#%80,8+"%G5!(.0.3%.+!480(,%F+0(,%!22#40!.+6%'0.8%$#'+"%
2!$!"0+2P%.#%;!220#(%9#"%0(G50"3%6+4$0(0(,%65+%.#%0(!6+G5!.+%.0>+)%"+2#5"4+2%!(6%"+'!"62P%.#%'!(0(,%0(2;0"!.0#(!$%.+!480(,%
and scholarship, a reduction in innovation and a loss of relevance; to reduced pool of potential academics; then back to the 
start. In other words it is just not as much fun as it used to be.

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8!1+%F++(%;"+;!"+6%F3%4#>>0..++2%#9%.8+%a>+"04!(%a44#5(.0(,%a22#40!.0#()%.8+%a>+"04!(%a22#40!.0#(%#9% #$$+,0!.+%
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supply problem in a number of ways. 

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;#20.0#(2%!2%+106+(4+%#9%.8+%48!$$+(,+2%9!40(,%.8+%!22#40!.0#(7%aaa%ITUUNFY%(#.+2%!%20,(0:4!(.%6+4$0(+%0(%(5>F+"%
#9%!44#5(.0(,%9!45$.3%IL]7]gY%!(6%!%20,(0:4!(.%0(4"+!2+%0(%2.56+(.2%ILT7]gY%0(%.8+%;+"0#6%#9%2.563%LMM]`TUUV7%A8+%
decline in faculty is not shared by other business disciplines which increased during the same period. In addition 
.#%.8+%20,(0:4!(.%6+4"+!2+%0(%.8+%!F2#$5.+%(5>F+"%#9%!44#5(.0(,%9!45$.3%>+>F+"2%.8+%9!45$.3%>0?%02%48!(,0(,7%A8+%
decline in numbers of faculty members has primarily been men so the proportion of women has increased even 
though their absolute numbers has not. The faculty is aging and more faculty members are nearing retirement age. 
The number of faculty members under 40 is declining while the number of faculty over 55 is growing. The report 
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>+>F+"2%ILgY%'0.8%!%6+4"+!2+%0(%.8+%;+"4+(.!,+%#9%[02;!(04%9!45$.3%>+>F+"2%I]gY%!(6%!%6+4"+!2+%#9%!F#5.%Lg%0(%
the other category. While it can be said that the faculty is more diverse due to the shift from white to Asian faculty, 
the overall percentage of underrepresented minorities has not improved. Pay has improved dramatically for younger 
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inversion. The average number of hours worked has increased from a little over 48 hours per week in 1993 to over 52 
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occurred between 1993 and 2004.

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business education. The report indicated that while applications for doctoral programs had increased admissions 
had not. Lack of funding for doctoral students and availability of faculty were cited as the most important limiting 
factor in admissions. The lack of outside funding for business research was also noted as a reason for universities 
lack of willingness to grow business Ph.D. programs. An increasing number of those receiving Ph.D.s are either 
not available to meet the increasing demand by US educational institutions or are choosing employment outside 
education. The percentage of those receiving business doctorates that choose industry over academic employment 
increased from 7.3% in 1990 to 14.8% in 2000. Further, 27.3% of the 1999-2000 graduates had temporary visas and 
52.2% of the enrolled Ph.D. students did not have permanent visas.

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doctoral program directors to determine the expected supply in total and by specialization, accounting department 
heads to determine expected demand in total and by specialization, and accounting doctoral students. They found 
that the estimated supply of new accounting Ph.D.s was only 49.9% of the expected demand. The shortages over the 
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2;+40!$.0+2%IUg%#9%6+>!(6%>+.Y7%=099+"+(4+2%F+.'++(%2.56+(.2%#9%_#".8%a>+"04!(%I/-%!(6% !(!6!Y%#"0,0(%!(6%#.8+"%
students were found. Teaching was more important to North American students while research was more important 
to non-North American students. North American students felt less well prepared than the non-North American 
students. North American students incur more debt than non-North American students. About one third of the North 
a>+"04!(%2.56+(.2%F+$0+1+6%.8!.%.8+%25;;#".%'!2%0(!6+G5!.+%'80$+%#($3%#(+%:9.8%#9%.8+%(#(`_#".8%a>+"04!(%2.56+(.2%
did. About half of all students thought the program was too stressful and 29% thought the program was harmful to 
their health.

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analysis of data over a 20 year period from 1982 to 1992. The total number of both tenure track and full-time non-
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.#%LMMT%.8+%.#.!$%.+(5"+%."!4C%9!45$.3%!.%!$$%"!(C2%0(4"+!2+6%I!2202.!(.%O7Og)%!22#40!.+%LT7Lg)%95$$%TQ7]gY%'80$+%.8+%
number of full-time non-tenure track faculty declined by 19.6% giving an overall increase of 7%. From 1992 to 
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professors increased by a modest 9.6%. These changes suggest an aging professorate without enough new entrants 
0(.#%.8+%:+$6%.#%"+;$!4+%.8#2+%'8#%'0$$%2##(%"+.0"+7%A8+%48!(,+2%!"+%(#.%4#(202.+(.%!4"#22%6099+"+(.%.3;+2%#9%248##$2%
with the doctoral granting institutions actually increasing their non-tenure track faculty (1982 to 1992 up 11.4%, 
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from 744 in 1978-1982 to 894 in the period 1988-1992 then decreased to 581 in 1998-2002. The distribution of 
these graduates among schools has also changed. From the period 1988-1992 to the period 1998-2002 graduates 
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In addition to the overall decline in numbers, accounting is losing ground when compared to the other business  

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disciplines. From 1990 to 2004, while the total business faculty increased by 3.3%, the accounting faculty declined by 
2.8%. While the fact of the shortage of accounting PhDs seems well documented, what really drives the shortage and 
what might be done to alleviate it are unclear. In the following section the accounting doctoral market is examined 
as a whole.

