The accounting world is widely known amongst college students for its grueling workload and demanding requirements. Specifically within a school of business, those pursuing a degree in accounting are given the ability to understand the depths and details within the financial realm of a company. However, after dedicating an excessive amount of time to their studies and continuously striving to meet the high demands of professors, is it beneficial to add a 150-hour credit requirement to the mix?
A certified public accountant (CPA) in today's business environment must not only have a high level of technical ability and a sense of dedication to their position, but must also have good communications and analytical skills. Employers are looking for individuals who have the ability to analyze and evaluate complex business problems, as well as the interpersonal skills and morals to make decisions in a client- and customer-service environment. Due to these necessary requirements, many states have already taken action towards preparing undergraduate students for the task. Included in these actions is the 150-hour credit requirement.
During the past 10 years, a number of states have established 150-hour CPA licensing requirements. Currently, over 40 states have adopted the rule and by doing so, they have left undergraduate students with limited options in regards to obtaining these hours. Many colleges and universities offer both bachelor's and master's degree programs in accounting, however, to obtain a total of 150 semester hours of education, it will no longer be enough for undergraduate students with only a four-year degree to receive their CPA certification. Due to this, student's pursuing an accounting degree must now look past the common bachelor degree program offered, and consider continuing their education with either a master's degree or an integrated five-year professional accounting school.
In most cases, it is believed that an additional academic workload is needed to acquire the appropriate skills necessary for today's CPAs. Although not financially available to all, many feel these requirements are best obtained at the graduate level., However, this level of higher education may not be realistic for majority of accounting students, and will therefore cause a financial boundary for many pursuing the accounting profession. Therefore, students are forced to question if the 150-credit requirement is worth the extra educational expenses in the long run.
It has been stated by the AICPA that 15-credit hours are needed for a CPA to understand the "official accounting and auditing pronouncements and the proliferation of new tax laws" in order to "expand the knowledge base" of professional accounting methods. However, will the extra hours help students to gain a better understanding of global accounting, international standards, or the difference between the two? In most cases, accounting students in a master's program are offered classes such as taxation, fraud and governmental accounting. None of these classes offer a detailed look into the profession or help a student increase their awareness of international standards.
Even though masters programs seem to lack emphasis regarding current accounting procedures and standards, states continue to adapt the requirement. Due to this, colleges and universities across the country are rapidly beginning to offer accounting masters programs to students looking to sit for the CPA exam. This has caused universities to target students with the sole purpose of generating a greater profit. They do not seemed concerned with the graduate level curriculum, as many students have already learned the necessities needed within the accounting profession.
Will the new 150-hour requirement ultimately benefit students entering the accounting profession? If colleges and universities begin to offer classes pertaining to IFRS, global accounting and the affects of both on today's business world, a master's degree would greatly benefit all college students when taking the CPA exam and entering the workforce. However, if the programs continue to merely add-on to bachelor level courses, students may be finding themselves with more expenses and generating little benefit.
A certified public accountant (CPA) in today's business environment must not only have a high level of technical ability and a sense of dedication to their position, but must also have good communications and analytical skills. Employers are looking for individuals who have the ability to analyze and evaluate complex business problems, as well as the interpersonal skills and morals to make decisions in a client- and customer-service environment. Due to these necessary requirements, many states have already taken action towards preparing undergraduate students for the task. Included in these actions is the 150-hour credit requirement.
During the past 10 years, a number of states have established 150-hour CPA licensing requirements. Currently, over 40 states have adopted the rule and by doing so, they have left undergraduate students with limited options in regards to obtaining these hours. Many colleges and universities offer both bachelor's and master's degree programs in accounting, however, to obtain a total of 150 semester hours of education, it will no longer be enough for undergraduate students with only a four-year degree to receive their CPA certification. Due to this, student's pursuing an accounting degree must now look past the common bachelor degree program offered, and consider continuing their education with either a master's degree or an integrated five-year professional accounting school.
In most cases, it is believed that an additional academic workload is needed to acquire the appropriate skills necessary for today's CPAs. Although not financially available to all, many feel these requirements are best obtained at the graduate level., However, this level of higher education may not be realistic for majority of accounting students, and will therefore cause a financial boundary for many pursuing the accounting profession. Therefore, students are forced to question if the 150-credit requirement is worth the extra educational expenses in the long run.
It has been stated by the AICPA that 15-credit hours are needed for a CPA to understand the "official accounting and auditing pronouncements and the proliferation of new tax laws" in order to "expand the knowledge base" of professional accounting methods. However, will the extra hours help students to gain a better understanding of global accounting, international standards, or the difference between the two? In most cases, accounting students in a master's program are offered classes such as taxation, fraud and governmental accounting. None of these classes offer a detailed look into the profession or help a student increase their awareness of international standards.
Even though masters programs seem to lack emphasis regarding current accounting procedures and standards, states continue to adapt the requirement. Due to this, colleges and universities across the country are rapidly beginning to offer accounting masters programs to students looking to sit for the CPA exam. This has caused universities to target students with the sole purpose of generating a greater profit. They do not seemed concerned with the graduate level curriculum, as many students have already learned the necessities needed within the accounting profession.
Will the new 150-hour requirement ultimately benefit students entering the accounting profession? If colleges and universities begin to offer classes pertaining to IFRS, global accounting and the affects of both on today's business world, a master's degree would greatly benefit all college students when taking the CPA exam and entering the workforce. However, if the programs continue to merely add-on to bachelor level courses, students may be finding themselves with more expenses and generating little benefit.
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