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INFORMATION FOR CURRENT / POTENTIAL ACCOUNTING CONCENTRATORS 1. All Accounting Concentrators – even freshmen: meet with the AC concentration advisor, Prof. Doherty (see below) about course and career plans, to allow yourself maximum flexibility in the future. Office Hours1 Office Location TTh 11‐12; 3:30 ‐ 5 524A 2. Please review the requirements below. Fill in as many non‐accounting courses as possible BEFORE we meet to enable me to efficiently plan your schedule. To complete a concentration in accounting, you must complete 16 credits of upper level accounting courses. HOWEVER to sit for the CPA exam, you will need more than this minimum number of courses. Specific courses required vary by State. In selecting courses, please check the pre/co‐requisites carefully. Course descriptions are found at questromworld.bu.edu/upo/academics/courses/ Course Course Title Cr Required for AC Sem Prereqs Concentration? REQUIRED for concentration: AC 347 Intermediate Accounting I 4
Yes
F / Sp/Su22 AC 222 pre req
AC 348 Intermediate Accounting II PLUS any eight credits from the following list:
AC 414 Financial Statement Analysis 4
Yes
F / Sp AC 347 pre req
4
No
F / Sp AC430 Accounting Research 2
No
Sp
AC 445 Advanced Managerial Accounting
4
No
Sp
AC 469 AC 565 Principles of Income Taxation Auditing 4
4
No
No
AC 541 AC 544 AC 555 AC 579 Advanced Accounting International Accounting Not‐for‐Profit Accounting Taxation II 4
2
2
4
No
No
No
No
F / Sp F/ Sp/Su12 Su12
Seniors only; AC347 pre‐req; AC348 co‐req AC347 pre‐req; AC348 co‐req Seniors only; AC347 pre‐req; AC348 co‐req AC 347 co‐req
AC 347 + 348 pre req3
4
3
Sp
AC 347 + 348 pre req
AC 347 + 348 pre req
AC 347 + 348 pre req
AC 469 pre req
3. Recommended AC Courses by Career Path: a. AC concentrators wishing to qualify as a CPA The four‐course AC concentration alone will NOT meet requirements to take the CPA exam in most states. You need additional courses. You should begin taking courses as early as possible if you wish to complete all requirements in four years. For those planning a junior or senior semester abroad, taking Intermediate Accounting I in your SOPHOMORE year MAY be an option if you qualify academically. This will depend on your GPA and grade in AC221. State requirements vary and some will necessitate your attending Summer Term after senior year to complete requirements, particularly if you will graduate with fewer than the 150 total credit hours 1 Summer term office hours may be different. 2
Summer term listings are provisional, pending possible schedule revisions because of enrollments.
Seniors in their last semester before graduation may apply for waiver of pre‐req. if they are concurrently enrolled in AC348.
4 Courses not currently offered. 3
Rev. 4/16/15 required to earn a CPA certificate.5 Online courses can be an option to complete extra course requirements outside Questrom. Students waiting until their senior year to declare and begin an AC concentration are unlikely to be able to complete all CPA requirements in just these two semesters, and should plan to attend at least one, if not both, Summer terms. You are responsible for checking the State Board regulations for the CPA educational requirements for the state where you wish to qualify. (Go to www.nasba.org and follow CPA Exam links.) As guidance: Total State AC Courses to provide Additional # AC credits Required Content Coverage AC Credits Required for CPA for CPA exam Required for CPA certification certification Massachusetts New York 150 total credit hours AC 221, 222, 347, 348, 469, 565 = 24 AC 221, 222, 347, 348, 469, 565, 430 = 26 6 credits 6
7 credits 7
30 33 NOTE: CPA firms will prefer candidates who have 150 hours before they begin work. The required courses (above) plus passing the CPA exam do NOT give you a CPA certificate. You must complete an experience requirement – these, too, vary by state, but average a year of work with 1,000 hours of attest experience for a full certificate, or up to 3 years’ work outside public accounting, under the supervision of a CPA, for a non‐
reporting certificate. Once again, exact requirements vary by state. An increasing number of states also require that you take the AICPA Ethics Course online, and pass an exam, for certification. Always check your State Board’s requirements yourself, to ensure coverage of accounting, business (non‐AC), experience, and other requirements. These do change, and states do not often send us notifications of changes. Students who have obtained accounting credits internationally must also have their transcript reviewed by the Center for Educational Documentation (http://www.cedevaluations.com/). b. Are you a dual FE/AC Concentrator interested in Wall Street? You are strongly advised to take AC 414 (Financial Statement Analysis) as one of your AC electives. Advanced Managerial Accounting (AC445) and Tax (AC469) are also good choices. c. Are you a dual FE/AC Concentrator interested in Corporate Finance? You are strongly advised to take AC 445 (Advanced Managerial Accounting) as one of your AC electives. Other suggested AC courses are AC 414, and 469. 5 Note that requirements for the CPA in CA and FL are particularly heavy. You should see Prof. Doherty for further guidance if you wish to qualify in these states. 6 This would be one 4‐credit plus one 2‐credit course, of your choice, in addition to the stated required courses for MA. 7 For NY, this means in addition to the stated required courses you would need 2 additional 4‐credit courses (since we have no 3‐credit courses). Rev. 4/16/15