The Academic Accounting Market

In this section the general academic accounting market is analyzed from a macro perspective. The various players 
are described, including the doctoral programs, the graduates, the colleges and universities that employ them, and the 
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to train accounting doctorates for research and teaching positions, largely in academic institutions. The purpose of 
the academic accounting market, more generally, is to educate future professional accountants, as shown on the right 
206+%#9%.8+%:,5"+7

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While the accounting doctoral market seems simple - doctoral programs train PhDs who are hired by various 
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accounting market, the entry-level professional accountant market. Therefore, this section discusses this downstream 
academic accounting market, its stakeholders and how they may impact the accounting doctoral market.

Accounting Programs

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TUUN4Y7% e(% !660.0#()%>!(3% 4#$$+,+2% !(6% 5(01+"20.0+2% 8!1+% F520(+22%>!Z#"2% #"%^&a%;"#,"!>2%'0.8#5.% !$2#% 8!10(,% .8+%
accounting major. Some of these programs also need to hire accounting doctoral graduates. Of course, many foreign 
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$+!1+%!4!6+>0!%9#"%0(652."3)%,#1+"(>+(.%#"%#.8+"%Z#F2%I&!$6'0()%&"#'(%J%A"0(C$+)%TULUY7

This group of universities and colleges is not homogenous. Some confer only bachelor’s degrees in accounting, 
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institutions. Even among the non-doctoral granting institutions, the size range is wide; the types of degree programs, 
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accounting faculty to the vast majority of these American institutions.

F#-+,$(1&"#!3"D#&*,1&"G1#3.#*,&

The demand for accounting graduates at all levels has been steadily rising in recent years. The demand for masters 
!(6%F!48+$#"2%,"!65!.+2%28#5$6)%#9%4#5"2+)%0>;!4.%.8+%(++6%9#"%6#4.#"!$%,"!65!.+2%I07+7%;"#9+22#"2Y7%

Masters

Like the accounting profession, the U.S. academic accounting industry has been undergoing drastic changes in recent 
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>!2.+"2%6+,"++2%4#(9+""+67%-0(4+%LMN])%VW%#9%OV%Z5"02604.0#(2%8!1+%!6#;.+6%.8+%LOU%8#5"%"+G50"+>+(.7%_+'%j#"C%!6#;.2%.8+%
"+G50"+>+(.%0(%TUUM7%A8+%#($3%20,(0:4!(.%+?4+;.0#(%02%45""+(.$3% !$09#"(0!%I !";+(.+"%J%[#4C%TUUNY7%a2%2++(%0(%\0,5"+%T)%

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.802%."+(6%$##C2%$0C+$3%.#%4#(.0(5+c%M)UNO%>!2.+"2%6+,"++2%0(%!44#5(.0(,%'+"+%4#(9+""+6%0(%.8+%TUUV`TUUO%!4!6+>04%
3+!")%.8+%>#2.%"+4+(.%3+!"%9#"%'8048%6!.!%!"+%!1!0$!F$+%9"#>%.8+%_!.0#(!$% +(.+"%9#"%R654!.0#(%-.!.02.042%ITUUU`LY7%
If this trend continues, the current academic year could see over 13,000 accounting masters degrees conferred. On 
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;"#;#".0#(%#9%>!2.+"2%,"!65!.+2)%]Og%#9%.#.!$%80"+2%Iae Da%TUUN!Y7%^!2.+"2%,"!65!.+2%!"+%!$2#%80"+6%0(%0(652."3)%
,#1+"(>+(.%!(6%(#(`;"#:.%2+4.#"2)%2#%.8+2+%(5>F+"2%"+;"+2+(.%#($3%!%25F2+.%#9%,"!65!.+27

A'/.1,"H4"8IJI" --(.!*'!/"D#&*,1&"0,/1,,&"K(!),11,3L"BMNOPHQQR

Bachelors

More recently, the passage of the Sarbanes-Oxley Act of 2002 has helped drive an increasing demand for bachelors 
graduates in accounting. While the numbers of accounting bachelors degrees conferred dropped consistently in 
the 1990s, the trend reversed in 2002, as shown in Figure 3. If the upswing continues, around 50,000 accounting 
bachelors degrees could be conferred in the current academic year.

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A8+%45""+(.%6+>!(6%02%2#%,"+!.%.8!.% Da%:">2%80"+6%N]g%>#"+%!44#5(.0(,%,"!65!.+2%0(%TUUQ`W%.8!(%.8+3%606%
0(%TUU]`V%Iae Da%TUUN!Y7%e(%!660.0#()%!$>#2.%QUg%#9%4#>;!(0+2%!(6%:">2%;$!(%.#%80"+%>#"+%!44#5(.0(,%,"!65!.+2%

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0(%TUUN%I_a R%TUUNY7%B0.80(%!%6+4!6+)%.8+%(5>F+"%#9%Z#F2%2;+40:4!$$3%9#"%!44#5(.!(.2%!(6%!560.#"2%'0$$%,"#'%F3%
18% according to US Department of Labor projections. From 2006 to 2016, an additional 226,000 accountants and 
!560.#"2%'0$$%F+%(++6+6%0(%.8+%/-a%I/-%=+;!".>+(.%#9%X!F#"%TUUNY7%

