My "Advice to Accounting Students" created a firestorm that I never expected, in part because I didn't realize how many would scan the column, nor how high up in the Big Five some of the readers would be. A number of individuals sent letters to SmartPros; even more have sent me email. Now I would like to reexamine what I said and respond to some of the criticism.

First, some have accused me of not having the facts. I especially enjoyed the co-ed's email who indicated how ecstatic she was that a Big Five firm offered her a position in the high 40s. She went on to say that I was off my rocker and that I should get an orderly to put me back in the chair. I gave her my congratulations, said that I know of undergraduates accepting starting positions in the 60s (admittedly, adding MIS and finance to their course lists), and that I hoped she didn't mind giving up that premium. I haven't heard from her since.

While I have plenty of anecdotal evidence, the best source on the facts is the monograph by Steve Albrecht and Bob Sack entitled Accounting Education: Charting the Course through a Perilous Future. You can download a PDF copy of the booklet at aaahq.org/pubs/AESv16/. Albrecht and Sack systematically examined a lot of evidence on the national scene and reported that accounting salaries are down (on a relative basis), a number of students have flocked to other majors, especially to finance and MIS, and that the average quality for remaining accounting students has decreased.

I know these facts are true at my institution. Penn State students in MIS and finance have accepted positions at some rather lofty salaries. The number of accounting students is down 20 to 25 percent, depending on what you use for the base year. Quality is a bit harder to track, but several years ago one could not major in accounting unless he or she had at least a 3.0 GPA. Since then Penn State administrators have removed those barriers-obviously in response to the decreased number of students declaring accounting as their major-and now we see students with much lower GPAs. While I still see some very talented students, clearly, Penn State is no longer serving the best and the brightest.

These are the facts. If anyone disagrees, please show us where we are wrong. Until I hear otherwise, I shall continue to build my case upon these three facts.

Given these realities, how one interprets them and responds to them is up for debate. I suggested earlier -- and I still suggest -- that students ought to consider other career paths. I acknowledge that money is not everything and that the Big Five offer a variety of intangibles, including name recognition and training. Nonetheless, a corporate track could prove rewarding as well, especially if the position includes additional training in some financial executive program. Do my critics really want to go on record saying that students who accept a position with (say) GE, Ford, or Johnson&Johnson are hurting their career? Also, some medium-sized and small-sized CPA firms might be good for certain personalities. Students should not despair, nor lose hope in the major they have chosen. My point is that they need to keep their options open.

A few students have asked whether I thought it advisable to take the CPA exam. By all means! The CPA certificate is the best recognized credential around; it signals competence and ability to do the work, especially to non-accountants. Ever since the AICPA broadened what counts toward the experience requirement, I urge students to sign up for the CPA exam. It will open doors for them now and throughout their careers. Consistent with my advice to broaden the scope of firms to interview, these doors include paths to a lot of non-Big Five entities.

I also briefly mentioned the failure of the 150-hour program. While it has created a high opportunity cost with not necessarily high marginal returns, I still do not view this as the critical factor for the flight of human capital. Provide a sufficiently higher salary and students will be willing to pay that opportunity cost. The critical problem is low relative salaries.

One partner, speaking off the record, predicted that salaries will soon increase dramatically for the Big Five. He thinks that they have to increase before the accounting brain drain to other sectors leads to a further erosion of good candidates. I don't know whether his prediction is accurate, but I am happy that at least somebody recognizes the problem and is attempting to do something about it.

What's your opinion? Contribute your thoughts to Letters to the Editor or post your response on the Accounting Message Boards.

More by J. Edward Ketz