DEPARTMENT OF ACCOUNTING MAJORS HANDBOOK

MAJORS HANDBOOK

2015-2016

INTRODUCTION

The Department of Accounting at the Isenberg School of Management is widely regarded as a leading accounting program in the Northeast. The Department offers high quality educational programs to help qualified students prepare for careers in accounting and related management professions, and provides the opportunity to develop the skills and knowledge that will help them become responsible citizens and leaders in their chosen professions. As you complete your studies, you will develop a base of knowledge in financial and managerial accounting, auditing, taxation and information systems.

More importantly, you’ll develop many of the skills that employers value highly – the ability to solve problems and think analytically, to speak and write effectively, to work in teams and to use computer systems. Furthermore, the Department helps its students pursue their career objectives by allowing them access to an extensive network of loyal alumni and friends.

The Department is committed to the advancement of both accounting practice and education. Members of its faculty have been recognized for teaching excellence by the Isenberg School of Management, the University, and by professional organizations.

Career Opportunities

Accounting is a field of study that opens doors in virtually every industry. If you look closely, you will find that there are elements of accounting in practically every business function. And when you finish your studies, you will have learned much more than accounting, as the study of accounting is a great way to learn about the way business works.

Accounting represents the language of business. One would find it impossible to cast an eye at the world of business without seeing accountants and their work. Whether working for the largest accounting firm in the world, or the smallest non-profit organization, accountants use their knowledge and skills to provide information and advice on many different issues. As members of certified public accounting firms, accountants take on a wide range of responsibilities. They may work on the financial statements of Fortune 500 companies, provide recommendations on how businesses can improve operating or control procedures, help small businesses raise capital, provide assistance on mergers and acquisitions, help to develop and install computer information systems, and give advice on a range of tax matters. In industry, accountants use their knowledge of costs to advise marketing and management teams on issues of pricing, or to prepare cost and profit analyses of products and services, and they provide business and personal tax and financial service know-how.

Career opportunities in accounting are far-reaching. Accountants are needed in every business, industry, and branch of government. Our graduates have followed diverse career paths, including public accounting, internal audit, management and tax consulting, and have served as treasurer, controllers and financial executives for many companies. In addition, some work with public agencies, such as the IRS and FBI; and others enter the private and not-for-profit sectors.

As an Accounting major at the University of Massachusetts Amherst, you will have access to recruiters from the most distinguished employers. Recent graduates have been placed at the following companies, to name a few:

Alexander, Aronson, Finning BDO Seidman

Blum Shapiro

Carlin, Charron & Rosen CliftonLarsonAllen Deloitte

DiCicco, Gulman & Co Edelstein & Co

Ercolini & Co Ernst & Young Feeley & Driscoll Grant Thornton H & R Block

Internal Revenue Services Kevin P. Martin & Associates

KPMG Liberty Mutual McGladrey

Meyers Brothers Kalicka Morris & Morris

Novogradac & Co O’Connor & Drew PKF

PricewaterhouseCoopers Rucci, Bardaro & Barrett Samet & Co

StoneTurn Group

US General Accounting Office Walter Shuffain

Wolf & Co

While the scope of career opportunities may seem a little intimidating, there are resources available to assist you in attaining your career goals. The Isenberg School maintains its own placement office, offering career counseling, workshops on resume-writing and interviewing skills. In addition, the Department helps its students pursue their career objectives through an extensive network of loyal alumni and friends; and students may also get practical experience through one of many competitive internship opportunities available through the department, school, and university field experience programs.

The Major

While the Department does not offer formal concentrations, students may effectively achieve curriculum concentrations in the areas of public accounting, management accounting, information systems, and other areas of special interest, through careful course selection.

Course Requirements for the Accounting Major:

1. Required university freshman-sophomore program. 2. Required Isenberg School “core” courses.

3. Required courses in the Major:

• ACCOUNTG 221 – Intro to Accounting I • ACCOUNTG 331 – Cost Accounting • ACCOUNTG 321 – Financial Reporting I • ACCOUNTG 322 – Financial Reporting II

• One Elective from the following courses:

• SCH-MGMT 572 – Corporate Taxation • SCH-MGMT 582 – International Accounting (Please see the Degree Requirements Checksheet)

Students wishing to graduate with honors must meet the requirements of the University and the Department. Please note that Commonwealth College has changed their requirements. Please see a Commonwealth College advisor for more details. Professor Pam Trafford serves as the faculty honors advisor.

Students planning to satisfy certification requirements for the Certified Public Accountant (CPA), the Certified Management Accountant (CMA), or in Certified Data Processing (CDP), should consult with a faculty advisor concerning specific education requirements. Please note that students who plan to seek professional designation (CPA, etc.) in a state other than Massachusetts should obtain information concerning education requirements from the appropriate state board of accountancy, prior to final selection of courses, to insure that specific certification requirements are met. For links to all state boards of accountancy see, www.nasba.org. Several states, including Massachusetts are now requiring 150 hours of education to qualify for the CPA certificate. Therefore, it is particularly important that you speak with an advisor if you have an interest in certification. The Massachusetts Society of Certified Public Accountants’ web site has an excellent summary of the new 150 hour requirement, www.mscpaonline.org. In addition the content and delivery system for the Uniform CPA Examination changed in early 2004. A description of the new exam can be found at this web site, www.cpa-exam.org.

Department of Accounting

Faculty 2015-2016

Christopher Agoglia Chair and Professor Orhan Akisik Senior Lecturer Richard Asebrook Professor Emeritus Bradley Bennett Assistant Professor William Brown Associate Chair and

Visiting Associate Professor Graham Gal Associate Professor Yoon Ju Kang Assistant Professor Paul Kelliher Lecturer

Catherine West Lowry Senior Lecturer I Ronald Mannino Professor Emeritus David Piercey Associate Professor Pamela Trafford Senior Lecturer II Sean Wandrei Lecturer Elaine Wang Assistant Professor Robert Whited Assistant Professor

Want To Lean More About The Accounting Department Faculty? Click Here! Jeremiah Bentley

Assistant Professor

Yao Yu

Isenberg School of Management

People and Services

Department Room # Phone # Why you would contact

Undergraduate Programs Office Shea, Linda

Associate Dean

lshea@isenberg.umass.edu

206 545-5610 Undergraduate Academic counseling.

Knowledgeable regarding Isenberg School and University Academic Affairs

Rodriguez, Melvin

Assistant Dean of Students Advising & Diversity

melvin@isenberg.umass.edu

206 545-5610 Undergraduate Academic counseling.

Knowledgeable regarding Isenberg School and University Academic Affairs

Monte, Christina

Assistant Director of Enrollment & Student Success

206 545-5605 Knowledgeable regarding undergraduate course

enrollment. Questions regarding academic experiences. Mentor program

Smith, Meg

Director of Undergraduate Programs and Operations msmith@isenberg.umass.edu

206 577-4408 Knowledgeable regarding undergraduate course

enrollment and overrides. Questions regarding academic experiences.

Aube, John Academic Advisor

jaube@isenberg.umass.edu

206 545-5610 Knowledgeable regarding undergraduate courses

and requirements, as well as clubs and organizations at Isenberg.

Carey, Susan Academic Advisor

scarey@isenberg.umass.edu

206 545-5610 Knowledgeable regarding undergraduate courses

and requirements, as well as clubs and organizations at Isenberg.