=CT$(%,1&"#!3"5*+,1"J*#E,+($3,1&

A8+%6+>!(6%9#"%!44#5(.0(,%,"!65!.+2%F3% Da%:">2%!(6%#.8+"%+>;$#3+"2%02%1+"3%80,87%^!(3%4#>;!(0+2%!"+%2.0$$%
2."5,,$0(,%'0.8%0>;$+>+(.!.0#(%#9%-!"F!(+2`*?$+37%-.0$$%#.8+"2%!"+%!(.040;!.0(,%.8+%>#1+%.#%k&fX%"+;#".0(,%9#"%-R %
purposes, and the likely future implementation of IFRS in the U.S. These and other issues drive the need for more 
!44#5(.!(.27% Da%:">2)%0(%;!".045$!")%!"+%,#0(,%.#%,"+!.%$+(,.82%.#%!.."!4.%>!Z#"2%!(6%,"!65!.+27%A8+%ae Da%8!2%
numerous programs for accounting scholarships, as do many other associations, such as the IMA and the ASWA. In 
!660.0#()%2#>+%:">2%+(6#'%248#$!"280;2%!.%"+,0#(!$%5(01+"20.0+2%!(6%4#$$+,+2%.#%8+$;%+(.04+%>#"+%!44#5(.0(,%>!Z#"27%
New accounting graduates in 2008 are being offered an average salary very close to $50,000.

-#>+%#9%.8+%&0,%\#5"%:">2%!(6%.8+%(!.0#(!$%!22#40!.0#(2%I2548%!2%.8+%e^aY%8!1+%(#.+6%.8+%28#".!,+%0(%!44#5(.0(,%
PhDs and have created initiatives, programs and scholarships to encourage doctoral applicants. The PhDProject 
ITUUNY% 02% #(+% 2548% 0(0.0!.01+)% !0>+6% !.% !.."!4.01+%>0(#"0.0+2% .#% 4!"++"2% 0(% F520(+22% !4!6+>0!7% f+4+(.$3% .8+%  Da%
;"#9+220#(%;$+6,+6%lLO%>0$$0#(%.#%8+$;%:$$%.8+%28#".!,+%#9%!44#5(.0(,%;"#9+22#"2)%;"+9+"!F$3% Da2%'0.8%!560.0(,%!(6%
.!?!.0#(% +?;+"0+(4+% Ia44#5(.0(,%=#4.#"!$%-48#$!"2% TUUNY7%B80$+% .8+% 28#".!,+% #9% 6#4.#"!$$3% G5!$0:+6% !44#5(.0(,%
faculty may severely impact the future stream of professional accounting graduates, the direct relationship between 
.8+%;"#9+220#(!$%!44#5(.0(,%>!"C+.%;$!3+"2%I:">2)%4#>;!(0+2)%+.47Y%!(6%.8+%!44#5(.0(,%6#4.#"!$%>!"C+.%6#+2%(#.%2++>%
to be a close direct one, but rather an indirect relationship.

0(-*(1#$"G1#3.#*,&

 $+!"$3)%.8+%0(4"+!20(,%25;;$3%#9%F!48+$#"2%!(6%>!2.+"2%6+,"++%,"!65!.+2%0(%!44#5(.0(,%8!2%(#.%,$5..+6%.8+%>!"C+.7%
Firms, companies, government and other organizations are still demanding more accounting graduates. Therefore, the 
number of professors needed to train these future accountants should be growing as well. In addition, the impending 
"+.0"+>+(.%#9%>548%#9%.8+%F!F3%F##>+"%,+(+"!.0#(%I.8#2+%F#"(%9"#>%LMVO`LMQVY%02%!$2#%!%9!4.#"%.8!.%4!(%0>;!4.%.8+%
number of professors in academia. However, the number of accounting doctorates conferred has not been growing 
in recent years.

Despite the high demand for professional accountants, US accounting doctoral programs have been unable 
or unwilling to deliver the number of doctoral graduates needed to train these growing numbers of professional 
accountants. These doctoral programs, as an industry, have generated fewer doctoral graduates over the past decade 
.8!(%0(%;"+10#52%6+4!6+27%A8+%45""+(.%28#".!,+%#9%!44#5(.0(,%6#4.#"!$%,"!65!.+2%02%'+$$%6#45>+(.+6%Iaa -&%TUU]P%
D$5>$++%+.%!$7%TUUQP%aaa%TUUN!)%TUUNFY7%A8+%6+4"+!20(,%."+(6%0(%.8+%(5>F+"%#9%!44#5(.0(,%6#4.#"!.+2%;"#654+6%
each year has been sustained for some time and reported in numerous places. The visual picture of the volume of 
doctorates granted in the past two decades is telling, as shown in Figure 4.

A'/.1,"R4"8IJI"0(-*(1#$" --(.!*'!/"0,/1,,&"K(!),11,3L"BMNOPHQQU

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 #(."!2.%.802%."+(6%'0.8%.8+%."+(62%0(%!44#5(.0(,%6+,"++2%!.%.8+%F!48+$#"2%!(6%>!2.+"2%$+1+$27%-0(4+%.8+%3+!"%TUUU)%
the number of bachelors degrees conferred in the USA has increased each year. The latest trend is an annual increase 
of more than six percent. The number of masters degrees conferred in accounting has been growing for decades and 
8!2%6#5F$+6%0(%.8+%$!2.%.+(%3+!"2%I_ R-%TUUU`LY7%A8+%6+>!(6%9#"%F!48+$#"2%!(6%>!2.+"2%$+1+$%!44#5(.0(,%,"!65!.+2%
02%+?;+4.+6%.#%4#(.0(5+%,"#'0(,%9#"%.8+%9#"+2++!F$+%95.5"+%I/7-7%=+;!".>+(.%#9%X!F#"%TUUNY7%A8+%"+2.%#9%.802%!".04$+%
describes the accounting doctoral market in more detail, with particular focus on the programs and their doctoral 
,"!65!.+27%A8+%"+2+!"48%>+.8#62%!"+%F"0+h3%6+24"0F+6%:"2.7

Research Methods

The data are described next, followed by a description of the methods used to identify and locate the relevant 
data and useful sources, and the analysis, which for present purposes largely consists of the generation of descriptive 
statistics for each item of interest. 

