Specialization: Have We Reached True Professional Maturity?

The purposes of this paper are to review the historical development of specialization in the accounting profession, discuss some of the major issues relative to specialist recognition, and encourage expansion of the existing American Institute of Certified Public Accountants (AICPA) program to new specialties. There are two major approaches for recognizing specialists within the profession. One approach is self-designation and the other is an accreditation program based on predetermined standards. The legal profession in the US offers a good example of a profession electing to use the self-designation approach. The medical profession offers a good model for the accounting profession to follow in future specialization activities. The formalization and maturity of a specialization program may well have implications for accounting educators, as well as for practitioners. The proposal for an accredited specialization program recognizes the existence of expanded services but attempts to establish standards for performance that will result in high-quality service.