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Professor Dianne Feldman Professor Liz QuinnCaroline Barrett Jessica MendezDavid Goodfellow Jodie Simonton
Presentation available on the Accounting Department’s Homepage
AccountingforCPAConcentrationInformation
Session
Agendao WhatisaCPA?o CareerOpportunitieso ConcentrationinAccountingo TheCPAExamo RequirementstotaketheCPAexamo RequirementstobeCPAlicensedo 150HourRequiremento NextStepso Questions
WhatisaCPA?Ø TheCPAcredentialisalicenseissuedbyoneofthe55statesor
territoriesoftheU.S.thatauthorizestheholdertopracticeasaCPA(CertifiedPublicAccountant)inthatjurisdiction.
Ø LicensingofCPAshelpstoprotectthepublicinterestbecauseonlythoseindividualswhohavemetprescribedrequirementsarepermittedtoidentifythemselvestothepublicasCPAs.
Ø TheCPAlicenseisissuedatthejurisdictionlevel.TobecomeaCPA,youmustbedeclaredeligiblefortheexamination,andsubsequentlylicensed,bytheBoardofAccountancyinoneofthe55U.S.jurisdictions(The50U.S.statesplusGuam,PuertoRico,VirginIslands,NorthernMarianaIslands&theDistrictofColumbia).TheConstitutionoftheU.S.grantseachstateorterritorythepowertoregulatethepracticeoftheprofessionswithinthatjurisdiction’sborders.Inmostjurisdictions,thesepowersarecarriedoutbya“BoardofAccountancy.”
WhatdoesaCPAdo?Ø ACPAlicenseistheaccountingprofession’shigheststandardof
competence,asymbolofachievementandassuranceofquality.
Ø Justasalawlicensedefinesalawyer,theCPAlicensetellsthepublicthatanaccountanthasmasteredthecriticalelementsoftheprofession.
Ø LicensedCPApractitionersaretheonlyindividualsorfirmswhocanissueindependentreports(auditorassuranceservices)ofanykindonfinancialstatementsofbusinessentitiesorotherorganizations.
Ø Licenseesalsoprovideservicestoincludebutnotlimitedtooneormorekindsofmanagementadvisoryorconsultingservices,preparingtaxreturnsorprovidingadviceontaxmatters.
HowdoyoubecomeaCPA?TheCPARequirementsareStateBoardSpecificdependingonthestateyouwillbelicensedandworkingin,butusuallyrequire:o Goodmoralcharacter.o Abachelor’sdegree.o Atleast18or21yearsold.o 0-3yearsofworkexperiencedependingonstateandwork.o 150coursecreditstoobtainCPAlicense;inmanystates,
includingMA&NY,only120creditsareneededtotaketheexam.
o AminimumnumberofcreditsinAccountingandBusiness.o PassingtheCPAexam.o Ongoingprofessionaleducation.
CareerOpportunities:o Accountingisthelanguageofbusinesssothere
aremanypathsforstudentswithanaccountingbackground,withorwithouttheCPA:n “BigFour”AccountingFirms:PwC,KPMG,EY&Deloitten National/RegionalAccountingFirmsn InternalAudit- withincompaniesn InvestmentBanking&FinancialFirms- analystsn Accountingdepartments(profit,not-for-profit)n Otherpossibilities- tax,consulting,academics,corporate
training,etc.
AllBig4AccountingFirmsconsistentlyrankinUniversum’sMostAttractiveEmployers(2020):
CareerOpportunities:o “BigFour”AccountingFirms– PwC,KPMG,EY
&Deloitten Sophomoreyear- Leadershipconferences&
Externshipsn Juniororsenioryear- Summerinternships
o 50%JuniorInternshipswith“Big4”o 29%withFinancialServicesFirmso Overall63%ofInternshipsconvertedtofull-time
hireso Of“Big4”91%convertedtofull-timehires!
MeanSalaries+Bonus,2015-2017
ConcentrationinAccountingo Theobjectiveoftheaccountingcurriculumsequenceis
topreparetheundergraduatemajorforaprofessionalcareerinpublicaccounting,industry,financialservices,government,I/S,lawornotforprofitorganizations.
o Thecurriculumisbroadlybasedinitsscopeandcoverageastoberelevantandusefulforavarietyofcareers.
o StudentsintendingtoacquireaCPAdesignationshouldchoosethisconcentrationtobestsatisfyitsrequirements.