A8+%F!204%6!.!%4#(202.%#9%"+4+(.%/7-7%!44#5(.0(,%6#4.#"!$%,"!65!.+2%ILMNW`TUUQY7%A8+2+%,"!65!.+2%'+"+%0(0.0!$$3%
06+(.0:+6%.8"#5,8%[!22+$F!4CE2%ITUUWY%#($0(+%$02.0(,%#9%6#4.#"!$%,"!65!.+2%F3%248##$7%A8+()%.802%6!.!%'!2%"+2+!"48+6%
and updated with corrections and additions of supplemental variables based on information obtained from doctoral 
program websites, university websites, general Internet searches, phone calls and emails. Further Internet searches, 
;8#(+%4!$$2%!(6%+>!0$2%+(!F$+6%.8+% 06+(.0:4!.0#(%#9%,+(6+"%9#"% .8+%>!Z#"0.3%#9%,"!65!.+2%ImMOgY7%e(9#">!.0#(%#(%
>0(#"0.3%2.!.52%'!2%;"#106+6%F3%.8+%D8=D"#Z+4.%ITUUWY7%\#"%.8+%;5";#2+2%#9%.802%"+2+!"48)%>0(#"0.0+2%!"+%06+(.0:+6%!2%
African-American, Native American, and Hispanic American. These are recognized as under-represented minorities 
!(6%!"+%.8#2+%2;+40:4!$$3%+(4#5"!,+6%F3%.8+%D8=D"#Z+4.%ITUUWY%.#%;5"25+%6#4.#"!.+2%0(%F520(+22%60240;$0(+27

A8+"+9#"+)% .802% 2.563% !(!$3<+2% !% 5(0G5+% !(6% +?."!#"60(!"0$3% 6+.!0$+6% 6!.!2+.7% [#'+1+")% .802% "+2+!"48% 02% (#.%
concerned with individual characteristics, but rather with each program’s characteristics as described by its graduates. 
Using this data on individuals, programs are analyzed on the basis of size, of growth, and of prestige. The programs 
8!1+%F++(%60106+6%F3%20<+c%L%.#%M%,"!65!.+2%I0(%.8+%TU%3+!"%;+"0#6Y)%LU`LM%,"!65!.+2)%!(6%2#%9#".8%5;%.#%;"#,"!>2%
4#(9+""0(,%>#"+%.8!(%NU%6+,"++2%0(%.8+%TU%3+!"%;+"0#67%D"+2.0,+%02%6+:(+6%F3%.8+%0(2.0.5.0#(!$%;"+2.0,+%>+!25"+%9#"%
6#4.#"!$`,"!(.0(,%0(2.0.5.0#(2%6+1+$#;+6%F3%\#,!".3%J%^!"C!"0!(%ITUUWY7

In addition to the general demographic statistics, further analysis is provided comparing and contrasting the 
,"#'0(,% ;"#,"!>2)% .8+% 28"0(C0(,% ;"#,"!>2% !(6% .8#2+% 0(% !% "+$!.01+$3% 2.+!63% 2.!.+7% A8+2+% 4!.+,#"0+2% !"+% 6+:(+6%
F3%4#>;!"0(,% .8+%(5>F+"%#9%,"!65!.+2% 0(% .8+%:"2.%6+4!6+% ILMNW`LMMQY% .#% .8+%(5>F+"%#9%,"!65!.+2% 0(% .8+%2+4#(6%
6+4!6+%ILMMW`TUUQY7%K"#'0(,%;"#,"!>2%!"+%.8#2+%'0.8%!(%0(4"+!2+%#9%!.%$+!2.%QUg%0(%.8+%2+4#(6%6+4!6+7% #(1+"2+$3)%
shrinking programs are those with a decrease of at least 60%. Programs falling in between these two categories are 
6+:(+6%9#"%.8+%;5";#2+2%#9%.802%2.563%!2%F+0(,%0(%!%2.+!63%2.!.+7

<+," --(.!*'!/"0(-*(1#$"D#1E,*

A8+%;5";#2+%#9%.8+%!44#5(.0(,%6#4.#"!$%>!"C+.%I.8+%$+9.%206+%#9%\0,5"+%LY%02%.#%."!0(%!44#5(.0(,%6#4.#"!.+2%9#"%
research and teaching positions, largely in academic institutions. Therefore, this section discusses this upstream 
accounting doctoral market by describing and analyzing its two major players, the programs and their graduates.

0(-*(1#$"V1(/1#C&

As previously shown in the left side of Figure 1, the accounting doctoral market consists of doctoral programs that 
produce accounting PhDs. As of 2006, 94 programs had conferred doctoral degrees in accounting in the previous 20 
years. These programs range in size from 87 graduates during this period to 1 graduate.