McGrath, Heather Academic Advisor

hmcgrath@isenberg.umass.edu

206 545-5610 Knowledgeable regarding undergraduate courses

and requirements, as well as clubs and organizations at Isenberg.

Prizio, Shelby Academic Advisor

sprizio@isenberg.umass.edu

206 545-5610 Knowledgeable regarding undergraduate courses

and requirements, as well as clubs and organizations at Isenberg.

Whitehead, Kymberly Academic Advisor

kwhitehead@isenberg.umass.edu

206 545-5610 Knowledgeable regarding undergraduate courses

and requirements, as well as clubs and organizations at Isenberg.

Chase Career Center Wegman, Nic Executive Director

npwegman@isenberg.umass.edu

101D 577-3156 Strategic management of Chase Career Center

Figueroa, Kim

Director of Internships

kfigueroa@isenberg.umass.edu

101C 577-0418 Questions regarding internships.

Salva, Melissa

Director of Recruiting Operations mslava@isenberg.umass.edu

101B 545-5598 Questions regarding IsenbergWorks system and

process.

NAME: _____________________________________________ ID: _________________________________ DATE: _______________

REQUIREMENTS CHECKSHEET

ACCOUNTING*

*Applicable to majors who declared Accounting Fall 2014 or later

Accounting Courses (27 credits)

*ACCOUNTG 221 is not factored into accounting major GPA Semester Grade Course

ACCOUNTG 221 Intro to Accounting I

*Part of BBA core requirements

ACCOUNTG 331 Cost Accounting

*Pre-req. ACCOUNTG 221

ACCOUNTG 321 Financial Reporting I

*Pre-req. ACCOUNTG 221

ACCOUNTG 322 Financial Reporting II

*Pre-req. ACCOUNTG 321

ACCOUNTG 423 Advanced Financial

Accounting (previously SCH-MGMT 523)

*Pre-req. ACCOUNTG 322

SCH-MGMT 541 Auditing or ACCOUNTG 491B S-Auditing

*Pre-req. ACCOUNTG 321

ACCOUNTG 311 Accounting Information

Systems

*Pre-req. OIM 210 and ACCOUNTG 331

ACCOUNTG 371 Individual Taxation

*Pre-req. ACCOUNTG 221

ACCOUNTG ELECTIVE

Choose from list below

Required Law Course (3 credits)

MANAGMNT 361 Contracts in Business

Relationships or

MANAGMNT 362 Law of Enterprise

Organization or

SCH-MGMT 583 CPA Law

*Pre-req. MANAGMT 260

Choose from the following courses to fulfill the Accounting Elective Requirement:

*Please note that not all courses are offered every semester. In addition to the prerequisite courses, additional enrollment restrictions may apply; refer to SPIRE

SCH-MGMT 572 Corporate Taxation

*Pre-req. ACCOUNTG 221 and ACCOUNTG 371

SCH-MGMT 582 International Accounting *Pre-req. ACCOUNTG 321

(Fall semester only)

Junior/Senior Year BBA Core (15 -18 credits)

*Must have at least junior standing Semester Grade Course

FINANCE 301 Corporate Finance

*Pre-req. ACCOUNTG 221

MANAGMNT 301 Principles of Management MARKETNG 301 Fundamentals of Marketing OIM 301 Intro to Operations Management

*Pre-req. OIM 240 or STATISTC 240 or RES-ECON 212

*Required for students entering BBA Fall 2012 or later

SCH-MGMT 310 Business Communications or SCH-MGMT 311 Accounting Communication or any SCH-MGMT 300-level Junior Year Writing course listed in your Academic Requirement Report

SCH-MGMT 494BI Business Policy and Strategy or MANAGMNT 488 Strategic Management for a Sustainable World *Pre-req. MANAGMNT 366 *Must have senior standing

*Both courses fulfill the integrative experience requirement in senior year

Breadth Requirement: Non-Business Electives (21 credits)

*One breadth requirement per semester may be taken Pass/ Fail

*Only one Economics or one Resource Economics course may be used to satisfy this requirement

Semester Grade Course Credits

Graduation Requirements

x Complete at least 120 credits

x Maintain a cumulative average of at least 2.0 in your major and overall

x All required courses must be taken for a letter grade

Student Responsibilities

x Review Academic Requirement Report on SPIRE x Meet with an advisor regularly to review progress toward

completing graduation requirements

x Keep track of requirements for any additional majors or minors x Make sure all graduation requirements are fulfilled

Also please note that:

x All upper level accounting major course must be taken in the Accounting Department at UMass Amherst

Department of Accounting

FIELD EXPERIENCES

Guidelines Approved: August, 1996 Revised: October, 2005

General Guidelines

A field experience is an experience in a practice environment, with faculty involvement, and which has academic content. A field experience is characterized either as a co-op (i.e., field experience with compensation) or an internship (i.e., without compensation). Students may earn academic credit for either, based on the academic content of the field experience. To earn academic credit, the student must demonstrate that the field experience involves academic learning, and has a logical relationship to the student’s course of study. (NOTE: Employment does not, in and of itself, constitute a learning experience sufficient to earn academic credit.)

Field Experience Stipulations

 Field experience credits help satisfy the University’s 120 credit-hour requirement for graduation, however, these credits cannot be used toward fulfilling the 24 credit-hours of Accounting courses required for the Accounting major.

 Academic credit awarded by the Department of Accounting (i.e., ACCOUNTG 398) for a given field experience is limited to three credits.

 Academic credit awarded by the Department of Accounting (i.e., ACCOUNTG 398) must be graded strictly on a Pass (P) or Fail (F) basis (i.e., no letter grade, other than (P) or (F) will be recorded).

 Approval of the faculty sponsor should be obtained prior to undertaking the field experience.

Student Responsibilities

The student is fully responsible for identifying and completing arrangements for their field experience opportunity. Assistance with finding a Field Experience may be obtained through the Chase Career Center, RM 101. After arranging for a field experience opportunity, the student must:

1. Meet with the Field Experience Coordinator (ROOM 101) to obtain an ACADEMIC CONTRACT. Complete and sign your portion of the contract.

2. Prepare a proposal (1-2 pages, typewritten) detailing: a. the nature and scope of the field experience,

b. the academic value of the field experience (i.e., how it involves academic learning and its logical relationship to the student’s course of study), and

c. the method of evaluation for the student’s performance on the academic component

of the field experience. (NOTE: The method of evaluation must meet the satisfaction of the faculty sponsor. A range of alternatives is available, including data collection and analysis, or a library research report. Diaries, logs, or simple descriptive reports of the field experience [e.g., What I did this summer/semester.] are not sufficient bases for evaluation.)

Incomplete, or otherwise unsatisfactory proposals, will be returned to the student for further work.

3. With a proposal in hand, obtain a Department of Accounting faculty sponsor to supervise and evaluate the academic component of the field experience. Please note that the demands of supervising field experiences require each professor to limit the number of field experiences sponsored. In this way, students obtaining sponsorship can be assured of a thorough evaluation of their work. Discuss contact, evaluation methods, and credits assigned. Have faculty sign contact.

