CPA exam question


E

earthlink

What are the requirements to take the CPA exam? What consists of CPA
exam? I heard it consist of few parts, can you tell me what they are?
Thanks in advance.
 
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E

earthlink

I have few more questions.
(1) Is there just one CPA exam for all 50 states or are they all
different?
(2) how long does it take to take the exam?
(3) If I pass CPA exam in California, will I be able to practice
accounting in other states?
Thanks alot
 
W

Wayne Brasch

What are the requirements to take the CPA exam? What consists of CPA
exam? I heard it consist of few parts, can you tell me what they are?
Thanks in advance.
I suggest you go to http://www.aicpa.org and see what it shows. I believe
your questions will be answered.

Wayne Brasch, CPA, M. S. Taxation
 
J

Jim

Here are the answers to your questions:

1) In most states you need to satisfy the requirements of the 150 hour
rule to take the exam for that state. That means you need 120 hours
for your bachelor's plus 30 hours, of which each state has their own
requirement of how many of those hours must be accounting hours. Here
in Florida we needed at least 36 accounting hours, six of which had to
be business law.

2) There are four parts to the exam: Auditing, Regulation (Tax & Law),
Business Concepts (Finance, Cost, etc), and Financial Reporting (GAAP
concepts).

3) As mentioned before, each state is different in their requirements,
however with the computerized exam you can now sit for the exam in one
state while taking it in the testing center from another state. I had
a friend here in Florida take the Virginia exam at a Florida testing
center. Also, the exam is the same for all 50 states.
ly
4) As far as how long the exam is, you can now take each part
individually instead of taking all four parts at once as in the past.
Each part took me from 2.5 hours to 3.5 hours.

5) If you pass the exam in one state, you will be able to practice
accounting in other states, with certain exceptions. Basically anybody
can sign a tax return as long as they are the paid preparer, but audits
are a different story. For one thing, it depends on if the two states
in question have reciprocity with each other where all a CPA has to do
to practice in the other state is pay a licensing fee. My boss was
licensed in Illinois, but they do not have reciprocity here in Florida.
I'm not sure of the specific rules, but I know he needs a concurring
partner licensed in Florida to sign off.

Hope these answers help.

Jim
 
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X

xyzer

What are the requirements to take the CPA exam? What consists of CPA
exam? I heard it consist of few parts, can you tell me what they are?
Thanks in advance.

Not that you care in particularly, but, since the subject of 150 hours
has been brought up, I'll talk about South Carolina's new rules. One
reason I bring this up is because other states might be considering
doing the same sort of thing, though I'm not sure exactly which ones.
Anyway, in SC, one no longer needs 150 hours in order to take the exam.
All one needs, if I remember correctly, is a bachelor's degree in
accounting. I myself have already taken one section having only 148
hours on my transcript, and I plan on taking my second section here
shortly. However, to be LICENSED in this state, it's actually become
more difficult, as one still needs 150 hours to meet the education
requirements, but those 150 hours need to contain 36 semester hours of
accounting classes, 24 of those being at the junior level or above.
Assuming I don't go to graduate school, I would need to take advanced
cost accounting and advanced Financial Accouting in order to meet the
educational requirements for licensing in my state. However, what I'll
probably do --and I realize this is NOT what most people do-- is pass
all of the CPA sections, and then go back to graduate school, while
working part time.
 

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