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Working smart: new education requirement poses challenges for accounting. (Selected Topic).(standards, laws, and educational requirements for accountants)
Kelly Financial Resources[R]
As valuable and needed as the increased educational requirements are for Certified Public Accountants (CPAs) the new standard is producing dramatic consequences for the accounting profession and the business community it serves.
Establishing 150 semester hours--essentially five years of college--as the minimum education required before taking the CPA exam has restricted the flow of candidates attracted to the field. And the shortage com just as the demand for quality accounting services teaches an all-time high, especially light of the accounting irregularities uncovered in a recent spate of high-profile bankruptcies.
"The accounting profession has been pushing for the increased educational requirements for more than 40 years," said Robert Lyons, vice president of Kelly Financial Resources[R], business unit of Kelly Services[R]. "This effort raises the bar to a level that fewer people are interested in clearing. Those who do will be better prepared to work with advancing technology, an increasingly complex business environment and society's continuing demand for accounting and assurance services. The 150-hour requirement couldn't come at a more opportune time."
From 1996 to 2000, the number of college students enrolled in accounting declined by 25 percent, according to the American Institute of Certified Public Accountants (AICPA). But for those that persevered, statistics show that pass rates for first-time candidates of the CPA exam increased dramatically after implementation of the 150-hour rule.
In addition, Lyons said the added hours help make the profession more relevant to the business community it serves by also removing some of the governance and certification practices. "The current state-by-state regulation of public accountancy is outdated," he said. "In today's global, high-tech environment, public accountants need to practice their profession without regard to state boundaries. The increased educational requirement ensures consistent, high-quality service and helps remove artificial barriers that have made it difficult to practice across state lines."
Background
- 150-hour dead in Calif. (certified public accountants' educational requirements)
- Magazine article from: Accounting Today Okell, Bob April 27, 1992 700+ words
...since last July. Despite the rejection, the society remains committed to imposing an additional 30 hours of educational requirements on CPA candidates. Despite the California action, the 150-hour educational requirement still appears certain...
- S. Carolina accountants team with Wachovia. (South Carolina Association of...
- Magazine article from: American Banker June 2, 1997 700+ words
...with Wachovia to help our CPAs meet their professional educational requirements and better fulfill their roles as valued advisers," said...president of the South Carolina Association of Certified Public Accountants.
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- Magazine article from: The National Public Accountant Sinning, Kathleen, E. Dykshoorn, Hans J. June 1, 1997 700+ words
...provided only by certified public accountants (CPAs) and that any...such as registered public accountants (RPAs), should be...Institute of Certified Public Accountants (AICPA) and the National...
- CPA education battle: AICPA answers Jackson's rip of 150-hour law, asks for...
- Magazine article from: Accounting Today June 22, 1992 700+ words
...to the AICPA's push for tougher educational requirements for CPAs. The politically-influential...Americans have become certified public accountants during the past 20 years," Elam...minorities have become certified public accountants in North Carolina. This is very...
- Faxline: auditors favor interstate reciprocity. (nationwide system of licensing...
- Magazine article from: Accounting Today Telberg, Rick December 23, 1991 700+ words
...present system of licensing and regulating certified public accountants, which rests control with the states, should be scrapped...is in an excellent position to mandate and monitor educational requirements. Why continue a system that is neither fish nor fowl...
- The 150-hour rule lays a foundation for the future.(curriculum requirement for...
- Magazine article from: Accounting Today Hollander, T. Edward Spector, Charles A. September 8, 1997 700+ words
...professionals have increased their educational requirements. Business managers now require...profession has lagged in raising educational requirements to meet the increased demands...point to the need for extending educational requirements. Similar studies and continuing...
- The new agenda: too late? Or too much.(American Institute of Certified Public...
- Magazine article from: Accounting Today Telberg, Rick April 7, 1997 700+ words
...accountancy board members throughout the nation. In a nutshell, the new agenda would greatly ease experience and educational requirements for the vast majority of CPAs who work in industry or perform no attest services. For firms, it could open...
- Your 150-hour questions answered.(Certified Public Accountants license)(Brief...
- Magazine article from: Leader's Edge October 1, 2001 700+ words
...what it's like to be a CPA, find out what CPAs actually do, and what skills are needed. Other sections cover educational requirements, the CPA exam, earning expectations and how to gain experience as you prepare for licensure.