4. Return form to the Field Experience Coordinator (ROOM 101) for final signature.

5. Register for the course, ACCOUNTG 398, by submitting the approved Field Experience Contract to the Department office. On-line enrollment cannot be used.

a. Departmental internship credits are administered through the department during the fall/spring semesters during the add/drop period.

b. Departmental internship credits are administered through Continuing Education for the summer and winter session periods and are subjected to fees and pay increases accordingly.

6. Complete the field experience and the requirements specified in the Field Experience Contract.

Other Relevant Information

Occasionally, Accounting majors choose to complete a field experience based in a discipline other than accounting (e.g., finance, marketing, management, economics, computer science, psychology, etc.). In such an instance, the student: (1) is bound by the General Guidelines, Student Responsibilities and Field Experience Stipulations outlined above, (2) must obtain a faculty sponsor from the appropriate academic department, and (3) must register for the field experience credit through the department of the faculty sponsor.

Department of Accounting

INDEPENDENT STUDIES

Guidelines Approved: August, 1996

General Guidelines

The Department offers students the opportunity to enroll for independent study credits. An independent study is designed to allow students to examine issues with greater breadth and depth than is feasible, normally, in regular course work. By its nature, the independent study is arranged and contracted between the individual student(s) and faculty. To earn academic credit, the student must demonstrate the academic content of the Independent Study and its logical relationship to his or her course of study.

Student Responsibilities

The student is fully responsible for defining the nature and scope of the independent study and for obtaining faculty supervision. The student must:

1. Arrange for faculty supervision. The identity of the faculty supervisor, and the nature of the independent study, should be clear from the start. It is advisable to discuss the prospects for completing an independent study with a particular faculty member prior to completing a full proposal. Most students choose to further examine issues or problems first introduced in a particular class, with a particular professor. However, on rare occasions, a student identifies a topic and arranges for supervision by a faculty member that they have not had in class. Please note that the demands of supervising independent studies require each professor to limit the number of independent studies supervised. In this way, students obtaining sponsorship can be assured that faculty will spend the requisite time on the project.

2. Prepare a proposal (1-2 pages, typewritten) specifying: a. the nature and scope of the independent study,

b. the academic value of the independent study (i.e., how it involves academic learning and its logical relationship to the student’s course of study), and

c. the method of evaluation for the student’s performance on the independent study. (NOTE: The method of evaluation must meet the satisfaction of the faculty supervisor. A range of alternatives is available, including, but not limited to, data collection and analysis, and a library research report.)

Incomplete, or otherwise unsatisfactory proposals, will be returned to the student for further work.

3. Complete and sign an Independent Study Contract specifying the nature and scope of the

independent study and the basis for evaluation. The Independent Study Contract must be signed by the faculty supervisor and approved by the Department Chair and Academic Dean. Independent Study Contract forms are available from your faculty advisor, or the Department office.

4. Register for the Course, ACCOUNTG 396, by submitting the approved Independent Study Contract to the Department office. On-line enrollment cannot be used.

5. Complete the requirements specified in the Independent Study Contract.

Independent Study Stipulations

 Approval of the faculty supervisor, the Department Chair and Academic Dean should be obtained prior to undertaking the independent study.

 Generally, an independent study cannot be completed in lieu of an existing course.

 Independent study credits cannot be used toward fulfilling the requirements of your Accounting major.

Other Relevant Information

Occasionally, Accounting majors choose to complete an independent study based in a discipline other than accounting (e.g., finance, marketing, management, economics, computer science, psychology, etc.). In such an instance, the student: (1) is bound by the General Guidelines, Student Responsibilities and Independent Study Stipulations outlined above, (2) must obtain a faculty supervisor from the appropriate academic department, and (3) must register for the independent study credit through the department of the faculty supervisor.

Department of Accounting

STUDIES ABROAD, DOMESTIC EXCHANGES AND COURSES TAKEN AT OTHER UNIVERSITIES

Guidelines Approved: August, 1996

General Guidelines

The University of Massachusetts has entered into agreements with universities, nationally and internationally, to facilitate student exchange. These programs often present exciting opportunities that serve to enhance the students’ academic life and program. The faculty of the Department of Accounting strongly supports and encourages students to study abroad, and/or to take advantage of domestic exchange programs, and will work with students to help assure that such arrangements are compatible with their program of study.

Students must understand, however, that participation in an international or national exchange program, or the choice to take courses at other universities (outside the framework of an exchange program), may present problems in meeting graduation requirements on a timely basis. Such arrangements require careful planning, and place added responsibility on participants to make certain that they will be able to complete their degree requirements on a timely basis. Students should plan early to ensure that courses critical to their major will not be missed while away. Be aware that without careful planning, participating in national and international exchange programs can result in extending the time required to complete a degree.

Student Responsibilities

The student is fully responsible for arranging studies outside of the University. Information concerning international and national exchange programs is available at the William S. Clark International Center (Hills South, fourth floor) and the National Student Exchange Program office (613 Goodell), respectively. General information concerning exchange programs is available at the Undergraduate Counseling Office (Isenberg, Room 206). Upon selecting a program, the student should gather information on courses available and develop a proposed plan of study.

The student should then:

1. Present the proposed plan of study to his or her faculty advisor for discussion.

2. Complete a Prior Approval Form (available at the Undergraduate Counseling Office or at either exchange program office), specifying the courses for which approval is sought. 3. Present the completed Prior Approval Form to the Department Chair and the

Undergraduate Counseling Office for approval.

4. Go! Have a great time! (Don’t forget, complete your course work!)

The Department of Accounting very strongly discourages its majors from completing at other universities or campuses, the upper-level courses that will be used to fulfill the 24 credit-hours of Accounting courses required for the Accounting major. The Department Faculty believes strongly that, in order to achieve Accounting major status at the University of Massachusetts, these courses should be completed on our campus. Accordingly, the following hierarchy is followed, generally, in approving courses to be taken at other universities, or on other campuses:

 Most Easily Approved: General Education Requirements and General Electives.  More Difficult to Get Approved: School of Management Requirements.

 Most Difficult to Get Approved: Upper-level courses that will be used to fulfill the 24 credit-hours of Accounting courses required for the Accounting major.

Final approval of courses taken at universities, or campuses, other than the University of Massachusetts-Amherst, rests with the Associate Department Chair.

Commonwealth Honors Students Accounting Departmental (Advanced) Honors

Accounting Honors Director: Prof. Trafford, ISOM 347, 545-5633,ptrafford@isenberg.umass.edu

Accounting Departmental Honors (DH) is an advanced scholarship track of Commonwealth Honors College. Students may complete DH as part of the full CHC curriculum, which includes Honors General Studies, or they may complete DH alone. All DH students are members of CHC.

If you are already a member of Commonwealth Honors College (CHC), you will be approved for Departmental Honors as long as you have the ability to complete the requirements before graduation.

To apply for Departmental Honors, complete the follow ing steps:

• Send an email message to Prof. Trafford using “Accounting Honors Application” in the subject line.

• At the top of the message indicate your full name, spire ID, and graduation year.

• In the body of the message, state explicitly that you have read and understand the requirements for Departmental Honors (see below). If for any reason, you want to discuss the requirements, indicate that as well, and we will hold your application until after you come see me.

Departmental honors requirements

To achieve Departmental Honors, you must successfully complete:

• Two 1-credit Accounting honors colloquia, of which one must be a 300-level or higher, and • The departmental capstone experience (6 credits).

