When your ultimate goal is to get into equity research, is it fine if I just pass the CPA exam or do firms require the license? The reason I ask is because many states allow one to take the CPA exam but in order to become licensed, one often has to fullfill 150 hr requirements or work experience (audit…eww) requirements. I got a job as a TP consultant overseas and the firm seems to value the fact that one has passed the exams and doesn’t really requirement for me to be a CPA (have the license with all the requirements fulfilled). If this similar in equity research as well? Do firms usually value the fact that I have the accounting knowledge (just passed the test) or do they want me to have the audit experience. I’m assuming that equity research firms just care about the knowledge, but just wanted to make sure.
I think ultimately for there to be value, you would want to designation CPA after your name. I don’t know if that implies passing the tests or actually getting licenses - I assume you need the license? Just saying you passed the exams might hold a little value somewhere but not so much. I have looked into this too. People have said Delaware does not require the experience but I believe it now does. I think Vermont might be the only state that would grant licensure without the work experience, but I could be wrong.
You need to pass the exams and have the relevant experience in order to receive the designation. Not sure how VT works, but worth looking into. Once you receive the necessary experience, your firm signs off on your paperwork and they send it to the state agency. I don’t think that just passing the exams will hold much value unless you have the experience to apply it.
you don’t have to have work experience for the non-reporting license. with the non-reporting license, you’re still a CPA and no one can tell the difference, but you can’t sign an audit opinion. i don’t think that really matters in your case though.
A CPA? This is a CFA Forum… Trying to put lipstick on a pig?
you could also get licensed in colorado where there is no 150 hour requirement
japped187, I have to agree with AlphaSeeker this is a CFA forum. BTW you would be better served taking the CFA exams as opposed to the CPA exams if your goal is to be analyst. The CFA is more highly sought after than CPA in equity research, as it’s more relvent. In my opinion the CFA is harder than the CPA (I’m a CPA, and a level III candidate). IB’s / hedgefund’s / PE shops don’t require a CFA or CPA. All the big Accounting firms require you to be CPA before you’re promoted to manager. A CPA is also required to sign of on an audit (which you wouldn’t be doing any time soon) AlphaSeeker Wrote: ------------------------------------------------------- > A CPA? This is a CFA Forum… > > Trying to put lipstick on a pig?
The reason I am asking about the CPA is because the job that I am getting into strongly recommends for me to take and pass the CPA exam. This position is in Japan and the firm has told me that all they care about is whether I passed the exam. I am planning to stay with this firm for a couple of years and lateral into equity research (if I don’t like the current position). So, because I will have passed the exam when I apply to research positions, I just wanted to know if they will respect the fact of me having the accounting knowledge as opposed to me having the license. The CFA is something I am looking to study for after passing the CPA exam. I’ve heard lvl 1 is much easier with CPA knowledge. mzwerner Wrote: ------------------------------------------------------- > japped187, > > I have to agree with AlphaSeeker this is a CFA > forum. BTW you would be better served taking the > CFA exams as opposed to the CPA exams if your goal > is to be analyst. The CFA is more highly sought > after than CPA in equity research, as it’s more > relvent. In my opinion the CFA is harder than the > CPA (I’m a CPA, and a level III candidate). IB’s > / hedgefund’s / PE shops don’t require a CFA or > CPA. All the big Accounting firms require you to > be CPA before you’re promoted to manager. A CPA is > also required to sign of on an audit (which you > wouldn’t be doing any time soon) > > AlphaSeeker Wrote: > -------------------------------------------------- > ----- > > A CPA? This is a CFA Forum… > > > > Trying to put lipstick on a pig?
Gotcha, then my answer would be no. Take the exam in a State hich will grant w/o any audit experience I think alabama or nebraska. Yes level’s I & II would be easier after having gone through CPA
I’m still so confused by this whole thing. Everywhere I look I get different answers it seems. Does anyone know definitively where its possible to have the “CPA designation” without having any audit experience, assuming you don’t care about being able to sign off on an audit? I’ve heard VT. Slave says Colorado. Mzwerner thinks alabama or nebraska. Slave, are you sure about CO?
ah, here we go. State of Massachusetts. Education Requirement If you earn a graduate degree in accounting from a school that does not fall within the above AACSB category, 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 (undergraduate courses are weighed as 3/5 of graduate courses per this new rule as mentioned above). 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 (undergraduate business courses are weighed as 3/4 of graduate courses per this new rule as mentioned). What is the experience requirement for CPA certification/licensure? The experience rule has not changed based upon the changes of this new education rule. Experience is set forth in 252 CMR 2.07(2) (b) and is essentially the same as it was detailed under the old rule 252 CMR 2.07(3). Both the new and old rules will be maintained on our web site for the immediate future. The new rules are those shown effective as of November 3, 2006. Both experience rules depend on your level of education. With 150 credits, you need one year of public accounting experience for a full reporting license and the CPA experience must include 1000 hours of report (attest) experience as defined in these sections. With a graduate degree in accounting, business, or law, no experience is required for certification/licensure, but the candidate can only apply for the non reporting license.
just go to colorado’s state board of accountancy website. massachusetts is one of the most strict states in terms of requirements.
http://www.nasba.org/nasbaweb/NASBAWeb.nsf/WPHP?OpenForm http://www.nasba.org/nasbaweb/NASBAWeb.nsf/WPECUSM try these sites out enjoy
I think Montana and Illinois are two states where you don’t need experience (although you would need 150 to be granted the license).
also you will have to take the exam in those states enjoy…
also you will have to take the exam in those states enjoy…
mzwerner Wrote: ------------------------------------------------------- > also you will have to take the exam in those > states enjoy… this is simply not true. i took the exam in multiple states.