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This dilutes the CPA designation. QED
Yes – very dumb.
Increases the race to the bottom of AI replacing accountants
JJ – I think there are a lot of unknowns about the impact of A.I. on employment, but the consensus seems to be that newer accountants, software engineers, lawyers, etc. will all suffer some level of slower hiring. That said, a smart guy I know says “A.I. isn’t going to take your job, another person who knows how to use A.I. will.”
Back when I became a CPA, 120 hours and 2 years was the standard. This just puts it back where it was originally. Are you saying all of us boomer CPAs are not qualified?
Great move for the CPA! I never understood why I could get a Purdue degree with 126 hours but the CPA required 150.
When the 150 hour requirement was put in place, a lot of the thinking was that it takes 5 years to become a lawyer, so let’s do that for the accounting profession. Ironically, you can take every accounting course offered within the 120 hours — so you can take anything to fill the extra 50 hours. Move the requirement back to 120 hours. If the students elect to obtain their masters degree, they can choose to do that. In the long run, the masters degree will pay dividends. With respect to the experience requirement, just select a term — my choice is three years as it was when I entered the profession. It also should be under the tutelage of an accounting professional that verifies and vouches for their experience. Don’t make it a trigger to impact the number of education hours. The professional experience, combined with passing the CPA exam demonstrates proficiency to be a CPA
I think that when the 150 hour rule was put into place, it wasn’t done with criteria that was useful. I would keep the 5th year and define that it be made up of courses that are useful for being a professional in accounting. My master’s program was beneficial to me, but I didn’t load up with gym classes and freshman courses as part of my undergrad to meet the 150-hour rule. CPA firms should be paying first years equivalent to other professions like finance and data analysis roles to stop losing candidates to other areas. If the 150 hour rule was in effect but with coursework that is valuable and employers were willing to pay for those enhanced skills and education, both sides would be better for it. And, of course, public accounting needs to continue to revamp the image that it is a miserable career choice during busy season.