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The corollary between the issues facing both major league baseball and its balance of power and Wall Street’s current trials and tribulations around specialist models, compensation, and governance is telling. Both require a scorecard as well as historical and political perspective. The industry should take the lead, willingly, to initiate and manage its own transformation and can start by ensuring the separation of place and process in all financial markets. Market making is decidedly different from other exchange activities like listing and trading services. The industry should create and adopt independent oversight bodies to audit its self‐governance functions with a particular focus on market‐making activities as well as oversight of how and where securities are listed and traded regardless of venue. Finally, the industry should truly embrace competition and limit self‐dealing ‐ and eliminate the perception of it ‐ thereby restricting participants from markets where their access creates moral hazard.

Public sector accounting (PSA) education has recently become the focus of scholars and practitioners alike. The article aims to reflect on PSA education from a practitioner’s perspective. Based on the author's experiences with accounting change projects in the public sector and teaching PSA education at different higher education institutions (HEIs) and levels, possible implications are derived for PSA education.

The article represents a viewpoint by a practitioner. Examples of selected practical PSA issues are used to derive implications for PSA education.

The author suggests that it is likely time to rethink the design of PSA education in higher education. The growing complexities of PSA as well as its interdisciplinarity make it necessary that a full study programme at master level is needed to cover the requirements in practice and prepare graduates for the challenges lying ahead.

The author finds that there is a possible gap in PSA education. Study programmes on PSA/PFM at master level are needed to cover the requirements in practice and prepare graduates for the challenges lying ahead.

The author contributes to the growing body of literature on PSA education by offering a practitioner’s perspective on the issue.