Washington DC - Become a CPA
Certified Public Accountants are an elite group. They have passed what many consider to be the most difficult professional examination. That makes them the most highly trusted professionals in business. CPAs are called to audit individuals and corporations, they also work on arranging financing, balancing corporate accounts, and more. These days, CPAs even work in IT departments where their keen attention to detail helps audit computer systems.
Each state has its own criteria for who receives the coveted CPA credential, and the District of Columbia even has a Board of Accountancy, with its own standards. To become a CPA, you must have completed enough academic credits from an accredited program. You should then pass all four parts of the Uniform CPA Examination. Once you have passed all four parts of the exam, the District will bestow a certificate. To achieve full licensure, all candidates must satisfy the experience requirements, which involve a fully-documented, supervised period of employment.
Once you become a bonafide, licensed CPA, your work is not over. The District of Columbia, like most states, requires that you continue your education by taking an approved number of continuing education courses. Your continuing education units will broaden and deepen your practice and could possibly open up new business for you.
Academic Standards for the District of Columbia CPAs/Education Requirements
Accounting is a very intellectually rigorous practice. Not only must you have extraordinary powers of analysis, but you should also be highly detail-oriented. Some of these talents will come naturally, but they must certainly be honed through hard academic work.
The District of Columbia Board of Accountancy has a rigorous set of requirements. You will need an undergraduate degree in accounting that totals 120 semester hours. Ideally, for your personal benefit, you should have an MBA with a concentration in accounting, or a master's degree in accounting. The specific requirements of the Board are as follows:
1. Required Courses:
Business Law
Financial Accounting
Auditing
Cost Accounting
Federal Income Taxes
2. 12 Credits from Business-Related Courses.
Courses can include, but are not limited to:
Management
Business Ethics
Marketing
Business Communications
Economics
Statistics
Computer Science
Organizational Behavior
International Business or Finance
As you progress through your accounting degree, consult with your accounting adviser. They will be able to help you choose the courses that will best compliment your long-term academic and professional goals, while satisfying the Board. Further, you should also be thinking about the CPA examination. Review all of the four parts of the test, including the subtopics included in each. Consider each course you take as an opportunity to prepare for the exam and your future career.
1. Accreditation – Licensing Board
The D.C. Board of Accountancy will not acknowledge academic credits from every college or institution of higher learning. Your program must have a regional or national accreditation that the Board recognizes. If you attend college within the borders of Washington D.C., your credits should be certified by the D.C. Education Licensure Commission. Accreditation could come from one of the following independent agencies:
Association of Advanced Collegiate Schools of Business (AACSB)
Accreditation Council for Business Schools and Programs (ACBSP)
Northwest Commission on Colleges and Universities (NWCCU)
North Central Association of Colleges and Schools (NCA-HLC)
Middle States Association of Colleges and Schools (MSA)
New England Association of Colleges and Schools (NEASC)
Southern Association of Colleges and Schools (SACS CASI)
Western Association of Schools and Colleges (WASC)
When you decide to major in accounting with the intention of becoming a CPA, check with your program adviser to ensure that your credits will be acknowledged by the Board of Accountancy. If your coursework is not fully accredited, you may be asked to retake classes. Transfer to a fully-accredited program prior to spending too much time or money on courses that will not advance your professional ambition.
If you are still in the process of researching and applying to schools, find the most current edition of “Accredited Institutions of Post-secondary Education,” which is published by the American Council on Education. The schools listed will coincide with the Board's approved school list.
Exam Requirements
Once you have completed your academic requirements, and are at least 18 years of age, you are ready to start applying to take the Uniform CPA Examination. The Board will review your transcripts and approve your application to sit for the exam. From that point, you will need to schedule, take, and pass all four parts of the exam in the order you see fit. The test is created and overseen by the AICPA, an association with which you will be increasingly familiar as your career progresses.
The four parts of the Uniform CPA Examination are listed below. Each examination part is broken into several subsections of varying length or percentage. Take note of these subsections as they will help you organize your study sessions. You can take the sections in any order you choose.