RequiredCourses
Thefuture…o Thestudyofaccountingprovidesastudentflexibilityto
pursueawiderangeofjobs.o Anaccountingconcentrationiswellsuitedtobe
combinedwithothercoursework.Examples:o AccountingConcentration&FinanceConcentrationo AccountingandInformationSystemsConcentrationo AccountingConcentrationandBusinessAnalyticsConcentrationo AccountingConcentration&Arts&Sciences(e.g.Economicsor
Math)MajororMinor
o Ifastudentthinksheorshemaywanttopursuecertification(CPA),itisimportanttoknowthestatecertificationlawsthatapplywhenplanningcoursework.
CPAExam- Generalo TheUniformCertifiedPublicAccountant(CPA) Examination isdeveloped
bytheAICPAwithsignificantinputandassistancebyNASBAandstateboardsofaccountancy.Itis designedtoassesstheknowledgeandskillsentry-levelCPAsneedtopracticepublicaccountancy.Thereare4(four-hour)partstotheexam:n Auditing&Attestationn BusinessEnvironment&Concepts(Managerial)n FinancialAccounting&Reportingn Regulation(Tax&BusinessLaw)
CPAExamo Youtakeonepartatatime.o Youcantakethedifferentpartsinanyorder.o 75isthepassinggrade(thisisscaled).o Onceyoupassonepartoftheexam,youhave18monthsto
completetheremainingparts.Otherwise,youwillneedtoretakethepart(s)thatyoupassedthatis(are)over18monthsold.
o YoumayscheduleyourexaminationatanyPrometricsiteinanyofthejurisdictions.Youdonothavetositinthesamestatewhereyouapplytobelicensed.
CPAExamo TheCPAexamemploysacombinationofquestionformats.It
includesthetraditionalmultiplechoicequestionsandwrittenresponses,aswellashighlyinnovativesimulations– questionsthatreplicateworkplacesituationsandrequiretheapplicationofknowledgeandskillstoarriveatsolutions.
o ThecomputerizedCPAexamisadaptive,i.e.,thelevelofdifficultychangesaccordingtoyourperformance.
BostonCollegeCPAExamPassRates
BCPassRate#4Nationally
MeetingCPArequirementso VisittheNationalAssociationofStateBoardsof
Accountancy(NASBA)websiteatNASBA.org tolearnmoredetails.
o Insomestates(includingMA&NY),candidatescansitfortheCPAexamwithareducedsetofrequirementsfromwhatisnecessarytoobtaintheCPAlicense.n RequirementstotaketheCPAExam.n RequirementstobeCPAlicensed.
RequirementstotaketheCPAexam.o Massachusettso NewYork
CPAEXAMrequirementsinMAo Atleast18yearsold.o Abachelor’sdegree(mayapplyinfinalsemester;
transcriptduewithin90daysofexamdate).o Completedatleast120semestercredithours(or120
creditstobecompletedwithin90daysofapplication).o Takenatleast21Accountingcredithoursincluding
coverageinFinancialaccounting,Cost/Mgmt.accounting,TaxationandAuditing.
o Takenatleast9businesscredithourswithcoverageinFinance,BusinessLaw&Info.Sys.(satisfiedbyDig.Tech.)
CPAEXAMrequirementsinNYo Completeatleast120semestercredithours.o Acoursecoveringeachofthefollowing:
n Financialaccounting,attheupperlevel,n Costormanagementaccounting,n Taxation,(maybetakenatacommunitycollege)n Auditandattestation,attheupperlevel.
RequirementstobeCPALICENSED.o Massachusettso NewYork
CPALICENSErequirementsinMAo PasstheCPAexam.o Completeatleast150semestercredithours.o Haveatleastoneyearofpublicaccounting
experience.o Completeatleast30Accountingcredithours
(mostcoursesare3creditseach)and24business(non-Accounting)credithours.Economicscreditscounttowardthisrequirement.
