Accounting, CPA, and hours

[Anonymous No.480031]

Hello Biz

I am an accounting student, from a "target school" in California with a 3.2 and likely an internship or two. A lot of my fellow older students with the same qualifications have jobs before they graduate, so I am not worried too much about that.

Apparently most public companies require you to have 150 units to be eligible for the CPA. The only problem is that from what I hear jobs in the public sector have an insane amount of hours, I am willing to do 50 hours a week but anything over that is a no-no. No money in the world is worth that for me. I heard that big 4 are notorious for having grueling work hours.

Do I really need the 150 units or the CPA? Are there 40-50 hours jobs in the public sector? How hard would it find a job in the private sector straight out of college?

Thank you.

[Anonymous No.480159]

>>480031
I'm a California CPA license holder and let me clarify some points to you.

You need 150 credit hours now to be eligible to sit for the CPA exam. On or before 12/31/2013, it was 120 credit hours.

Everything that I will say from now on is based on the 150 credit hours. To get the CPA license, you need a year of general accounting experience and I believe California requires their CPAs to have 500 hours of attestation experience. You need to engage yourself with planning, testing, documentation, assist in creation of the financial statements in an audit within or more than the 500 hours attestation requirement.

You have no choice but to work in an auditing firm/public accounting sector to be able to satisfy the 500 hours of attestation. You don't have to work in a Big 4. You can work in a mid-sized accounting firm such as Crowe Horwath or McGladrey. You can also work in a small accounting firm. Big 4 offers notorious work load all through out the year. Some are 60 hours a week minimal. In a mid-sized or small-sized firms, it's seasonal. If you're assigned to tax, you can expect 50-60 hour workload during the first quarter of the year. If you're doing calendar year financial audit, same issue with tax hours.

It varies. If you want to expect the hours the firm will ask from you, see the services offered by the company.

[Anonymous No.480162]

>>480159
about the 500 hours requirement, clarify first with the board. It might have changed already. It might also refer to those authorized to sign in a financial statement/sign their opinion on the financial statements.

[Anonymous No.480929]

>>480031

>Do I really need the 150 units or the CPA? Are there 40-50 hours jobs in the public sector?

In most states the 150 credits is standard but you don't have to work public firms, everyone assumes you do but that's not true everywhere. I don't know much about the qualifications for taking the CPA in California but here in WA State you can work public, private or even government to fulfill CPA requirements, so long as the person you're working under has a CPA.

>How hard would it find a job in the private sector straight out of college?

From what I hear it's not that hard, unconventional because going public is pushed heavily in college because Big 4 firms donate a lot to 4-year institutions to shove that idea down student's throats but there are grads who go private or government out of school. It all depends on what you want in life a steady paycheck and middle class lifestyle or make bank; having worked in public helps a lot with the latter.

[Anonymous No.481025]

>>480159
>>480162
Thank you!

>>480929
I really don't care about making a lot of money, I am okay with living the minimalistic lifestyle, I just want enough money left over to save/invest and to travel every now and then.

Frankly, I don't even want to bother getting the California CPA, because I want to get out of the state as soon as possible.

[Anonymous No.481230]

>>481025
Read the statements below for the experience requirements:

>General accounting experience obtained in public accounting must be performed under the supervision of an individual who holds a valid active license, or comparable authority to practice public accountancy in any state or country. General accounting experience must be verified by the licensee supervisor and a second licensee with a higher level of responsibility in the public accounting firm. If the first signer is an owner of the public accounting firm (e.g., sole proprietor, partner, or shareholder), a second signature is not required.

>General accounting experience obtained in private industry or government accounting must be performed under the supervision of an individual who holds a valid active license to practice public accountancy in the United States or its territories. General accounting experience must be verified by the licensee supervisor and a second person with a higher level of responsibility in the private industry company or governmental agency. The second signer is not required to hold a license to engage in the practice of public accountancy. If the licensee supervising the experience is the owner of the private industry company, a second signature is not required.

>If experience is obtained outside of California, written verification\is required from the out-of-state licensing body with which the supervisor holds a valid active license to practice public accountancy. The CBA will send you a verification form that must be mailed to the out-of-state licensing body issuing the supervisor’s CPA license. An official seal of the out-of-state licensing body issuing the license to the supervisor is required on the signed document. It is your responsibility to provide the fees associated with the completion of the verification. A verification for an out-of-state signer will not be sent until such time as an application for licensure is received by the CBA.

contd

[Anonymous No.481238]

>>481230
>>481025
you can work out of state as long as the one supervising you is an active CPA license holder.

To tell you the truth, I only have 120 credit hours when I took the CPA exam. I really tried to pass the exam before 12/31/2013 and I did. Now, California got stringent on their requirements regarding credit hours. Additionally, I haven't work in the state of California ever.

Reciprocity applies to other states so long as you satisfy the 150 credit hours or years of experience requirement (application of CPA license from California to other states). As a Big 4 recruiter always say to me, it doesn't matter what state you got your license as long as you have your license unless you wanted to sign on the financial statements or sign an opinion on the financial statements.

Anyways, good luck to you!

[Anonymous No.481246]

>>481238
you seem to stress the importance of the CPA.

Is it possible to have a career as an accountant without it?

[Anonymous No.481249]

>>481246
Yeah. I just helped this anon out regarding his issues with the CPA.

[Anonymous No.481252]

>>481246

It's expected but not necessary. Without a CPA though you'll never move up from a staff accounting positions.