J+1'!E'!/L"J*,#3%"(1"G1(9'!/"V1(/1#C&

By dividing these programs into ten size groups based on the number of doctoral degrees conferred during the 
10 year period 1987-1996, they can be analyzed as an industry. Like companies in any industry, some programs are 
,"#'0(,%0(%20<+)%#.8+"2%!"+%28"0(C0(,%!(6%2#>+%!"+%"+$!.01+$3%2.+!63%0(%.+">2%#9%.8+0"%#5.;5.%9"#>%.8+%:"2.%6+4!6+%.#%
the second. While one might expect to have some schools in each size category growing and some shrinking, that 
02%(#.%.8+%;!..+"(%.8!.%+>+",+2%9"#>%:,5"+%O)%'8048%28#'2%.8+%60"+4.0#(%!(6%;+"4+(.!,+%#9%48!(,+%9#"%;"#,"!>2%0(%
+!48%20<+%,"#5;7%a$$%#9%.8+%248##$2%0(%.8+%.8"++%$!",+2.%20<+%4!.+,#"0+2%IVT`OL)%]]`VL)%TW`]]Y%6+4"+!2+6%.8+%(5>F+"%#9%
,"!65!.+2%9"#>%.8+%:"2.%.#%.8+%2+4#(6%LU%3+!"%;+"0#627%*($3%#(+%#9%.8+2+%$!",+"%248##$2%28#'+6%!%>#6+2.%6+4"+!2+%
InLOgY%'0.8%.8+%>!Z#"0.3%28#'0(,%!%6+4$0(+%#9%VOg%#"%>#"+7%e(%,+(+"!$)%.8+%$!",+"%;"#,"!>2%!"+%>#"+%$0C+$3%.#%6+4$0(+%
in the number of graduates than smaller programs and the percentage decrease is likely to be larger as well. 

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A'/.1,"W4"J.TT$',1"J*#/,&4"J+1'!E'!/L"J*,#3%"#!3"G1(9'!/"V1(/1#C&

_#.+c%B8+"+%.8+"+%'!2%!%.0+%9#"%20<+%!.%.8+%F#"6+"%#9%.8+%,"#5;%.8+%;"#,"!>%'0.8%.8+%$!",+"%(5>F+"%#9%,"!65!.+2%0(%
the second period was assigned to the larger group. If the decline in graduates was solely caused by fewer individuals 
wanting to get Ph.D.s in accounting one would expect the changes in graduates to either be relatively evenly distributed 
across the size categories, or perhaps the smaller less well established schools would be more likely to decline in size 
compared to their larger, more well established counterparts. That is not the pattern that emerges. Thus, it appears 
that the decline in the number of accounting Ph.D. degrees is not solely based on lack of interest by potential degree 
4!(606!.+27% A802% 4#(4$520#(% 02% 25;;#".+6% F3% .8+%aa -&% ITUU]Y% "+;#".% .8!.% 0(604!.+6% .8!.%'80$+% !;;$04!.0#(2% 9#"%
doctoral programs in business had increased, admissions had not. 

K+#!/,"'!"G1#3.#*,"X.C6,1&

The industry can be further analyzed by looking more closely at the changes in the number of graduates from the 
:"2.%6+4!6+%.#%.8+%2+4#(6%6+4!6+%0(%.8+%;+"0#6%#9%2.5637%\0,5"+%Q%,"!;804!$$3%0$$52."!.+2%.8+%48!(,+%0(%.8+%(5>F+"%#9%
graduates for programs by size and stage.

A'/.1,"U4"K+#!/,"'!"X.C6,1"()"G1#3.#*,&"6%"V1(/1#C"J'Y,

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Note the large negative change in the number of graduates for the shrinking programs in all the larger size groups. 
Also note the correspondingly small positive numbers on the top, representing the growing programs (all toward 
.8+%2>!$$%+(6%!(6%9+'%28#'0(,%20,(0:4!(.%0(4"+!2+2Y7%B80$+%2#>+%>0,8.%2!3%.8+%2#$5.0#(%.#%.8+%28#".!,+%;"#F$+>%02%
to create more doctoral programs, clearly the larger and longer lived programs are producing fewer graduates than 
F+9#"+7%A8+%2>!$$+"%!(6H#"%(+'%;"#,"!>2%8!1+%(#.%F++(%4"+!.0(,%+(#5,8%,"!65!.+2%.#%#1+"4#>+%.8+%28"0(C!,+%#9%.8+%
other programs.

V+0"G1#3.#*,&

A8+%0(652."3%4"+!.+2%.'#%;"#654.2)%+99+4.01+$3c%85>!(%!44#5(.0(,%,"!65!.+2%!(6%C(#'$+6,+%I"+2+!"48Y7%-0(4+%.8+%
former is more easily measurable, that is the focus here. The human outputs of the academic accounting industry 
!"+%6#4.#"!$%,"!65!.+2)%>!2.+"2%,"!65!.+2%!(6%F!48+$#"2%,"!65!.+27%=#4.#"!$%,"!65!.+2%!"+%.8+(%80"+6%.#%.+!48H."!0(%
bachelors and masters degree candidates. Of course, the reality is not this simple, as some schools use masters degree 
graduates to train bachelors graduates. However, the simple model will do for this discussion.

 "G,!3,1"G#TZ

While many studies have measured the status or lack of status of women in academic accounting, who still 
haven’t reached parity with males on graduation rates and rank and such, the trends in graduates according to 
,+(6+"% !"+% G50.+% 0(.+"+2.0(,7%f+.5"(0(,% .#% \0,5"+% ]E2% 6+;04.0#(% #9% 6#4.#"!$% 6+,"++2% 4#(9+""+6)% \0,5"+% W% !662% .8+% 
gender dimension.