1. Auditing and Attestation (AUD) - 72 multiple-choice questions and 8 task-based simulations
Ethics, Professional Responsibilities, and General Principles – 15-25%
Assessing Risk and Developing a Planned Response – 20-30%
Performing Further Procedures and Obtaining Evidence – 30-40%
Forming Conclusions and Reporting – 15-25%
2. Business Environment and Concepts (BEC) - 62 multiple-choice questions, 4 simulations, and 3 written items
Corporate Governance – 17-27%
Economic Concepts and Analysis – 17-27%
Financial Management – 11-21%
Information Technology – 15-25%
Operations Management – 15-25%
3. Financial Accounting and Reporting (FAR) - 66 multiple-choice questions and 8 simulations
Conceptual Framework, Standard-Setting, and Financial Reporting – 25-35%
Select Financial Statement Accounts – 30-40%
Select Transactions – 20-30%
State and Local Governments – 5-15%
4. Regulation (REG) - 76 multiple-choice questions and 8 task-based simulations
Ethics, Professional Responsibilities, and Federal Tax Procedures – 10-20%
Business Law – 10-20%
Federal Taxation of Property Transactions – 12-22%
Federal Taxation of Individuals – 15-25%
Federal Taxation of Entities – 28-38%
The Board will issue a certificate to all who pass the Uniform CPA Examination. This is a tremendous achievement. However, you will not be able to sign off on tax documents or other important documents until you achieve full licensure. You can, however, use the certificate as a distinguishing credential even if you do not wish to practice public accountancy. For instance, many investment bankers, attorneys, and financial advisers hold certificates without achieving full licensure. They are thus unburdened by continuing education requirements and the full responsibility of licensure but are still highly distinguished in the business community.
CPA Examination Preparation
Since this is one of the most difficult professional examinations in the nation, you will want to spend time preparing for the exam. The AICPA's website provides some preparation materials, and there are also CPA preparation courses available from non-academic entities. You might also consider finding a group of future CPAs to work with in preparing for the exam.
Required Experience
To achieve a full CPA license in the District of Columbia you must complete the experience requirements as set forth by the Board. Essentially, the Board requires that you work for one full year, or no less than 2,000 hours, under the supervision of a licensed CPA. You may be able to land a position with a firm once you graduate. Frequently, accounting firms will hire young college graduates in internship/apprentice positions that allow them to gain hours towards their experience requirements while simultaneously studying for the CPA exam.
During your experiential period, you will work with a CPA licensed either in the District or by an accounting board from one of the fifty U.S. states. To fulfill the Board's requirement, the environments in which you may practice include academia, government, industry, or public practice. You should also be diligent in tracking your experience, as you will need to report this to the Board. The Board has specific expectations for licensure candidates. As such, your experience should include some, if not all, of the following practice areas:
Accounting
Attest Services
Compilation
Management Advisory
Financial Advisory
Taxation
Consulting Skills
During this period, it is advised that you pursue the most diverse and complex work that you can. Strive to exercise all of the skills you've developed over the course of your education. Your supervisor will likely have high expectations, so strive to impress.
CPA Licensure Requirement
In order to become a Certified Public Accountant in the District of Columbia, you must satisfy academic, experiential, and examination requirements. You must also be over the age of eighteen and possess good moral character.
Academic Requirements
Your academic transcript should reflect 120 semester credits, from an accredited college or university. Your work should include the following courses:
Required Courses – 15 Credits
Business Law
Financial Accounting
Auditing
Cost Accounting
Federal Income Taxes
Elective Courses – 12 Credits from courses including, but not limited to:
Management
Business Ethics
Marketing
Business Communications
Economics
Statistics
Computer Science
Organizational Behavior
International Business or Finance
Information Technology
Examination Requirements
Once you have completed the academic requirements you should qualify to sit for the Uniform CPA Examination. The Board will review your transcripts and then issue a notice that you have satisfied their requirements. You can use this notice to schedule a test time with the nearest Prometric testing center. Once you have passed your exam, the Board will issue a certificate. In order to gain full licensure, you will then need to satisfy the experience portion.
Experience Requirement
The Board requires one year or 2,000 hours of experience under the direct supervision of a licensed CPA. Their license can come from the District or any state in the nation but they must be in good standing. Once you have completed your tenure, your supervising CPA must sign off on a letter that details your experience.
License Renewal and Continuing Education
In order to keep your license in good standing, you will need to satisfy the Board's continuing education requirements. The requirement is that you complete 80 hours of continuing education for every two-year period. These hours must be completed through a Board-approved educator and be fully accounted for at the end of the bi-annual period.
Subject Areas
Your courses must all be applicable to your career as an accountant. When you seek out continuing education units (CEUs) look for courses that cover topics including, but not limited to:
Accounting
Auditing
Taxation
Management
Computer Science / Information Technology
Mathematics (including statistics, probability, and quantitative applications in business)
Economics
Business Law
Ethics
Finance
Marketing
Business management
Acceptable CEU Providers
Just as you needed to have an education from an accredited college or university, your CEUs must likewise come from a Board-approved source. The Board approves the following:
AICPA
NASBA
State Accounting Boards
Colleges or Universities
State Societies of CPAs
Many CPAs take advantage of accounting conferences to accrue CEUs. Conferences often include hours upon hours of seminars or other CEU opportunities.
