What is the 150-hour education requirement?

The 150-hour education requirement entails a minimum of 150 semester hours of education to obtain the CPA certificate. Typically, this would require a combination of general education, accounting, and business courses that total 150 semester hours or more of higher education. Generally, a master’s degree is recommended, but not required, as part of the 150 hours. The 150-hour requirement is sometimes referred to as the “five-year” requirement. Because each state or territory grants a CPA license, CPA requirements vary by jurisdiction. As of July 1, 2003, 45 states and territories require 150 hours of education for CPA licensure, including our neighbors New Jersey and Connecticut. The American Institute of CPAs (AICPA) requires 150 hours of education to become a member.

New York's 150-hour education requirement does not become effective until August 1, 2009. Students in New York who graduate from registered bachelor’s programs in accounting (including C.W. Post’s) “no longer automatically fulfill the education requirements for licensure. Students who graduate from these programs on or after August 1, 2004 may still apply for CPA licensure through July 31, 2009; however, such applicants will have to request individual review of their educational credentials by the Department to determine if they meet the educational requirements under the “old” guidelines for licensure” (New York State Education Department, August 2004).

Does C.W. Post have a 150-hour education program?

Yes. We have two programs registered with the New York State Education Department that are 150-hour CPA licensure qualifying. First, a student who completes our B.S. in Accountancy and our 30-credit M.S. in Accountancy will meet the 150-hour education requirement. This requires a total of 159 credits (129 undergraduate credits and 30 graduate credits). We also have an integrated 150-hour compliant program called the Accelerated B.S./M.S. in Accountancy that a student may be able to complete in as few as 153 credits.

What is the M.S. in Accountancy?

The M.S. in Accountancy is a 30-credit program for students who have completed the C.W. Post undergraduate accounting degree or its equivalent. The M.S. has four required courses. A student chooses from three concentrations within the program: information systems, taxation, or professional accounting.

What is the Accelerated B.S./M.S. in Accountancy?

The Accelerated B.S./M.S. in Accountancy is an integrated 153-credit program. The current B.S. in Accountancy curriculum includes 6 credits of unspecified electives. That is, a student may take 6 credits without restrictions. A student enrolled in the Accelerated program would take those 6 credits as graduate courses from the M.S. in Accountancy program in the last semester of their undergraduate program (and would pay undergraduate tuition). The student then would complete the remaining 8 courses (24 credits) in the M.S. in Accountancy on a full-time or part-time basis. 

If the 150 hours of education are not currently required in New York, why should I be concerned about it?

As stated above, students will not need to complete 150 hours of education to be eligible to sit for the CPA examination in New York until August 1, 2009. Therefore, your decision to meet the 150-hour education requirement may be based on other considerations. Below are some of the advantages and disadvantages of going on to complete the M.S. in Accountancy.

Advantages:

• The experience requirement in New York (and most other states) will be reduced from two years to one year
• Eligibility for AICPA membership
• Starting salary will be higher (the amount will vary)
• Additional knowledge gained can be applied to your work
• Ability to transfer to other states that have the requirement
• Increased ability to compete for your first and subsequent jobs with students from other states or those who have completed the requirement
• Passing rates on the Uniform CPA Examination are higher for candidates with advanced degrees and/or more semester hours of education

Disadvantages:

• Additional tuition cost (may be reimbursed by some employers or may be reduced by scholarships)
• May postpone permanent employment
• May be difficult to take classes while working full-time 

How do I get started?

• Accelerated B.S./M.S. in Accountancy. You must apply to the graduate program in the fall semester of your senior year. An admissions decision cannot be made until you complete the application and take the GMAT.
• M.S. in Accountancy. There are two ways to start the M.S. in Accountancy:
  (1) You may be eligible to take up to 6 credits of graduate courses that will count toward the M.S. in Accountancy in your last semester of your undergraduate program. Unlike the Accelerated program, the graduate courses are above and beyond the undergraduate requirements.
  (2) You may apply to the graduate program after you complete the B.S. in Accountancy. You would then take the M.S. in Accountancy on a full-time or part-time basis. 

Additional Questions?

More detailed information and relevant forms are available from Mr. Fred Tobias, graduate academic counselor, in the Michael Bivona Graduate Student Center in Roth Hall 516-299-2098 or fred.tobias@liu.edu.