My wife has a bachelor’s in management and she has worked at several banks in a customer service capacity, but she would like to move into accounting and eventually become a CPA. The problem is that it would take at least two years (maybe more, depending on how many credits she can transfer) to get a bachelor’s in accounting, and getting a bachelor’s degree while working is a scheduling nightmare. But there are lots of MBA programs that are more flexible, with online/night/weekend schedules. If she were able to get her MBA with a focus in accounting or finance, would she be able to sit for the CPA exam? Or is there no alternative to going back to school for 2 years to get the bachelor’s?
My wife is going through this right now. So far she has taken 3 of the 4 CPA tests. There is a minimum number of credit hours needed before your wife can sit for the tests. You can find with a little research, it may differ from state to state.
I STRONGLY recommend your wife take the Becker Review. The tests are very hard. I used to work for Ernst & Young, every single new auditor used Becker.
Good luck!
Wisconsis Legislature requires the following for Licensure as a CPA and the passing of the CPA exam.
You need to get the requirements for your state from the State Board of Accountancy. Some require 120 credit hours, others 150. Some require that, within those credits, they be divided up among a minimum number of accounting-specific and general business credits. The degree did not have to be in accounting, but you needed at least an MBA or accounting minor. She might need a copy of her old transcript and a list of the MBA curriculum classes to know how she’ll stack up.
Anyway, if I had to shoot from the hip, I would say that an MBA is probably her best option, but she needs to do the legwork.
I can also recommend Becker, though I didn’t use them myself. I used ExamMatrix, which was perfect for me, but I learn differently from most people.
Would note that MBAs typically don’t concentrate in accounting. In fact, I would be highly surprised if that concentration is even offered and would question the credentials of the school. Could she get into a Masters of Accounting progam instead?
Also, finance and accounting are not interchangeable.
Typically CPAs go back to school and get MBAs, not the reverse. They are two completely different fields of study.
(MBAs tend to think of CPAs as glorified bookkeepers who can’t’ see past their ledgers, don’t have a concept of shareholder value, and think GAAP is the bible. Goodness knows what they think of MBAs:rolleyes:)
As a follow-up, MBA programs typically only offer 2-3 accounting courses taught at a very cursory level (an intro class, a cost accounting class, and some other throwaway class). The GAAP focus would only be on the intro class. You would miss the more advanced accounting topics like intermediate accounting and internal/external auditing.
Furthermore, an MBA will not teach your wife how to think like a CPA, but how to think like a business owner.
Not saying it’s not an option (answers from other folks clearly point to “it depends on the state”), but am MBA is not a substitute for the knowledge acquired with a bachelor’s in accounting. MBA is about thinking outside the box, CPA is about conforming to GAAP and FASB; polar opposites.
IAAMBA, but double-majored undergrad in finance and accounting.
Thanks for quoting the Wisconsin code on that, Wilbo - I hadn’t considered that this would vary state to state, but of course it would. Part of the problem is we moved here from out-of-state, and the local colleges (MATC, in particular) are wary about accepting her previous Accounting 1 credit since she didn’t take the course in Wisconsin. She was hoping to get her accounting certificate in 1 semester in the spring and then work for a couple of years as an accounting assistant while working toward some sort of accounting degree, but of course it can’t be that easy.
My spouse was a CPA in Utah for several years. She had one hell of a time becoming a CPA in Nevada even though her degree was from UNR. So I would second the opinion that it depends upon the state.
Here’s a question:
My brother got his bachelor’s in accounting from the UW. However he told me (and followed through) that he needed a Masters in Accounting (a 1-year grad program) at the UW to gain his CPA. Is that true?
Father is a CPA in Wisconsin. He only has the bachelor’s degree, but of course he’s been practicing for probably thirty years now.
Brother is now a CPA in Minneapolis. I’ll see him in a week so I can ask him then, I suppose.
I have a MS in Accounting and honestly felt the MBA-level courses I took were ungodly easy (not saying it is universal, but it was my limited experience). Umm…I know more than a few folks who have MBAs with concentrations in Accounting. Usually MS in Acct. or MPA programs are for undergrads who go straight to Grad school to meet the CPA hour requirements. Honestly, as a practical matter I see no reason to bother with the advanced degree if you can satisfy the CPA hour requirement without it. The CPA is the benchmark. My MS is just pretty wall art since I have the CPA.
Hah. Just for kicks I looked up my college’s MBA program and they got rid of the MBA in Accounting and now only have the MS in Accounting. Who knew :smack: ?
The trend is increasingly toward requiring the 5th year of study. Lots of schools have bundled the undergrad and MA programs into a 5 year program.
Once upon a time, the CPA exam has a reputation as one of the most grueling professional certifications out there, with a ridiculously low pass rate for first-time sitters. Does anyone know if this is still the case?
The AICPA changed the requirement for sitting for the CPA EXam (a national exam) to be 150 college credit hours about 10+ years ago. Most state licensing boards adopted the same requirements. Most bachelor degree programs are less than 150 hours. At most large university program across the country, you can’t even get a bachelor’s degree with a major in Accounting any more. If you want to get a major in accounting you will likely have to complete at least 150 hours and you will obtain a bachelors degree and a masters degree at the same time. At some schools you can still get a bachelors degree (BBA) but take additional courses to get to 150 hours to be eligible to sit for the CPA exam.
Well…I think the test itself is just as hard, but since the test went to computer each section can be taken separately. I think this change has increased the pass rates (I think >1/3 pass a given section) quite a bit.
Washington state requires 150 credit hours and the Masters is a good way to get it. However, I was able to meet that 150-hour requirement with only a BS Accounting via a lot of physics and chemistry courses taken when I still thought I wanted a biochemistry degree.
This option entirely depends on the policies of the enrolling institution. She could take the evening classes if feasible. They are often the best way to pursue graduate school and work at the same time. This is because many employers believe that on-campus programs are superior to those that are offered only on-line, especially if those courses are not interactive. I would recommend Bentley University’s MBA programs for their broad curricula and career placement center .