Honors colloquia:

Only two honors colloquia for Accounting will be listed on Spire (one at the 200-level and one at the 300-level), each of which can be affiliated with a number of different accounting courses (at the same level).

• 291H (1 credit) Financial Statement Analysis- to be eligible to complete this colloquium, you must have earned a letter grade of B, or higher, in the 200-level accounting course (i.e., ACCOUNTG 221 or 222) with which you want to affiliate the colloquium. This colloquium will be offered in the fall semester.

• 391H (1 credit) Evolution and Revolution in Accounting- to be eligible to complete this colloquium, you must have earned a letter grade of B, or higher, in the 300-level accounting course (e.g., ACCOUNTG 321 or 322) with which you want to affiliate the colloquium. This colloquium will be offered in the spring semester.

In addition, you can arrange a 1 credit honors independent colloquium with individual faculty that runs concurrently with the associated accounting course as an enrichment to that course. To arrange this, you will need to receive approval from an individual faculty member who will then supervise the independent colloquium. This requires that you get the appropriate form from Commonwealth Honors College (CHC),

write a brief proposal describing the academic content of the independent colloquium, and get signature approval of the individual faculty sponsor and the departmental honors director. The forms should be submitted to CHC before classes start, if at all possible. Please do not wait until the end of the add/drop period.

SCH-MGMT 541, 572 and 582 are accounting courses and therefore you can add a 1 credit independent colloquium to those. They do NOT qualify as honors courses just by virtue of the course number (they do have the graduate level content some 500 level courses contain.)

Capstone Experience

There are two options for accounting students:

• SCH-MGMT 499C and 499D. A 2-semester strategy series (6 credits total).

• ACCOUNTG 499Y and 499T/P. An Independent Capstone (Thesis or Project). A 2-semester series (6 credits total).

SCH MGMT 499C and 499D (Strategy capstone)

Most students complete the two-course series (SCH-MGMT 499C and 499D) to fulfill this requirement. This series also counts as SCH-MGMT 494BI (the required strategy course). Acceptance to the series is by application and it is often very competitive (not everyone will be accepted.) You apply in the spring semester of your junior year and take the courses in fall and spring semesters of your senior year. The capstone sequence only starts in a fall semester. If you are graduating in fall as opposed to spring, you would need to apply a year earlier. Students are invited to apply early in spring semester and will find out if they are accepted in early March.

ACCOUNTG 499Y and 499T/P (Accounting Independent Capstone)

If you do NOT get accepted to the course series above, or choose not to complete the series, you must complete an independent capstone. An accounting independent capstone does NOT count as SCH-MGMT 494BI. Independent capstones are generally completed over two semesters. Completion of the entire capstone in one semester will only be allowed in extraordinary circumstances as one semester does generally allow adequate time for research, writing, review and revisions. Anyone doing the

independent capstone should complete a Form 499Y (from CHC) and deliver it to CHC in the last two months of the semester prior to the semester when the credits are earned. (For

example, this would be April or May of the semester before a senior year that begins in fall.) Similar rules apply for the second semester of the series. The 499T/P should be delivered to CHC in the last two months of the semester prior to the semester when the credits are earned.

Please contact Prof. Trafford as early as possible if you intend to complete an independent capstone. You will need to do some planning and research before you do the paperwork (in April or May

for a capstone that begins the following September). You should have a clear idea of what you want to accomplish/research for your capstone experience, and you should have had preliminary discussions with an individual faculty member who has agreed to serve as the chair of your committee. When the Form 499Y is completed (with a proposal attached, you will need the signatures of your chair and the honors director.

ACCOUNTING DEPARTMENTAL HONORS

Departmental Honors (DH) is an Advanced Scholarship track of Commonwealth Honors College (CHC). Students may complete DH as part of the full CHC curriculum, which includes Honors General Studies, or they may complete DH alone. All DH students are members of CHC.

Successful completion of the DH course requirements with minimum grades of B (or as specified below) and the submission of a properly formatted Honors Thesis or Project manuscript (minimum grade of B for Seminar manuscripts) will result in the award of "Departmental Honors" on the student's academic transcript. For information about DH, speak with your Honors Program Director and see Admission Process below. For information about the full CHC Curriculum, see

http://www.honors.umass.edu/curriculum.

General Admission Criteria

Minimally, to be eligible to apply for DH, students must have • An overall GPA of 3.400 or higher earned after one or more fulltime semester/s of UMass Amherst coursework • The ability to complete the DH sub-plan requirements • The ability to complete the CHC minimum residency requirement, i.e., 45-graded (not pass/fail) credits earned at UMass Amherst (not transferred)

Admissions Process

• UMass Amherst students who are not already members of CHC must apply to Departmental Honors, an Advanced Scholarship CHC sub-plan, via the CHC online application using the following link.

http:www.honors.umass.edu/admissions/apply-current-students

• Students who are already members of CHC should meet with the department’s Honors Program Director (HPD) regarding their interest in joining Departmental Honors (DH), an Advanced Scholarship CHC sub-plan. The HPD will determine a student's eligibility and preparedness for DH. Admission to DH will be at the discretion of the HPD based on the criteria as established by the department and CHC (see Admission Criteria above). The HPD will notify the CHC office of newly accepted DH students so appropriate steps can be taken to designate the sub-plan on SPIRE.

Program Requirements

• 1 ACCOUNTG honors course at any level*

• 1 ACCOUNTG honors course at the 300 level or higher* • Honors Thesis or Project. Options include:

○ Individually contracted: ACCOUNTG 499Y Honors Research and ACCOUNTG 499T Honors Thesis or 499P Honors Project

○ Seminar: SCH-MGMT 499C and SCH-MGMT 499D Business Strategy and Entrepreneurial Leadership

Notes: *• ACCOUNTG 221 or 222 followed by ACCOUNTG 291H (pre-requisite "B" or better in 221 or 222). • ACCOUNTG 321 or 322 followed by ACCOUNTNG 391H (pre-requisite "B" or better in 321 or 322). • The following SCH-MGMT courses with an affiliated honors colloquium or Honors Independent Study are acceptable for ACCTG DH: SCH-MGMT 523 Financial Reporting III; SCH-MGMT 541 Auditing; SCH-MGMT 572 Advanced Tax; SCH-MGMT 582 International Accounting.

Requirement Exceptions

Note: exceptions to the requirements above require approval by both the Honors Program Director (HPD) and a Commonwealth Honors College advisor; requests must be submitted in writing via the CHC Petition for Exception form

General Links

Honors Program Directors: http://honorsapp.honors.umass.edu/courseguide/honorsCoordinators.aspx CHC Application: http://www.honors.umass.edu/joining-honors-college

Honors Credentialing: http://www.honors.umass.edu/gradhonors2013on Honors Thesis or Project: http://www.honors.umass.edu/capstone-experience

Manuscript documentation and formatting: http://www.honors.umass.edu/capstone/formatting Department Approval Date: 01.17.2014

Revised Date: 01.21.2014

Source URL (retrieved on 10/16/2014 - 12:39pm): https://www.honors.umass.edu/dhreqs/accounting-departmental-honorsg

E-mail: advisor@honors.umass.edu Phone: 413.545.2483

The Smarter Way to the CPA

If you are a qualified student wanting to pursue CPA certification, you have the opportunity to fulfill the 150-hour educational requirement for certification in Massachusetts

By earning both:

• a bachelor’s degree (BBA accounting major) and • a Master of Science in Accounting (MSA) degree in • only four years plus a summer.