Reporting
When you report your hours to the Board, you must be just as thorough as you are when preparing a client's tax forms. The Board will look for the following information when certifying your CEUs:
Sponsoring agency's name
Location
Title and/or description of the content
Dates of the courses
Number of hours claimed
Note that your CEU reports are subject to later audits and you are thus required to retain your CEU reports for five years after you submit your hours. Your records should include the course outline or any other materials provided by the instructor or sponsoring body. If you took university courses, maintain a copy of your grade report to prove attendance and completion. In the case of an independent study program, maintain any proof of completion.
Closing
The road to becoming a CPA is long and tough. However, it is also endlessly rewarding. You will have incredible esteem in the business community, and your credentials will garner you a healthy salary. After all, nearly every business, and many wealthy individuals, need a CPA's taxation services on a regular, if not daily, basis. With a CPA license, the sky is truly the limit. Onward!
A great deal of inquiries have been asked as to why individuals end up being Certified public accountants. I hope this article will respond to a lot of these questions.
People come to be CPAs generally due to the fact that they wish to operate in service. The major factor behind becoming a CPA is that a person may intend to set up his very own firm, operate a corporation or has made a decision to look for a career in a field that he is interested in.
Ending up being a CPA can be conveniently obtained by one that has sufficient knowledge and ability. As there are no specific degrees or professional qualifications to become a CPA, somebody with simply fundamental knowledge and skills will certainly do simply great. Actually, finding out the skills needed to come to be a CPA is enough to start functioning as accountants.
Anybody with fundamental expertise and also abilities, can take care of all the balance dues type as well as figure out which will be accepted by the client. Once the agreement is authorized, the accounting firm will give accounting support solutions till the outcomes are offered to the customer.
There are a great deal of occupations that supply accountant support services like audit solutions, tax services, economic statement prep work, tax obligation expert, contract administration and also accounting. Accountants also manage special types of accounts such as special records, unclaimed money and often even annuities.
Accounting is just one of one of the most usual accounts on the planet as well as it is also the most profitable. Accounting is just one of the most popular careers and therefore it likewise pays well.
One more fundamental part of accountants is to take care of the books of a firm accurately and preserve a good equilibrium of accounts with different economic lead to between. This would certainly aid a business to make profit for its entire year.
Accounting is required to control the finances of a client's organisation as well as would certainly likewise be able to give him a concept about exactly how a business works. Also, he would have the ability to establish if a firm is making earnings or otherwise and whether it is run effectively or not.
Accountants need to have accounting and financing training to make sure that they can handle any kind of sort of accounting trouble as well as can work as fast as possible. They need to have the capability to comprehend the requirements of the client as well as can approximate the monetary results.
Ending up being a CPA is very easy, once you acquire the appropriate training and abilities. If you feel that you are lacking in a particular location, or if you wish to go after a various job in accounting, it is still possible for you to acquire your preferred accounting training and also skills through online education.
Accountants remain in demand due to the fact that they can manage any kind of accounting requirement that a customer has. They can additionally manage large amounts of money.
To come to be a CPA is quite easy; all you need is to be certified as well as a little expertise. If you go with a Certified Public Accountant (CPA) program, you can get the required abilities to end up being a CPA.
Some programs will definitely make use of trainees the choice to finish an extensive teaching fellowship program, giving hands-on experience and also chances to make important telephone calls within the industry. Trainees without prior instructional experience in audit will likely need to complete a number of requirement courses prior to beginning the program. Instances of these contain initial courses in monetary accountancy, micro/macroeconomics, and likewise logical concepts along with other common audit courses.
Avoiding vital accounting courses, trainees relocate straight right into specialized topics relying on the area of book-keeping they are seeking to focus on in their dissertation. Executing a PhD in accountancy is an excellent selection for those curious concerning mentor, as there is a nationwide lack of book-keeping teachers. According to a Bookkeeping Faculty record, approximately 140 pupils gain PhDs in audit yearly, while virtually 500 accountancy educators retire every year.
Complicated research study abilities Trainees will certainly learn exactly just how to complete independent research on accounting subjects and embark on training courses on research study methods, qualitative and also quantifiable analysis, and research study approach improvement. Psychological point of view Accounting will be investigated from a psychological point of view, offering students an understanding of cognitive habits and also mental procedures. Trainees will certainly have a far better understanding of exactly how the human mind difficulty solutions along with techniques accounting ideas.
Trainees electing to follow the historical course will focus on business economics as well as additionally financing while those on the behavior track will certainly focus on psychological principles. Practical application of concepts Financial and likewise supervisory audit are the 2 key places of study within PhD programs and also students will certainly select to take a look at among these areas comprehensively.