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| Frequently Asked Questions CPA Educational/Experience Requirements Q: Where can I find the exact guidelines and regulations for obtaining my CPA license in New York State? A: Take a look at these two sites: http://www.op.nysed.gov/cpa.htm and http://www.nysscpa.org/society/Future_CPAs/howtobecomeanaccountant.htm. Both should shed some light on the subject. The first site is sponsored by the New York State Education Department (SED) and the second is sponsored by the New York State Society of CPAs (NYSSCPA). If you are not from a registered program, you will have to apply with the SED to have your coursework evaluated. Q: What are the differences between Continuing Professional Education (CPE) requirements for CPAs working in private industry and in public practice? A: In New York State, CPAs are licensed for life but must register only if they perform statutory CPA services, or work in firms that provide such services (audits, reviews, compilations, and attestations of prospective financial information). Only New York State-licensed CPAs that are registered and in public practice are subject to the regulations for CPE. CPAs working in public practice are required to take CPE as a condition for re-registration. Here is a link to a page containing plenty of other links regarding CPE requirements: http://www.nysscpa.org/faeorg/cpereqs1.htm. Q: I live in another country/I am a chartered accountant. How do I become a CPA in the U.S.? In order to become a CPA in the U.S., you need to apply to one of the 54 U.S. jurisdictions (50 state governments plus Guam, Puerto Rico, Washington, D.C., and the U.S. Virgin Islands) for permission to sit for the CPA Exam. Although the exam is the same at all locations, each state has different rules regarding your eligibility to sit for the exam. You should visit http://www.nasba.org/nasbaweb.nsf/sit, click “Uniform CPA Examination,” scroll down, and then click on the map on the state you are interested in. If you'd like to sit for the CPA Exam in New York State, you should contact the New York State Education Department's Bureau of Comparative Education at (518) 474-3817, ext. 300, or comped@mail.nysed.gov. Their website is http://www.op.nysed.gov/cpacontact.htm. You also might want to take a look at these two sites: http://www.op.nysed.gov/cpa.htm and http://www.nysscpa.org/society/Future_CPAs/howtobecomeanaccountant.htm. Both should shed some light on the subject. The first site is sponsored by the New York State Education Department and the second is sponsored by the NYSSCPA. The CPA license in New York State (some states grant a certificate) is only directly comparable to the articles of a chartered accountant in certain U.S. states. You should visit the National Association of State Boards of Accountancy (NASBA) website at http://www.nasba.org/nasbaweb.nsf/exam, click “Examinations,” click “Boards of Accountancy” on the top of the page, and then choose the state you are interested in to see if they will compare the articles of a chartered accountant to the CPA Exam. Another exception is a special examination (named IQEX) for Canadian and Australian chartered accountants. The National Association of State Boards of Accountancy (NASBA) Web site has information on the IQEX examination here: http://www.nasba.org/nasbaweb.nsf/exam. Additional information is available at the AICPA web site at http://www.aicpa.org/members/div/examiner/iqex/index.htm. Additional information is available at the AICPA web site at http://www.aicpa.org/members/div/examiner/iqex/index.htm. As a qualified member of IFAC, you are eligible to join the NYSSCPA under the Society's Associate International membership. It's a great way to network with professional CPAs, and you'll also receive many other great benefits, too (http://www.nysscpa.org/membership/provide.htm). You can sign up at http://www.nysscpa.org/membership/app_form.htm. You should also check out ACAUS (http://www.acaus.org). It's a nonprofit professional and educational organization dedicated exclusively to the interests of Chartered Accountants in the U.S. Q: What work experience is required to become a CPA after passing the CPA Exam? A: Here is the appropriate section from the New York State Education Department (SED) website: “Two years of qualifying experience (full-time or its part-time equivalent) are required for licensure. Applicants who have completed advanced study in an approved accounting program or its equivalent may petition for a waiver of one year of experience. A significant portion of public accounting experience – a minimum of 75% – must be in the areas of auditing services and financial statement preparation; at least one-half of this time must consist of auditing services alone. Full-time employment is considered to be a 5-day, 35-40 hour week, excluding overtime. See the instructions for Employer Form 4b for further detail on qualifying experience.” For more information on New York State’s experience requirement, go to this page: http://www.op.nysed.gov/cpa.htm and scroll down to the “Experience Requirements” section. For other states, you’ll need to visit the board of accountancy in the state in which you plan to take the exam. You can go to the National Association of State Boards of Accountancy (NASBA) website at http://www.nasba.org/nasbaweb.nsf/nasbahome, click “Examinations” on the left side of the page, click “Boards of Accountancy” on the top of the page, and then choose the state you are interested in. Once you get to your state’s board of accountancy website, you should find the Experience Requirement section. Q: When can I officially call myself a CPA? A: You can't call yourself a CPA unless you have a license or a certificate. Most states have experience requirements in a CPA firm as a prerequisite for licensure. Some do not. If you pass the CPA Exam in one of those states and have the appropriate educational background, such a state will grant a license or certificate to you. Then you can call yourself a CPA. You can find the state requirements on the AICPA's website by visiting http://www.aicpa.org/states/stmap.htm. If you live in New York State, you can also perform a search for yourself here: http://www.op.nysed.gov/opsearches.htm and do the following:
If you are not listed, you cannot hold out as a CPA in New York State and perform audits, reviews, compilations, or attestations of prospective financial statements. If you are listed, click on your license number. If your status is “Registered” you can hold out as a CPA and perform services restricted to CPAs in New York State. If you are not holding yourself out to be a CPA, are not registered, or do not perform services restricted by statute or regulation to CPAs, then an individual holding a valid license or certificate can list the credential after his or her name as in the case of other valid, earned credentials. Q: What is the difference between getting a CPA certificate versus a license? Can I work in New York State with a CPA certificate from Delaware? A: A certificate means you have passed the CPA Exam and are *eligible* to receive a license to practice. After receiving your certificate, you receive your license by completing the experience requirement. (See the “Experience Requirements” section on this page: http://www.op.nysed.gov/cpa.htm.) You can only practice accounting once you have earned your license. Additionally, if you work in public practice, you will also need to keep up with your Continuing Professional Education (CPE) requirements (http://www.nysscpa.org/faeorg/cpereqs1.htm), in order to keep your license current and in good standing. So you cannot work in New York State with a Delaware certificate. A Delaware *license*, on the other hand, is a different story. In this case, each state has different rules regarding eligibility to practice with another state’s license. I suggest you contact the New York State Education Department (SED). Here’s the SED’s contact info: http://www.op.nysed.gov/cpacontact.htm, CPA license requirements: http://www.op.nysed.gov/cpa.htm, and CPE requirements: http://www.op.nysed.gov/cpace.htm. You can also visit the National Association of State Boards of Accountancy (NASBA) website at http://www.nasba.org/nasbaweb.nsf/sit, click “Uniform CPA Examination,” scroll down, and then click on the map on New York State (or the state you are interested in). Q: I am CIMA qualified (in the U.K.) and am looking to continue my studies. Can you tell me the equivalency of education of the CIMA in the U.S.? A: The U.S. equivalent is the CMA. This isn't really an education designation, but rather a professional one. It is also not a license, like the CPA. I would suggest that you contact an accredited school in the New York State area that works with international issues if you want to continue your education. Do not expect, however, that they will grant you college credit because of your CIMA designation. The list of schools in New York State which will fulfill a student’s eligibility requirement can be found on the New York State Education Department website at http://www.nysed.gov/heds/IRPSL1.html. From this page, click “Search for programs leading to a Professional License” and then “Search.” Then simply scroll down and select “CPA-150” in the list provided and click “Submit.” This list is constantly being updated. The list of schools which offer accounting degree programs nationwide can be found on the AICPA website at: http://www.aicpa.org/collegelist/index.htm. Q: Will a CPA license from one state transfer to another state? A: State CPA eligibility questions need to be answered by the board of accountancy in the state in which you plan on practicing. If you plan on practicing in New York State, you can contact the SED at http://www.op.nysed.gov/cpacontact.htm. If you plan on practicing in a state other than New York, you should visit the National Association of State Boards of Accountancy (NASBA) website at http://www.nasba.org/nasbaweb.nsf/nasbahome, click “Examinations” on the left side of the page, click “Boards of Accountancy” on the top of the page, and then choose the state you are interested in. Once you get to your state’s board of accountancy website, you should be able to easily find the appropriate information or contact. State boards of accountancy are the only organizations that can give you an official answer. Q: I passed all four parts of the CPA Exam in 1996. Now I work in New York City for the accounting department of an insurance company. My supervisor is a CPA licensed in another state. Can he certify my general accounting experience – including financial statements – if he is not licensed in the state of New York? A: You can gain qualifying experience for licensure in New York working for out-of-state CPAs. However, it appears that you are now working in industry and not for a CPA firm. It is very difficult to get qualifying experience in a non-CPA firm. You should review the State’s policy on non-public experience at http://www.op.nysed.gov/cpapolicy.pdf. Any further questions should be directed to the New York State Board for Public Accountancy at (518) 474-3817, ext. 160. Q: I graduated with an undergraduate degree in Economics. I've applied to programs to complete a master’s in accounting. Is there a preferred degree between an MS in accounting or a MBA in accounting? A: Bob Colson, editor-in-chief of The CPA Journal, writes, “Economics undergraduate majors should study the NYS requirements closely (http://www.op.nysed.gov/cpa.htm) because they specify both degree and course distribution. An MS is a more specialized degree than an MBA. In some cases, an MS pigeonholes a student more than an MBA. Whichever program the student chooses, he should also look at who recruits from the program and what kind of jobs people get after graduation.” The CPA Exam Q: Can you give me the latest information on the new computerized CPA Exam? A: Below are some great CPA Exam resources:
Q: Do I need 120 or 150 hours to qualify to sit for the CPA Exam? A: The 150-hour requirement begins with all freshmen matriculating in September 2004. Students who have matriculated *before* September 2004 need only fulfill a 120-hour requirement to qualify to sit for the CPA Exam. The list of schools in New York State which will fulfill a student’s eligibility requirement can be found on the New York State Education Department website at http://www.nysed.gov/heds/IRPSL1.html. From this page, click “Search for programs leading to a Professional License” and then “Search.” Then simply scroll down and select “CPA-150” in the list provided and click “Submit.” This list is constantly being updated. The list of schools which offer accounting degree programs nationwide can be found on the AICPA website at: http://www.aicpa.org/collegelist/index.htm. Q: Can you help me determine if I am eligible to sit for the CPA Exam? A: CPA Exam eligibility questions (and the review of your relevant educational background) need to be answered by the board of accountancy in the state in which you plan to take the exam. If you plan on taking the exam in New York State, you can view the New York State Education Department’s (SED) license requirements here http://www.op.nysed.gov/cpa.htm or contact the SED at http://www.op.nysed.gov/cpacontact.htm. If you plan on taking the exam in a state other than New York, you should visit the National Association of State Boards of Accountancy (NASBA) website at http://www.nasba.org/nasbaweb.nsf/nasbahome, click “Examinations” on the left side of the page, click “Boards of Accountancy” on the top of the page, and then choose the state you are interested in. Once you get to your state’s board of accountancy website, you should be able to easily find the appropriate CPA Exam educational information. State boards of accountancy are the only organizations that can give you an official answer. Q: Which colleges and universities offer accounting degree programs that will fulfill my eligibility requirement to sit for the CPA Exam? A: The list of schools in New York State which will fulfill a student’s eligibility requirement can be found on the New York State Education Department website at http://www.nysed.gov/heds/IRPSL1.html. From this page, click “Search for programs leading to a Professional License” and then “Search.” Then simply scroll down and select “CPA-150” in the list provided and click “Submit.” This list is constantly being updated. The list of schools which offer accounting degree programs nationwide can be found on the AICPA website at: http://www.aicpa.org/collegelist/index.htm. Q: I passed all four parts of the CPA Exam in 1998. Is that still valid today? A: Once you have passed the CPA Exam, you have passed for life. Once you fulfill the experience requirement, you will be eligible to obtain the CPA license. Q: I am a recent graduate. I live and work in New Jersey, but I would like to sit for the CPA Exam in New York. Can experience earned in New Jersey count for licensure in New York? A: The experience requirements in New York and New Jersey may be different but, generally speaking, any qualified audit and accounting experience you get in New Jersey can be counted for licensure in the state of New York. If the experience was not in the public accounting arena, such as internal audit, it might make a difference. But as long as you're on the audit staff of a CPA firm, you're OK no matter what state you're in. Q: Are there any online accountancy programs that the NYSED recognizes for its requirements to sit for the CPA Exam? A: Unfortunately, there are currently no online programs which the NYSED recognizes for its CPA Exam license requirements. Q: Should I evaluate my credits before applying for the CPA Exam? When can I take the CPA Exam? A: You must have your degree before you can sit for the exam. Now that the test is computer-based, the “deadline” to apply is no longer very relevant. The testing window is open from April to May, July to August, October to November, and January to February. The testing window is closed June, September, December, and March. You have three options for scheduling: • Visit
http://www.prometric.com/CPA/default.htm. Q: How do I apply to sit for the CPA Exam in New York State? A: Visit http://www.nasba.org/nasbaweb.nsf/sit, click “Uniform CPA Examination,” scroll down, and then click on the map on New York State (or the state you are interested in). Then scroll down to the “How to Apply” section. If you have any questions, you should call 1-800-CPA-EXAM. Q: Can you recommend a good CPA test prep organization? A: Unfortunately, the NYSSCPA does not recommend organizations which help students prepare for the CPA Exam. But here are some suggestions:
Q: What is the best way of getting my credits evaluated in order to make sure I can sit for CPA Exam in New York state? A: The best way to get your credits evaluated – if you did not graduate from a registered program – is to apply to sit for the exam. Visit http://www.nasba.org/nasbaweb.nsf/sit, click “Uniform CPA Examination,” scroll down, and then click on the map on New York State (or the state you are interested in). Then scroll down to the “How to Apply” section. Your state’s board of accountancy will do an evaluation and tell you specifically what you need. At that point, you can take courses to meet the requirements. If you have any questions, you should call 1-800-CPA-EXAM. Q: What is the ranking of colleges/universities in New York City in terms of the percentage of students who pass the CPA Exam on the first attempt? A: The best way to get this information is through the National Association of State Boards of Accountancy (NASBA). You can't get the information on a state-by-state or city-by-city basis, but you can buy a publication named "Candidate Performance on the Uniform CPA Examination." It will tell you the percentage of students who pass the CPA exam, organized by universities in the U.S. Here's the link to check out the publication: http://www.nasba.org/nasbaweb.nsf/pub. Q: What is the history and average pass rate for the CPA exam? A: Graduates without an advanced degree (i.e., only a bachelor’s degree):
Graduates with an advanced degree (primarily master’s):
Q: Do I have to be a resident of a particular state in order to take the CPA Exam in that state? A: Some states
have residency requirements and some do not. You should call 1-800-CPA-EXAM
and ask about the state where you are interested in taking the exam.