You can achieve this by:

• getting a head start: meet now with an academic advisor to develop your academic plan • declaring your major and beginning your major coursework as a sophomore

• completing your BBA degree in seven semesters (3.5 years), rather than eight

• entering the MSA program during your eighth semester (Spring semester of year 4), and • completing your MSA degree during the ensuing summer

By completing this program of study, in only four years plus a summer, you will:

• earn both a Bachelor’s degree (BBA) and a Master of Science degree in Accounting (MSA) • fulfill the 150-hour educational requirement for CPA certification

• launch your career with a “start date” in September, shortly after earning your MSA degree With early planning, your program of study can include:

• a SIPP (Spring term, Year 3) or Summer (end of Year 3) internship and • an international educational experience

Four-Years

Plus

a Summer – Both BBA and MSA Degrees

BBA Program MSA Program

First

Year Second Year Third Year Fourth Year Plus Summer

SEM 1 and SEM 2 Fall SEM 3 BBA Spring SEM 4 BBA Fall SEM 5 BBA Spring SEM 6 BBA Summer Fall SEM 7 BBA Spring SEM 8 MSA Summer SEM 9 MSA 36

credits credits 18 credits 18 credits 18 Credits15 _credits 15

15 Credits Online 15 Credits Live Possible SIPP Internship Possible Summer Internship

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Pr og ra m Hi gh lig h ts N at io n ally A ccred it ed . W e ar e on e of o nl y fiv e pr ogr am s in N ew E ngl an d to h av e been a w ar ded sepa ra te nat io nal a cc re di ta tio n by th e AA CS B, th e in te rn ati on al asso ci at io n f or m an agem en t edu ca tio n. M eet s Y ou r N eed s. O ur pr ogr am is no w o ff er ed co m pl et el y on lin e in a ddi tio n to t he hy br id m odel w e ha ve tr adi tio na lly o ff er ed. Th e pr ogr am is desi gn ed to ac co m m oda te th e needs of in di vi du al s fir st en ter in g th e ac co un tin g pr of essi on . In o ur h ybr id m odel , co ur ses ar e of fer ed in -r esi den ce du rin g a su m m er sessi on ( 15 cr edi ts) a nd on lin e du rin g th e fa ll an d spr in g sem est er s. If y ou r si tu at io n do es no t al lo w y ou t o co m e to c am pu s fo r th e su m m er , yo u ca n ta ke yo ur c la sses on lin e. Th irt y cr edi ts ar e requ ired to ea rn t he degr ee rega rdl ess of t he m odel y ou c ho ose. St uden ts pr ef er rin g a fa st -t rac k c an c om pl et e th e degr ee in a s few a s ei gh t m on th s. Fu lfills C P A R eq u iremen ts . B y co m pl et in g th e m ast er ’s degr ee, y ou w ill f ul fil l t he edu ca tio na l r equ irem en ts fo r CP A cer tif ic at io n in M assa ch uset ts, a nd elim in at e the o ne -y ea r ex per ien ce requ irem en t fo r rec ei vi ng a cer tif ic at e as a CP A. Ex cel len t Fa cu lt y. A hi ghl y re le va nt c ur ric ul um a nd fi rs t-ra te fa cul ty fo rm t he fo und at io n o f t he P ro gr am . T he m os t re ce nt A AC SB a cc re di ta tio n re po rt desc ribed ou r fa cu lty a s co m m itt ed to it s st uden ts an d pr ogr am s, w ith st ro ng lin ks to t he pr ac tit io ner c om m un ity , a nd ha vi ng a repu ta tio n am on g st uden ts an d al um ni a s hi gh ly c om pet en t an d ca rin g. O ut st and ing P la cemen t. W e ar e a pr im ar y rec ru iti ng sc ho ol fo r th e m ost di st in gu ish ed em pl oy er s in pu bl ic a cc ou nt in g. T ha nk s to o ur o ut st an di ng gr adu at es, an d to o ur n et w or k of c om m itt ed al um ni a nd fr ien ds, w e ha ve ac hi ev ed a rec or d of pl ac em en t in pu bl ic a cc ou nt in g th at is sec on d to no ne in N ew E ng la nd . R ea so n ab le C ost . I n det er m in in g tu iti on c ost s fo r th e pr ogr am , w e ha ve been sen si tiv e to t he fin an ci al dem an ds on o ur st uden ts. F or a gr adu at e pr og ram at a na tio na l u ni ver si ty , ou r co st st ru ct ur e is m or e th an c om pet iti ve. F or t he 2014 -15 pr ogr am y ea r, t ui tio n is $750 per c redi t. T hu s, t ui tio n co st t o co m pl et e th e pr ogr am w ill be $22, 500 . A dm issio n t o t h e Pr og ra m Q u alific at io n s. A dm issi on is hi gh ly sel ec tiv e. C an di da tes ar e ev al ua ted ba sed on a ca dem ic h ist or y, G M AT r esu lts, ev iden ce of a pt itu de fo r gr adu at e-lev el w or k, a nd pr of essi on al ex per ien ce. A ba cc al au rea te degr ee fr om a n at io na lly a cc redi ted co llege or u ni ver si ty is requ ired. T he degr ee m ust in cl ude, o r be su ppl em en ted by , co ur ses th at pr ov ide a so lid fo un da tio n in a cc ou nt in g an d bu si ness. I n gen er al , th is w ou ld requ ire, a t a m in im um , 1 8 sem est er ho ur s in ac co unt ing (t o inc lud e fina nc ia l repo rt in g, m an ager ia l a cc ou nt in g, t ax at io n, a nd au di tin g) , an d 24 sem est er h ou rs i n bu si ness co ur ses ( to in cl ude bu si ness la w , i nf or m at io n sy st em s, ec on om ic s, bu si ness st at ist ic s, f in an ce, m an agem en t, a nd m ar ket in g) , co m pl et ed at t he un der gr adu at e lev el . How to A pp ly . A G ra du at e Sc ho ol A ppl ic at io n m ay be obt ai ned on lin e at w w w .u m ass. edu /gr adsc ho ol . Appl ic at io ns m ust be su bm itt ed on li ne to t he U ni ver si ty G ra du at e Adm issi on s O ff ic e an d sh ou ld in cl ude: · Co m pl et ed appl ic at io n (spec ify M S Ac co un tin g Pro gra m H yb rid o r O nl in e) · O ff ic ia l G M AT sc or e repo rt ** · O ff ic ia l t ra nsc ript s fr om a ll co lleges an d un iv er si ties at ten ded , w her e 6 or m or e cr edi ts w er e ta ken · Tw o l et ter s of r ec om m en da tio n ( resu m e opt io na l) · Per so na l st at em en t ** no t requ ired of a ppl ic an ts ha vi ng a ba cc al au rea te degr ee fr om t he Isen ber g Sc ho ol o f M an agem en t, o r in di vi du al s w ho h av e su cc essf ul ly pa ssed th e CP A ex am W illia m D . Br ow n, D irec to r Jea nn e Ba gdo n, P ro gra m Ad mi ni st ra to r Isen ber g Sc ho ol o f Ma na ge m ent D epa rt m en t of Ac co unt ing 413 -577 -7 00 4, w br ow n@ isen ber g. um ass. edu 413 -545 -5 66 2, jba gdo n@ isen ber g. um ass. edu 17

A Profession on the Move Becoming a CPA in Massachusetts (excerpts taken from MSCPA website, 2013)

Forces such as technology and globalization have drastically changed the business world. More and more, businesses need the expertise that CPAs, as trusted

business advisors, can provide. The CPA profession is also changing to ensure that CPAs of the future have the skills and knowledge needed to meet ever-changing client demands. Read on to find the answers to some commonly asked questions about the changing requirements for becoming a CPA in Massachusetts.

