Past Chair Memo: Reflections on a Year of Progress and Partnership

I can hardly believe that my year as chair of the NASBA Board of Directors has come to an end. To the NASBA membership, know that I am filled with pride and gratitude for what we have achieved together. This has been an unforgettable year—full of challenges, victories, and, most importantly, renewed and enhanced relationships.

Celebrating the Profession

How lucky are we to be CPAs in this wonderful country? To put it in perspective, there are approximately 650,000 CPAs practicing across the United States—representing just 0.187 percent of the population. Yet, our collective influence spans the largest economy in the world. With only about 350 accountancy board members entrusted with oversight, the responsibility we share with respect to accounting regulation is extraordinary.

From auditing global corporations to advising small businesses and nonprofits, CPAs play an incredible role in ensuring trust and integrity in financial reporting. The CPA license remains one of the most respected and valued professional credentials—and a lasting source of pride for all who hold it. The CPA license is our vehicle to ensure the public is protected. 

Leadership Transition and Key Accomplishments

This year marked a successful transition of NASBA’s President and CEO Dan Dustin, whose leadership has already delivered measurable progress. Under his direction, NASBA:

Launched the CPA Mobile App, downloaded more than 21,000 times since September, transforming how CPA candidates manage the examination and licensure process
Streamlined CPA application processing times, improving efficiency and responsiveness
Modernized the Accountancy Licensee Database (ALD) for real-time access to licensing data
Introduced a strategic diagnostic process to guide NASBA’s long-term goals

Dan is to be commended for assembling a very experienced team that delivered improvements across many departments. It has been an honor to experience this organizational transformation firsthand alongside Dan and the entire NASBA team.

Pathway Progress and Pipeline Strength

Last year, I pledged that NASBA would listen to our members—and we delivered. Working closely with the AICPA, we adopted an additional pathway to CPA licensure: a bachelor’s degree plus two years of experience. This advancement broadens access while maintaining the profession’s rigor and integrity.

The pipeline outlook is also promising; accounting program enrollment is up 12 percent, more candidates are sitting for the CPA Exam, and only 15 percent of CPAs are over the age of 64—clear signs of a sustainable future for the profession.

Emerging Challenges: Deregulation and Private Equity

Even as progress continues, new challenges have emerged. Just when it seemed we were gaining real momentum, threats of deregulation arrived with a force and speed that caught many of us off guard. In my home state of Florida, legislation was introduced that would have eliminated the accountancy board and reduced CPE requirements to zero—a development that many of us watched in disbelief.

Our profession has historically operated quietly behind the scenes, and the value the license provides is too often underestimated. I believe many recent deregulation efforts stem from a lack of understanding about the unique role CPAs play and the significance of the CPA license. This license is not merely a credential—it is a mark of excellence, earned and upheld through rigorous requirements, ongoing education, and an unwavering commitment to ethical conduct.

This experience was a powerful reminder of why advocacy, education and engagement remain essential to protecting our profession and the public we serve.

At the same time, growing private equity investment in accounting firms has introduced complex implications for professional independence. To address this, I established a Private Equity Task Force to evaluate these developments and support state boards in their oversight responsibilities. I encourage all members to review and comment on the Task Force’s recently released white paper. I am also encouraged that the AICPA is addressing this issue through PEEC, and I remain confident that regulators will continue to safeguard the integrity of the CPA profession.

Looking Ahead

As I reflect on this past year, I am deeply grateful to NASBA’s dedicated staff, volunteers and leadership team—especially as we celebrate the milestone “women trifecta” in NASBA leadership, with the three most recent past and present chairs (Stephanie Saunders, Maria Caldwell and Niki Neilon) being all women.

Together, we have advanced our mission, strengthened our profession, and laid the groundwork for continued success. From the bottom of my heart, thank you for the honor of serving as your chair. It has been a fantastic year! The future of the CPA profession is bright, and NASBA is ready to lead it forward.

Maria E. Caldwell, CPA
NASBA Past Chair, 2025-2026