Or you can visit each state's individual board of accountancy at
http://www.aicpa.org/states/stmap.htm. Q: What are some NYSSCPA resources for finding a job or an internship in the accounting profession? A: Below are some NYSSCPA job-hunting resources:
If you decide you are interested in joining, you may do so online at http://www.nysscpa.org/membership/app_form.htm. It’s a great way to network with professional CPAs, and you’ll also receive many other great benefits, too. Q: How much does a CPA earn? A: The Indiana CPA Society has put together an excellent accounting salary guide, available at : http://incpas.org/Students/lsSalaryGuide.asp. You can see the results of the NYSSCPA’s Career Bank 2002 Salary Survey Report at: http://nysscpa.careerbank.com/resource/ssurvey/survey_results.cfm. The link to the 2004 survey can be found at: http://www.careerbank.com/ssurvey2004/ssurvey2004.cfm?CFID=28632055&CFTOKEN=24152086. Another salary resource is the Robert Half website, where you can request a free hard copy of a salary guide. That link is: http://www.roberthalffinance.com/FreeResources. Q: Where do I find out about the top accounting firms? A: People have different definitions of what it means to be a “top” accounting firm. You can find a fairly comprehensive list of firms here: http://www.cpafirms.com/Firmlist/firmlist.cfm. I suggest you do a search based on the area in which you are interested. Then check out the firms’ websites and see which ones appeal to you. Q: Where can I find information on what accountants do? A: Find the business school at your university and have a meeting with one of the accounting faculty members. They should have tons of books that will tell you what an accountant does. Another possibility is a library. Usually the introductory textbooks in accounting have a chapter at the beginning of the book dealing with what accountants do. The CPA Profession Q: What is the ethical responsibility of a CPA with regard to reporting misleading information on financial statements? A: This subject is covered in Professional Ethics Rule 301: Confidential Client Information, Auditing Standards, and NYS Law of the Profession. There’s a good general discussion in this document. Q: Is there a website which lists newly licensed CPAs by name in New York State? A: Every CPA certified or licensed in New York State should be listed here: http://www.op.nysed.gov/opsearches.htm.
Q: Will a DWI conviction affect my becoming a CPA? A: According to the New York State Education Department (SED, http://www.op.nysed.gov/cpacontact.htm), because a DWI conviction is not a felony, it will most likely not affect your ability to become a CPA. You should just tell the truth on all of your forms, etc. Q: Does the NYSSCPA offer an accounting scholarship? A: Yes. More information about the NYSSCPA scholarship can be found at: http://www.nysscpa.org/scholarship/scholarship.htm. Q: As a graduating student, what are the pros and cons of starting my career at a Big Four versus a regional firm? A: To simplify the question, let’s look at the pros and cons of working at big vs. small CPA firms. LARGE-SIZED CPA FIRMS (BIG FOUR): Pros
Cons
SMALL-SIZED CPA FIRMS: Pros
Cons
Q: How do I become a student member of the NYSSCPA? A: Becoming a student member of the NYSSCPA is easy! Just visit this link: http://www.nysscpa.org/membership/app_form.htm, click the “Associate Student” button, and fill in all of your information. After you click “Submit,” you will get a confirmation e-mail letting you know when you can expect to receive your welcome pack, which will include a membership invoice for $10. |
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