What are the general requirements for becoming a CPA?

All candidates for certification must meet specific educational requirements and pass the Uniform CPA Exam. In addition, experience in the practice of public accounting may be required, depending on your educational background. What is the education requirement for becoming a CPA?

Candidates pursuing CPA certification in Massachusetts are required to have 150 credit hours of college-level education from a nationally or regionally-accredited college or university. Associate Degree/Community College courses must be transferred into a four-year bachelor’s degree program. Credits can be earned outside of an actual bachelor’s or graduate degree. Introductory accounting courses qualify to fulfill accounting course requirements.

Do I will need a graduate degree to become a CPA?

NO, the only degree required for certification is a bachelor's degree. However, the skills and knowledge usually developed in a graduate program (e.g., Masters of Accounting, Masters in Tax, MBA, law degree) may be very useful in helping CPAs to meet client demands. For this reason, the Massachusetts Society of CPAs strongly encourages a graduate education.

Does my college-level education need to include specific coursework? It depends; the requirements vary based on the highest degree you obtain. If you obtain a master's degree in accounting from an AACSB accredited accounting program, or one approved by the Massachusetts Board of Public Accountancy, you will not need to meet specific course requirements. Summary information is provided below. For further details, please see

http://www.cpatrack.com/becoming_a_cpa/.

Level 1. If you obtain a Master’s degree in accounting from an AACSB accredited accounting program, or an accounting program that has been approved by the Massachusetts Board of Public Accountancy, you will not need to meet specific course requirements.

Level 2. If you earn a graduate degree in accounting from a school that does not fall within Level 1, or if you earn a graduate degree in business administration or law, you will need 18 semester hours (27 quarter hours) of accounting at the graduate level or 30 semester hours (45 quarter hours) at the undergraduate level, or an equivalent combination thereof. These courses must include coverage in financial accounting, audit, taxation, and management accounting. In addition, the degree must include or be supplemented by 24 semester hours (36 quarter hours) of business courses (other than accounting courses) at the undergraduate level or 18 semester hours at the graduate level, or an equivalent combination thereof.

Level 3. If your highest degree is a bachelor’s degree in business, your degree must include, or be supplemented by, 30 semester hours in accounting with coverage in financial accounting, audit, taxation, and management accounting. In addition, the degree must include, or be supplemented by, 24 semester hours in business courses other than accounting courses. These business courses shall include coverage in business law, information systems, finance, and coverage in at least one of the areas of economics, business organizations, professional ethics, and/or business communication.

Level 4. If your degree is not in business, your 30 semester hours in accounting must include at least three semester hours in each of the subject areas of financial accounting, audit, taxation, and management accounting; and your 24 semester hours in business must include at least three semester hours in each of the areas of business law, business information systems, professional ethics and finance. Business courses, other than accounting, in business management of

organizations, economics, and/or business communications may be included for the business course requirements.

Can I sit for the CPA examination before I complete the 150 credits? YES, you may sit for the exam if you have a bachelor's degree and at least 120 educational credits (180 quarter hours) that include 21 credits in accounting and 9 credits in business. These credits require coverage in certain subject areas as specified on http://www.cpatrack.com/cpa_exam/exam_regulations. If your bachelor's degree was awarded with less than 120 credits, you will need to take additional courses to reach 120 and there are NO exceptions. Anyone who sits for the exam before acquiring 150 educational credits will be required to complete an Academic Evaluation for Certification Report before applying for a Massachusetts CPA license. This is filed with CPA Exam Services for a fee of $100 and is available

at www.NASBA.org.

Is there a time limit to meet the 150-hour certification/licensure requirement if I sit for the exam with 120 credits? **

YES. You must meet the educational requirements within 3 years from the time you receive your official letter of passing all four parts of the exam. If you don’ t, you will need to retake all parts of the exam.

What is the experience requirement for CPA certification/licensure? It depends on your level of education. With 150 credits, you need one year of public accounting experience; if your experience does not include 1000 hours in the report function, you will be issued a non-reporting license. With a graduate degree in accounting, business, or law, no experience is required for certification /non-reporting license.

Can I substitute non-public accounting experience to meet the requirement for certification?

Yes, the Board of Public Accountancy, in its discretion, my grant you credit for professional accounting experience while working in a position in private industry or government. To learn about the special conditions that must be met, please visit http://www.MSCPAonline.org/nonpublicexp.

What is a non-reporting license?

A non-reporting license allows you to use the CPA designation and perform all accounting services except signing off on financial statements.

How can I qualify for a full reporting license to allow me to sign off on financial statements?

You will qualify for a full reporting license after you complete twelve months of employment in a public accounting firm and obtain 1000 hours in the report function on full disclosure financial statements, of which not more than 300 hours may consist of full disclosure compilations. If you anticipate a future need to sign off on financial statements, you may choose to apply for a full reporting license when your initial non reporting license expires.

Additionally, the non reporting licensee who wishes to accept a report engagement may qualify for a full reporting license if s/he complies with the provisions of 252 CMR 3.02(5). To do so, you will be required to provide official documentation to the Board of Public Accountancy that you have taken 80 hours of CPE in financial statement reporting within six months prior to accepting the report engagement. Further, you will need to enroll with a qualified Report Acceptance Body prior to the issuance of the initial report and complete a quality review within nine months subsequent to the issuance of the initial report.

How do I proceed after I have passed the exam and meet the education and experience requirements for certification/licensure?

After you receive your official notification from CPA Exam Services that you have passed the CPA exam, you can download the application for certification/licensure from the Web site of the Massachusetts Board of Public Accountancy,

Once I’m certified, do I have to do anything to maintain my initial CPA license?

Yes, every two years you will need to submit a license renewal application and fee to the Division of Public Licensure and provide evidence of completion of 80 hours (credits) of continuing professional education, which includes four credits in the area of professional ethics. In addition, every CPA is required to adhere to a code of professional conduct that helps to maintain integrity and dignity in the

profession. Finally, CPAs who sign off on financial statements (or their firms) are required to undergo a peer review every three years.

What if I move to another state? Will my license transfer with me? Reciprocity, or the recognition of your Massachusetts license in another state, is ultimately the decision of the licensing board in your new state. You will need to contact that state’s Board of Public Accountancy.

Where do I find more information about becoming a CPA in Massachusetts?

You can use the MSCPA’s student website as a clearinghouse for resources about the CPA exam and certification requirements. There, you will find links to

download the exam application form as well as information about how to have your transcript pre-evaluated to determine if you meet the academic

requirements, what you need to do if you attended a foreign university, etc. If you have specific questions about licensing requirements in Massachusetts, you should visit the Board of Public Accountancy Web site or contact the Board at:

Massachusetts Board of Public Accountancy 1000 Washington Street, Suite 710

Boston, MA 02118 617.727.1806

Should I join the Massachusetts Society of CPAs?