While percentage-wise, the females seem to be making some gains on the males, in fact the number of females 
graduating is not growing, but is relatively steady or declining slightly. The number of males, however, has been 
6"#;;0(,%20,(0:4!(.$3)%+1+(% .8#5,8% .8+%>!$+2%2.0$$% $!",+$3%#5.(5>F+"% .8+% 9+>!$+2)%'0.8% .8+%;#220F$+%+?4+;.0#(%#9%
TUUL7%B8!.%02%8!;;+(0(,%.#%.8+%>!$+2@

A'/.1,"O4" --(.!*'!/"0(-*(1#$"G1#3.#*,&"6%"[,#1"#!3"G,!3,1

  
 
 
-++)%9#"%+?!>;$+)%&5488+0.%+.%!$7%TUUUP% !"#$:%+.%!$7LMMQP% #$$0(2%+.%!$7%LMMNP%='3+"%LMMVP%o#"6!(%+.%!$7%TUUQP%X!(0+"%
& Tanner 1999; Norgaard 1989; Rama et al. 1997; Streuly & Maranto 1994; Tinker & Fearfull 2007.

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A'/.1,"N4"X.C6,1"()"G1#3.#*,&"6%"G,!3,1"#!3"V1(/1#C"J'Y,

 

To put this drop in the number of male graduates in perspective, Figure 8 illustrates the number of males, females 
!(6%5(C(#'(%,+(6+"%,"!65!.+6%9"#>%.8+%:"2.%6+4!6+%.#%.8+%2+4#(6%6+4!6+)%F3%+!48%;"#,"!>%20<+%,"#5;7

\#"%\0,5"+%M%.8+%20<+%#9%.8+%248##$%'!2%6+.+">0(+6%F3%.8+%(5>F+"%#9%,"!65!.+2%0(%.8+%:"2.%LU%3+!"2%#9%#5"%2.5637%
This chart shows that all the largest schools decreased both the number of male and the number of female graduates 
9"#>%.8+%:"2.%LU%3+!"%;+"0#6%.#%.8+%2+4#(6%LU%3+!"%;+"0#67%B0.8%>0(#"%+?4+;.0#(2%.8+%2!>+%02%."5+%9#"%.8+%(+?.%.8"++%
size group. Only the smaller size programs show any substantial increase in the number of male or female graduates.

A'/.1,"M4"K+#!/,"'!"*+,"X.C6,1"()"G1#3.#*,&"6%"J'Y,"()"J-+(($"#!3"G,!3,1

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The patterns of growth are evident in the smaller half of the programs, though the growth and the decline in most 
of those smaller programs appear to zero out. However in these smaller categories the increases in women exceed 
the decreases. In the larger program groups, no sizable increase in female graduates is evident, while decreases are 
evident in all categories.

 !"=7,!"G1,#*,1"D'!(1'*%"J+(1*#/,

a44#5(.0(,% 6#4.#"!$% ;"#,"!>2% $!F#"% .#% !.."!4.% 5(6+"`"+;"+2+(.+6% >0(#"0.0+2% I[!>>#(6% LMMOY)% 0(4$560(,%
African-Americans, Native Americans and Hispanic Americans. For more than a decade, efforts have been made 
to increase the number of minority graduates of accounting doctoral programs. In 1994, KPMG and others created 
the PhDProject, whose purpose is increasing faculty diversity in U.S. business schools. The PhDProject provides 
:(!(40!$%!(6%#.8+"%25;;#".% .#%5(6+"`"+;"+2+(.+6%>0(#"0.0+2%2548%!2%a9"04!(`a>+"04!(2)%[02;!(04%a>+"04!(2%!(6%
_!.01+%a>+"04!(2% ;5"250(,% 6#4.#"!$% 2.560+2% 0(% F520(+22)% 0(4$560(,% !44#5(.0(,% Iae Da% TUUQP% D8=D"#Z+4.% TUUWP%
-.+'!".%+.%!$7%TUUNY7%e(%!660.0#()%;"#9+220#(!$%,"#5;2)%2548%!2%.8+%ae Da%!(6%e^a%!"+%!$2#%0(1#$1+6%0(%>0(#"0.3%
0(0.0!.01+2%'0.8%6#4.#"!$%4!(606!.+2%!(6%9!45$.3%Iae Da%TUUNFY7%A8+%aa- &)%#9%4#5"2+)%+?;+4.2%!44"+60.+6%248##$2%
.#%6+:(+%601+"20.3%'0.80(%.8+0"%>0220#(2%!(6%45$.5"!$%4#(.+?.2%IB+02+(9+$6%J%f#F0(2#(`&!4C>#(%TUUWY7%

Returning to Figure 4’s data, Figure 10 adds a dimension for under-represented minorities and non-minorities. 
The number of underrepresented minorities is increasing in recent years, which is encouraging. However, the increase 
is not large. 

