At the same time, over 203,000 students enrolled in accounting programs at both the undergraduate and graduate levels. This also represents a 19 percent increase since 2004, according to the AICPA study, 2008 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits. The gender ratio of graduates is fairly close at 52 percent female and 48 percent male.

"The years in the aftermath of Sarbanes-Oxley have spotlighted the critical role the accounting profession plays in our capital market system," said Denny Reigle, AICPA director – academic and career development. "One fortunate result of SOX was greater interest in accounting on the part of students, as this report attests."

The demands of Sarbanes-Oxley legislation likewise have led to substantial hiring increases by public accounting firms, the primary employers of new graduates. The AICPA report reveals that hiring by firms in 2006-07 shot up 83 percent over the previous three years. Sixty-seven percent of the firms that responded to the survey anticipate continued growth in hiring.

This is the largest number of graduates in the 36 years the AICPA has been tracking this data.

See also: AICPA Proposes CPA Exam Changes