The Society is the only professional organization representing CPAs in Massachusetts. Membership provides you with information, education,

opportunities for professional growth and development, and a strong voice in front of the legislature and public. In short, the Society will help you to meet your career and personal goals as a CPA. There are various categories of membership available, including student and associate memberships. To receive membership information and an application, contact the Membership Department at 1-800-392-6145.

** Revisions to these regulations are being discussed. Please check back for an up-to-date version of these FAQs. We have attempted to highlight possible areas of change with an **

Massachusetts CPA Certification Requirements

Source: Massachusetts Board of Public Accountancy Website (September 2013)

Requirements for CPA Certification/License in Massachusetts - Effective 1/01/07

To be eligible for a CPA certificate/license in Massachusetts, a candidate must complete at least 150 semester hours of college-level education and successfully pass the computer based CPA examination. Experience in the practice of public accounting may be required, depending on one's educational background. FAQs for the CPA Exam Candidate.

Beginning January 1, 2007, CPA candidates will be able to sit for the exam upon: • completion of 120 semester hours (180 quarter hours) of university credit

• conferral of a baccalaureate degree

• completion of 21 semester hours in accounting, to include coverage in financial accounting, management (cost) accounting, auditing, and taxation.

• completion of 9 semester hours in business, to include coverage in business law, finance and information systems.

To qualify for exam eligibility and CPA certification in Massachusetts:

• All educational credits must be completed at a nationally or regionally accredited college or university. Credits can be earned outside of a candidate's actual bachelor's or graduate degree.

• All credits earned at a two-year accredited school must be transferred into a four-year nationally or regionally accredited college.

• Credits earned in introductory accounting courses qualify to meet the required 21 semester hours in accounting if the above conditions are met.

The exact nature and number of specific courses you must complete to qualify for CPA certification/licensure is based on the highest level of education you have attained. These different levels are:

• 1. Graduate degree in accounting from an accredited college or university that has been approved by the Board of Public Accountancy.

• 2. Graduate degree in accounting from an accredited college or university that does not fall within the above level, or a graduate degree in business administration or law from an accredited college or university.

• 3. Bachelor's degree in business from an accredited college or university.

• 4. Bachelor's degree in any discipline from an accredited college or university.

A candidate can determine if he or she has met the educational requirements for certification/licensure by answering the following series of questions:

1. Do you have a graduate degree in accounting from an accredited college or university that has been approved by the Board of Public Accountancy?

View the list of Level 1 colleges and universities.

• YES: You have satisfied the educational requirements if your MSA is from a college on this list. You will not need to meet specific course requirements.

• NO: Proceed to the second question below.

2. Do you have a graduate degree in accounting from an accredited college or university that does not fall within Level 1, or a graduate degree in business administration or law from an accredited college or university?

Graduate degrees in business administration include such degrees as Master's in Business Administration (MBA), Master's of Science in Accounting Information Systems (MSAIS), Master's of Science in Finance (MSF), and Master's of Taxation (MST). Read further guidance on what constitutes a graduate degree in business.

• YES: To be eligible for certification/licensure, your degree must include, or be supplemented by, a specified number of hours of accounting and business courses.

Accounting coursework

You must have 18 semester hours (27 quarter hours) of accounting at the graduate level or 30 semester hours (45 quarter hours) at the undergraduate level, or an equivalent combination thereof.* These courses must include coverage in financial accounting, audit, taxation, and management accounting. Coverage in these topic areas generally means that a course has been completed in the specified subject area, but a candidate may submit proof that the required subject areas have been covered in other courses. Find more information about what courses are acceptable as accounting courses and to learn how you can verify that you have obtained the required coverage in courses other than those in the specified topic areas.

Business coursework

You must have 24 semester hours (36 quarter hours) of business courses (other than accounting courses) at the undergraduate level, or 18 semester hours (27 quarter hours) at the graduate level, or an equivalent combination thereof.* These courses must be completed or accepted in transfer at a four-year accredited college or university. Find more information about what courses are acceptable as business courses.

• NO: Proceed to the third question below.

3. Do you have a bachelor's degree in business from an accredited college or university? • YES: To be eligible for CPA certification/licensure, your degree must include, or be

supplemented by, a specified number of hours of accounting and business courses.

Accounting coursework

You must have 30 semester hours in accounting at the undergraduate level.* The accounting courses must include coverage in financial accounting, audit, taxation, and management accounting. Coverage in these topic areas generally means that a course has been completed in the specified subject area, but a candidate may submit proof that the required subject areas have been covered in other courses. Find more information about what courses are acceptable as accounting courses and to learn how you can verify that you have obtained the required coverage in courses other than those in the specified topic areas.

Business coursework

You must have 24 semester hours (36 quarter hours) of business courses (other than accounting courses) at the undergraduate level.* These business courses must include coverage in the areas of business law, information systems, finance, and coverage in one of the areas of economics, business organizations, professional ethics, and/or business communication. Find more information about what courses are acceptable as business courses.

• NO: Proceed to the fourth question below.

4. Do you have a bachelor's degree in any discipline from an accredited college or university?

• YES: To be eligible for CPA certification/licensure, your degree must include or be supplemented by a specific number of hours of accounting and business courses.

Accounting coursework

You must have at least 30 semester hours (45 quarter hours) in accounting courses at the undergraduate level.* These credits must include at least three semester hours in each of the subject areas of financial accounting, auditing, taxation, and management accounting. Find more information about what courses are acceptable as accounting courses.

Business coursework

You must have least 24 semester hours (36 quarter hours) of business courses (other than accounting courses) at the undergraduate level.* The business credits must include at least three semester hours in each of the areas of business law, business information systems, professional

• NO: You are not eligible for CPA certification/licensure.

*If you combine undergraduate and graduate courses to arrive at the required core accounting and business credits, please note:

Since a candidate needs 30 semester hours of undergraduate accounting courses or 18 semester hours of graduate accounting courses, each undergraduate hour equals 3/5 of a graduate hour, or conversely, each graduate hour equals 5/3 of an undergraduate hour.

Since a candidate needs 24 semester hours of undergraduate business courses or 18 semester hours of graduate business courses, each undergraduate hour equals 3/4 of a graduate hour, or conversely, each graduate hour equals 4/3 of an undergraduate hour.

CPA Exam EDUCATIONAL REQUIREMENTS

Source: Massachusetts Board of Public Accountancy Website (Sept 2013)

1. What requirements must I meet to sit for the CPA exam as a Massachusetts candidate if I don't yet comply with Massachusetts' CPA certification

requirements as stipulated in Section 2.07 of the State regulations? ** To be eligible to sit for the exam, you must:

• Be at least 18 years old

• Have completed 120 semester hours (or 180 quarter hours) of credits from a nationally or regionally accredited college or university - Associate degree or Community College courses will be accepted only if transferred into a four-year bachelor's degree program. **

• Have 21 accounting credits including coverage in

o Financial accounting o Audit

o Management accounting o Taxation

Introductory or elementary courses can be counted toward the 21 credits.

• Have 9 business credits including coverage in

o Business law o Finance

o Information Systems

• Have completed all requirements for the conferral of a bachelor's degree. Note: To convert quarter hours to semester hours, multiply total quarter hours X 2/3. To convert semester hours to quarter hours, multiply total semester hours X 3/2.

