Can You Apply for US CPA Exam While Pursuing a Master’s Degree?
The path to becoming a Certified Public Accountant (CPA) in the United States can be complex and involves several prerequisites, including education requirements. If you’re considering applying for the US CPA exam alongside your master’s degree, it’s crucial to understand the criteria and potential implications.
The Basic Requirements for US CPA Examination
Each state in the United States has its own specific requirements for becoming a CPA. However, a common requirement is that all CPA candidates must hold at least a bachelor’s degree and have no fewer than 150 semester hours of formal education. In many cases, this means that completing a master’s degree can fulfill the education requirement. My calculations indicated that the 150 semester hours required was about 6 months shy of a full master’s program, which made pursuing my master’s program a logical step.
Eligibility and the US CPA Exam
The US CPA exam is divided into four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). Candidates must pass all four sections to obtain their CPA license. The exam is offered year-round, and passing it is a significant milestone in the CPA journey.
Post-Exam Requirements for CPA License
Even after successfully passing the US CPA exam, there are additional requirements to obtain a CPA license. One of the key requirements is to complete a minimum of one full year of supervised professional experience under the guidance of a licensed CPA. This supervised experience can be obtained in your workplace after you pass the exam or while you are already working in a related field.
Impact on Your Master’s Program
If you are planning to pursue your master’s degree while preparing for the US CPA exam, it's important to consider how your studies might impact your exam preparation. Balancing coursework and exam preparation can be challenging, but there are strategies to manage your time effectively. Many students find it beneficial to schedule their studies around their bachelor’s degree requirements to minimize any gaps in their formal education.
Conclusion
In summary, if you are considering applying for the US CPA exam while pursuing a master’s degree, it is generally advisable to complete your bachelor’s degree first and then focus on your master’s program. This can help you meet the 150 semester hour requirement more seamlessly and ensure you have a solid foundation of knowledge before taking on the rigorous CPA exam. Additionally, incorporating supervised professional experience into your career trajectory can help you meet the post-exam requirement more easily.
To succeed on your path to becoming a CPA, it is crucial to plan proactively and consider all the requirements carefully. By understanding the education and experience necessary, you can make informed decisions that will set you up for success in your professional endeavors.