RequiredCourses
OtherAccountingDept.Electives
CPALICENSErequirementsinMAo Coursescanonlybetakeninregionallyornationallyaccredited
institutions.CommunitycollegecreditsnowcountinMA.o Coursescanbetakeninmorethanoneinstitution(alltranscripts
mustbeseparatelysubmitted).o Onlinecoursesareokayifofferedbyanaccreditedinstitution.o AdvancedPlacementcreditscountifincludedonyourBC
transcript.o CreditstakenabroadcountiftransferredtoyourBCtranscript.o AdvancedPlacementcreditsnotonyourBCtranscriptwillcountif
putonthetranscriptofaregionallyornationallyaccreditedinstitution.
NewYorkCPALICENSErequirementso Atleast21yearsofage.o Beofgoodmoralcharacter.o Atleastoneyearofqualifyingexperience.o Completeatleast150semestercredithours.o Completeatleast33Accountingcredithours
includingfinancialaccountingtheoryandreporting,costormanagerialaccounting,taxation,auditingandattestationservices.
NewYorkCPALICENSErequirementso Complete36generalbusiness(non-Accounting)credithoursin
generalbusinesselectivesinanycombinationofthefollowingareas:businessstatistics;businesslaw;computerscience;economics;finance;management;marketing;operationsmanagement;organizationalbehavior;businessstrategy;quantitativemethods;andinformationtechnologyandsystems.Economicscreditscounttowardthisrequirement.
o Thecurriculummustalsoincludecoverageofbusiness/accountingcommunication(cannotbedoublecountedasanaccountingcourse,canbetakeninA&S);ethics&professionalism(requirementmetbytakingauditcourse)andaccountingresearch(requirementmetbytakingfederaltaxation).
CPALICENSErequirementsinNYo Coursescanonlybetakeninregionallyornationally
accreditedinstitutions.o Coursescanbetakeninmorethanoneinstitution(all
transcriptsmustbeseparatelysubmitted).o Onlinecoursesareokayifofferedbyanaccredited
institution.o AdvancedPlacementcreditscountifincludedonyourBC
transcript.o CreditstakenabroadcountiftransferredtoyourBC
transcript.
150HourRequiremento All50stateshavenowpassedlegislationthat
require150semester-hoursofcourseworktobecomeaCertifiedPublicAccountant.
Meeting150hrrequirement@BCo AtBostonCollege,studentsnormallygraduatewithonly
120creditsiftheytake5classeseverysemester(5classesx3creditsx8semesters).
o Allcreditsthatappearonanaccreditedcollege’stranscriptwillcountincludingthosetakeninhighschooloraspartofanabroadprogram.
o Firmsrequirestudentstobe150-hourcompliantbeforetheystartworkingsoplanningearlyisimportantiftheywanttocompleteallrequirementsin4years.
Howdoyouget(close)to150?o Creditsearnedinhighschoolfromauniversityor
communitycollege.o APcredits.o Overloadduringthesemester.o Takeonlinecourses.o Takesummerclasses(atBCorelsewhere)beforeor
afteryougraduate.o PursueanMSAdegree(atBCorelsewhere).o Acombinationoftheabove.
APCreditso Officially,BCwillonly“flip”orrecognizeAPcreditson
thetranscriptifyouhave24ormoreAPcreditsonrecord.
o Atourrequest(forpurposesoftheCPAexam),theOfficeofStudentServiceswillflipyourAPcreditsaftergraduation withoutlimit.TheAccountingDepartment(ProfessorEdTaylor)willemailgraduatingseniorstosubmitnamestohavetheirAPcreditsflippedinAprilandstudentsneedtorespond.APcreditsarenotautomaticallyflipped.
Overloadingo Worksbestifyouonlyneedafewclasses(usually
maxofonepersemester)togetto150.
o WorksbestifsixthclassisfromMCASandtakenPass/Fail.WoodsCollegealsookayandmaybeupto4credits/course.
o GPAandlearningmaybeadverselyaffectedbyoverloading,whichinturncanhurttheirabilitytogetajoborpasstheCPAexam.