2. What if I am not sure if I meet the educational requirements to take the exam?

CPA Exam Services (CPAES) will review your transcript of past and current courses to identify academic deficiencies. The fee is $50 and the review is advisory in nature. Visit

this website and look under the FORMS section.

3. What if I satisfied some of my educational requirements at a school outside the United States?

You will need to have your educational credentials evaluated by the Center for

Educational Documentation or NASBA. (This evaluation is not necessary if you studied a

4. Is there a difference between the educational requirements to sit for the exam and those to obtain CPA certification?

Yes, you need 150 educational credits for CPA certification in Massachusetts. Specific coursework depends on the highest degree you obtain. To view these requirements, please visit www.cpatrack.com/becoming_a_cpa/required.

5. Is there a time limit to meet the 150-hour certification requirement if I sit for the exam before attaining 150 credits? **

Yes, you have 3 years from the time you receive notice of passing all four parts of the exam to meet the educational requirements for CPA certification. If you don't, you will need to retake all parts of the exam.

6. Can I sit for the exam during my final semester before my baccalaureate commencement?

No, you cannot sit for the exam before the date your bachelor’s degree is conferred (this is the official graduation date that appears on your final educational transcript). However, you can sit for the exam before you actually receive your final transcript as long as you can provide the final transcript to CPA Exam Services within 90 days of taking the exam.

7. Can I apply for the exam before I complete my degree and/or required accounting and business courses?

Yes, in addition to your application, you will be required to complete a Certificate of Enrollment (COE) form as evidence that you are enrolled and that all courses and graduation requirements will be completed prior to the date that you sit for your first section. Before you schedule your exam appointment, be certain your final transcript will be available within 90 days and that the degree conferral date as it appears on your final transcript is before your exam date. (If you don’t know your degree date, check with the college registrar.)

Once the educational requirements have been met, an official transcript must again be submitted to CPA Exam Services (CPAES) to confirm degree conferral and/or

satisfactory completion of courses. The final official transcript must be received by CPAES within 90 days of sitting for the first exam section. Failure to do so will result in the loss of any credit received for any part of the examination passed prior to providing the final official transcript.

8. Can I use credits earned as Independent Study to meet the accounting credit requirement?

Yes, as long as your college categorizes the course as an accounting course on your transcript. The credits cannot be used to meet any of the four required areas of coverage, i.e. audit, taxation, management accounting or financial accounting.

9. Can I use internship credits to meet the accounting/business requirements? Yes, if the credits are recorded as semester hours on your college transcript. Only 3 credits toward the accounting requirement can be earned by an internship. None of the required subject area coverages, i.e., audit, tax, financial accounting, and management accounting can be accomplished by an internship; formal course instruction is

necessary.

10. Can I take credits online?

Yes, however, the on-line course must be taken at an accredited, four-year college or university and the course has to be one that is offered within a degree-granting program (you do not have to be enrolled in the degree program). The college must provide you with a transcript upon completion.

11. Do I need to earn a minimum grade for my credits to count? No, and credits earned in courses graded by pass/fail are accepted.

12. How do I know if some of the accounting and business courses I took meet the requirements? The course titles are a bit different.

If a course title does not clearly relate to the coverage area, you may need to submit a course catalogue, syllabus or letter from a professor detailing the coverage. Submit the course evaluation checksheet to describe the course coverage when you apply to sit for the CPA Exam.

13. How should I select my accounting and business elective courses?

It's a good idea to review the Content Specification Outlines for the CPA exam to be certain you choose courses that will contain the subject material that will be tested on the exam. Check out the CPA exam pages under “Become A CPA” on www.aicpa.org. APPLYING FOR/SCHEDULING THE CPA EXAM

14. When is the examination given?

The exam is offered during the first two months of each calendar quarter – these

months are referred to as “testing windows.” Testing is available in January & February, April & May, July & August, and October & November. Testing centers are usually open 6 days a week.

15. Must all four-exam sections be taken at the same time?

16. Must the exam be taken in a computer-based format? Yes, the exam is available only in a computer-based format. 17. Is the exam offered in different languages?

No, it is only offered in English. 18. Is there a new CPA exam?

Yes, a new Uniform CPA exam, known as CBT-e (Computer Based Test - evolution) went into effect on January 1, 2011. Changes include the testing of International Financial Reporting Standards (IFRS), the introduction of new task-based simulations and the transfer of communication skill testing to one section - Business Environment and Concepts (BEC). In addition, the scoring timeline will be shortened. For more information, check out the CPA exam pages under “Become A CPA” on www.aicpa.org. 19. How do I apply for the exam?

Applications are filed with CPA Exam Services (CPAES), a division of the National

Association of State Boards of Accountancy (NASBA) located in Nashville, TN. To obtain an application, go to nasba.org and select CPA exam and Massachusetts as the

jurisdiction.

First-Time Exam Candidate

If you have never applied to the state of Massachusetts for any section of the examination or if you applied previously AND your application was denied as INELIGIBLE or INCOMPLETE, you must complete a first-time application found on nasba.org.

Re-exam Candidate

If you have previously applied AND were found eligible to take any section of the CPA Examination for the state of Massachusetts, you are considered a re-exam candidate. You may register online at nasba.org.

International Candidate

Before applying for the CPA exam, you will need to have your educational credentials evaluated by the Center for Educational Documentation or NASBA.

20. How long does the application review process take?

It depends on whether you are a first-time or re-exam candidate. The application review process for a first-time candidate who applies online and pays by credit card is approximately 2 weeks as long as all supporting documents have been received by CPAES. The review process for a re-exam candidate is five business days if you paid by credit card when registering.

21. What is a Notice to Schedule or NTS?

A Notice to Schedule or NTS is your notification of approval to take the exam sections for which you applied. Once you receive it, you may contact Prometric to schedule your exam appointment. It will expire in 6 months and if you are cannot take all the exam sections, you will NOT be able to extend it or receive a refund or credit.

The NTS is your “ticket” to enter the exam center and receive your scores online – keep a copy in a safe place. Verify that all information on the NTS is correct and that your name EXACTLY matches the name on the identification documents that you will use to check-in at the testing center. If the information is incorrect or the ID and NTS do not match, immediately contact CPAES (1.800.CPA.EXAM).

The NTS will be delivered by the preferred method you selected in your initial application — if you do not receive your NTS within the anticipated approval time, contact CPAES immediately.

22. How do I schedule an exam appointment?

Once you receive your Notice to Schedule (NTS) you will need to contact Prometric to schedule your testing dates. You can do this online at www.prometric.com/cpa or by phone at 800.580.9648.It is recommended that you choose the online option since this method will provide you with a written confirmation of your appointment. You must schedule a separate appointment for each exam section but it is not necessary to book your appointments all at once. To increase the likelihood of receiving your first choice of date, time and location, you should schedule at least 45 days before the desired date. Your NTS is valid for 6 months; if you do not take all sections for which you have been approved, you will forfeit your fees and will have to reapply.

23. How much does it cost to take the exam?

All applicants, both first-time and re-exam, are required to pay both an application fee and an examination fee each time they apply to CPAES. To view the fee schedule visit

nasba.org and select Massachusetts as the jurisdiction. You must be prepared to take

all sections for which you apply within 6 months from the date you receive approval. Failure to do so will result