A'/.1,"BQ4" --(.!*'!/"3(-*(1#$"/1#3.#*,&"6%"%,#1"#!3"C'!(1'*%"&*#*.&

Over this twenty year period, the percentage of under-represented minorities earning accounting doctorates is 
5.7 percent, 6.7 percent in the most recent year. While progress is encouraging, these percentages fall far short of 
the related data for the U.S. population. The U.S. population includes more than one-third minorities and has been 
becoming more diverse over time. The under-represented minorities now comprise about 30%, of which Hispanic 
Americans are LOg)%a9"04!(`a>+"04!(2%!"+%L]7Og)%!(6%_!.01+%a>+"04!Ha$!2C!(H[!'!00!(2%!"+%Tg%I/7-7% +(252%
&5"+!5%TUUNY7%/7-7%2#40+.3%02%F+4#>0(,%>#"+%!(6%>#"+%601+"2+%!(6)%.8+"+9#"+)%!4!6+>04%!44#5(.0(,%>52.%F+4#>+%
>#"+%!44+;.0(,%!(6%+(4#5"!,0(,%#9%601+"20.3%I&$!(4#%!(6%6+%$!%f#2!%TUUNY7%B8!.%4!(%F+%6#(+%.#%!.."!4.%>#"+%5(6+"`
"+;"+2+(.+6%>0(#"0.0+2%.#%!4!6+>04%!44#5(.0(,@

Figure 11 examines the change in minority graduates from decade one to decade two for each program size 
group. A few programs, mostly in the upper-middle size range, are graduating fewer minorities than in the past. Most 
programs are graduating more minorities than in the past. Strangely, the programs of the 50-59 group (graduating 
T7O%.#%]%,"!65!.+2%;+"%3+!"%#(%!1+"!,+Y%8!1+%!%(+.%6+4"+!2+%0(%>0(#"0.3%,"!65!.+27%A802%,"#5;)%8#'+1+")%"+;"+2+(.2%!%
relatively small number of programs. 

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Programs in a steady state have no change in minority graduates. This is primarily due to most of these programs 
having no minority graduates in either decade. Most programs have increased their minority graduates at least 
60% in the second decade. The numbers of minority graduates have decreased 60% or more in some programs.  
While many smaller programs have no minority graduates, most of the larger programs have at least one minority 
,"!65!.+%I\0,5"+%LTY7

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V1(/1#C"V1,&*'/,"#!3"G1#3.#*,&

Having examined these patterns according to program size, a further examination is warranted according to 
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programs are divided into nine groups. The last group includes programs that were not rated, presumably because 
they did not exist at the time the prior studies were undertaken. 

Figure 13 shows the number of schools in each prestige grouping that increased and decreased in the number of 
,"!65!.+2%9"#>%.8+%:"2.%LU%3+!"%;+"0#6%.#%.8+%2+4#(6%LU%3+!"%;+"0#67%

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 A very different picture emerges when the programs are viewed by prestige rankings. Fewer of the schools 
with higher prestige rankings had large declines when compared with schools at the lower end of the rankings. The 
vast majority of the growth in doctoral graduates is coming from programs that were unranked in the Fogarty and 
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graduates is fairly consistent across various levels of prestige groups.

Figure 14 shows the change in the number of graduates in each prestige grouping. The decline in the number 
of graduates from the top 10 ranked schools was relatively modest compared to those further down the rankings. 
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25F2.!(.0!$%6+4"+!2+%0(%.8+%5;;+"%>066$+%"!(C0(,2%ILL`VUY7

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V1,&*'/,"#!3"G,!3,1

This prestige measure can be further described using gender and minority data. Figure 15 shows the changes 
in male and female graduates by prestige ranking groups. Increases in women are present in every prestige group 
and relatively similar in size. Decreases are also present in all prestige categories. In the highest and lowest prestige 
categories and the programs that were not ranked the increases in women exceed the decreases but in all other 
categories the decreases in women exceed the increases. In all categories, except unrated programs, the decrease in 
men far exceeds the increase in men.

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A'/.1,"BW4"K+#!/,"6%"G,!3,1"#!3"V1,&*'/,">#!E'!/

Minorities and Prestige

This prestige measure can be further described using gender and minority data. Figure 16 illustrates only the 
underrepresented minority graduates according to prestige group and whether the programs are shrinking, steady 
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decade to the second. The growing programs’ minority graduates increases far outnumber the decreases in minority 
graduates of the shrinking programs.

Figure 16, however, does not give a complete picture of minorities according to prestige groups. Figure 17 
compares the total number of programs in each prestige group to the number of programs that do not appear to 
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not graduated minority graduates. These programs span the range of prestige groups. The unrated programs have a 
higher total and a higher number of no-minority programs. However, many of these unrated programs are very small, 
graduating only one or a few Ph.D. students.

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programs are not uniform whether considered by size or by prestige. While new programs have been created, their 
volume of graduates is not large enough to replace the established programs’ decline in volume of graduates. With 
regard to overall trends, the shrinking programs outnumber both the growing programs and the steady state programs. 
In general, the new programs are growing, by default, and the older, larger programs, in general, tend to be shrinking. 

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The majority of the programs with steady graduation numbers are in the middle to smaller size range. This leads to a 
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!(6%60"+4.%6022+".!.0#(2@

With regard to gender, the number of male graduates has been falling for the past two decades, much more 
sharply than the slight decline in the number of female graduates. The net decrease in male graduates is spread 
across the board, except for the largest programs and the smaller ones. Why are men less and less interested in 
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.8+2+%"+$!.01+$3%$!",+%;"#,"!>2@

With regard to minorities, clearly the accounting doctoral market is falling short on recruiting minorities. The 
small bit of good news is the recent uptick in minority graduates, as well as the increase in graduates across different 
program sizes. The impact of the PhDProject seems obvious. However, many programs, including a few large 
programs and many in the smaller half, have not graduated any underrepresented minorities during the last twenty 
years. What more can be done to attract African-Americans, Hispanic Americans and Native Americans to careers 
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the second. The only group with a net increase is the group of programs that were not rated, presumably the newer 
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The higher levels of shrinkage are in the middle 75% of prestige groups. The highest prestige and lowest prestige 
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numbers of accounting doctoral graduates is not centered on any one prestige group but is a widespread problem. 
The newer, unranked programs are not educating enough graduates to overcome the net decreases in graduates from 
all the other programs. 