OnlineCourses(1)o Takeonlinecoursesanytime--- summer,winter
andspringbreaks.
o CoursesmustnothaveidenticaltitlesascoursestakenatBC.
o InMAandNY,onlinecourseswillcountonlyiftheyareofferedbyaccreditedinstitutions.Otherstatesmayormaynotrecognizethem,socheckthestateboardofaccountancyfirst!LSUisapopular,cheapoption(about$866/3creditcourse).OthersincludeUTexasatAustin,UnivofIdaho,BYU,Uconn.
OnlineCourses(2)o Mostonlinecourseshaveaminimumandmaximum
periodtocompletethecoursesoplanahead.LSUhasaminimumof6weeksandmaximumof9monthstocompletethecourseplus2proctoredexams.
o Qualityofonlinecoursesissuspect,soavoidtakingaccountingclassesonline(LSU:forensicaccountingisokay,Gov’t/Non-profitandAdvancedaccountingarehardtolearnonyourown).
o BCdoesnotrecognizeonlinecoursesbutthat’sokayforCPApurposes.
Summerclassesbeforegraduationo YoucantakesummerclassesatBCorelsewherein
yourfreshman,sophomoreorjunioryears(ifyoudon’tintern)forenrichmentwithpermissionfromtheDean.
o CoursestakenelsewherewillberecognizedfortheCPAiftheyareaccreditedinstitutions.MAnowacceptscreditstakenatacommunitycollege.NewYorkonlyacceptsforFederalTaxationtakenatacommunitycollege.
o Donottakeanyextraclassesthatduplicateyourcourseworkhereastheymaybedisallowedbythestateboard.
Summerclassesaftergraduationo Youcantakesummer,graduate-levelaccounting
classesatBCaftergraduationasanon-degree,specialstudent.
o Youmaytakeupto5classes(15credits)--- 2classeseachinJuneandJuly,1overtwo-weeksspanninglateJulyandearlyAugust.
o Costpercourseisaround$5,000.
BC’sMSAProgram:o Astudenthastheoptionofgoing:
n summer– fall(studentmaybeabletostartworkinginJanuary,ifavailable)
n fall– spring(studentcaninternaftersenioryearandthenstudyfortheCPAexamduringspringorsummer)
n summer– summer(ifemployerallowsit)
o ThesummertermisofferedinthemonthsofJunetoAugust.Astudentcantakeuptofiveclassesinthesummer(2- 2-1)
BC’sMSAProgram:o ApplicationdueinDecember(forsummerstart)or
February(forfallstart).
o WillrequireGMAT/GREtest,lettersofrecommendationandaformalapplication.
o BCjuniorsthathaveanAccountingGPAofatleast3.0andhaveaninternshipofferwillbegranted“accelerated”admissiontotheprogramthatdoesnotrequiretheGMAT/GREtestorlettersofrecommendation(infosessioninspring).
MSACurriculum:o 3requiredcoursesand7electives(30totalcredits)
o 7electives– atleast3mustbeaccountingelectivesandtheotherscanbetakenfromtheMBAorMSFprogram.
o 3requiredcourses:n FinancialStatementAnalysis(ACCT8824)n AssuranceandConsultingServices(ACCT8825)n TaxesandBusinessDecisions(ACCT8826)
MSACurriculum:o Ifstudentgraduateswithmorethan120credit
hours(includingAP),he/shecanuseupto6ofthese“excess”credits(2courses)above120toreducethenumberofrequiredcoursestocompletetheMSAdownto8providedthestudenthastakentheequivalentnumberofclasses(oneortwo)atthe600-level(e.g.,ACCT6601,602,615,618,634and641).
o ProfessorGilManzoncananswerspecificMSAprogramquestions.
NextStepso Ifyouhaven’talready,TAKEACCT1021IntroductoryFinancial
Accounting– nextsemester!o TalktoCarrollSchoolAccountingforCPAconcentrations.o TalktoanAccountingConcentratorPeerAdvisor:
n ContactWill:[email protected] ContactGrace:[email protected]
o Meetwithon-campusaccountingrecruiters.o SetanappointmenttomeetwithanAccountingDepartment
facultyadvisorwhowillhelpyouthroughtheprocess:§ ProfessorDianneFeldman [email protected]§ ProfessorLizQuinn [email protected]§ ProfessorEdTaylor(Asst.Chair) [email protected]
Questions??