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Proposed Future Research

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;"#F$+>%.8!.%2#%4#(4+"(2%52%!$$%!(6%'0$$%2.!".%"+2+!"480(,%.8+2+%609:45$.%G5+2.0#(27%A#%.802%+(6)% .802%:(!$%2+4.0#(%
6+24"0F+2%2;+40:4%!"+!2%9#"%"+2+!"487

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.8!.%>#6+"!.+$3%20<+6%#"%2>!$$%20<+6%6#4.#"!$%,"#5;2%;+"9#">%F+..+"%#"%!"+%0(%2#>+%#.8+"%'!3%F+..+"%#"%6+20"!F$+@%
Very few programs that graduate, on average, more than one graduate per year, are actually growing. Almost every 
program, in fact, that graduates more than one person per year is shrinking. Future research should examine this 
phenomenon and identify whether large size, or some related characteristic that is commonly found in large programs, 
is a detriment to long term program success and why.

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InLO%,"!65!.+2% 0(% TU%3+!"2Y% !"+% ;"#1060(,% !$$% .8+%,"#'.8% 0(%(5>F+"2% #9% ,"!65!.+2)%'80$+% .8+%#.8+"% 8!$9% #9% 2>!$$%
programs are shrinking in similar patterns to the large programs, which are uniformly shrinking. So, what are these 
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28"0(C0(,%F5.%20>0$!"$3`20<+6%4#5(.+";!".2@%\5.5"+%"+2+!"48%28#5$6%25"1+3%.8+2+%;"#,"!>2)%4#>;!"0(,%!%F"#!6%"!(,+%
of program features for the purpose of identifying demographics of successful small programs. This information may 
8+$;%(+'%;"#,"!>2%!(6%+(6!(,+"+6%;"#,"!>2%:(6%;!.82%.#'!"6%2544+227

 !(%'+%0(1+2.0,!.+%.8#2+%'8#%!"+%48##20(,%(#.%.#%;5"25+%6#4.#"!.+2%0(%!44#5(.0(,%.#%:(6%#5.%'83@%A802%02%>#2.%
609:45$.7%[#'+1+")%.8+%G5+2.0#(2%"+>!0(7%B83%!"+%>!$+2%+!"(0(,%9+'+"%!(6%9+'+"%6+,"++2@%\+>!$+2)%'80$+%6+4$0(0(,%
0(%.#.!$)%8!1+%2++(%0(4"+!2+2%0(%.8+%2>!$$+"%;"#,"!>2%I;"#,"!>2%,"!65!.0(,%$+22%.8!(%LN%0(%TU%3+!"2Y7%%*9%4#5"2+)%.802%
could be the result of changes in recruiting practices over time since many of the smaller programs are also newer 
programs. Perhaps many of these programs have been working hard to attract more female students. Future research 
should examine the recruiting practices of doctoral programs to identify what methods of recruitment characterize 
those programs who have been recruiting most successfully.

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-0>0$!"$3)%!%20,(0:4!(.%;#".0#(%I>#"+%.8!(%VUgY%#9%!44#5(.0(,%6#4.#"!$%;"#,"!>2%8!1+%(#.%,"!65!.+6%!(3%5(6+"`
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practices of doctoral programs to identify what methods of recruitment characterize those programs successfully 
recruiting minorities.

Growth with regard to prestige of schools, appears to be greatest at schools with programs that are too new to 
8!1+%F++(%"!(C+6%0(%.8+%\#,!".3%!(6%^!"C!"0!(%ITUUWY%2.563%'8048%52+6%"!(C0(,2%9"#>%.8+%+!"$3%.#%>066$+%LMMU27%
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recruitment practices should shed light on how the recruitment practices of these unranked but growing programs 
differ from the ranked established programs.

When further parsing the prestige groups by gender, the biggest area of grown for both males and females is 
among the unranked, and presumably newer, programs. Similarly, the unranked and lowest ranked program groups, 
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applicants, both minority and non-minority, choose between programs. A survey of current and recent graduates 
on this topic should provide insight into the factors motivating program choice. Understanding how future doctoral 
graduates choose their programs will help struggling program identify areas to target for change.

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Amelia Baldwin is the Neal Pendergraft professor of accounting at the University of Arkansas - Fort Smith. She 
earned her Ph.D. in accounting & information systems from Virginia Tech. Her primary research areas are emerging 
technology impacts on accounting and accounting labor markets. She has published in British Accounting Review, 
European Accounting Review, Journal of Information Systems, International Journal of Auditing, Journal of Emerging 
Technologies in Accounting, Information Systems Management, International Journal of Accounting Information 
Systems, Advances in Public Interest Accounting, and Advances in Accounting Education, among others.

Carol Brown%02%!22#40!.+%6+!(%9#"%;"#,"!>2%0(%*"+,#(%-.!.+%/(01+"20.3E2% #$$+,+%#9%&520(+227%-8+%+!"(+6%8+"%D87=7%
in computer science from Oregon State. Her primary research areas are emerging technologies and accounting labor 
markets. She has published in Journal of Information Systems, Journal of Emerging Technologies in Accounting, 
R?;+".% -32.+>2% '0.8% a;;$04!.0#(2)% \0(!(40!$%  #5(2+$0(,% J% D$!((0(,)% ^!(!,+>+(.% a44#5(.0(,)% o#5"(!$% #9%
Accountancy, Accounting Education, Journal of Education for Business, Advances in Accounting Education, and 
Intelligent Systems in Accounting, Finance & Management, among others. 

2010, Vol. 1, No. 1, 114-132

Baldwin & Brown


