The Fourth and a Half… err… Fifth Year

For those of you who do not know, the CPA examination is generally required for completion in your first 5 years at a major accounting firm.  In addition to passing the exam itself, you must also have 150 credit hours to be certified as a CPA.  Simple math (we know you’re good at it) would leave the average student doing 5 years at 30 credits a year (15 per semester).  This is fine.  No, really, it is.  This lets you do your Internship in the summer after your Senior year, take the CPA immediately after your Graduate school year, then start full time in the fall.  Great. 

Where it gets tricky is when you introduce the concept of an “accelerated” program.  Additional credits are thrown in here and there to allow you to reach the 150 credits in 4.5 years.  Essentially, you network yourself into a frenzy (see M’s post below) to the point where the big firms are throwing internship offers your way as a (very tired) Junior.  Then you Intern after your Junior year (when you really have no clue what you are doing) and then take the CPA in the summer after your Senior year (without the benefit of your last 15-18 credits), and hope you don’t mess up.  Oh, and all along the way you are taking summer classes and 18 credit semesters to make up the additional classes.

If you could not tell, I am not a big proponent of these accelerated programs.  The process of getting an internship is long enough without having to completely lose your mind as a Sophomore.  Also, the internship is a full 18 months before your projected start date.  Will they even remember you?  Will YOU even remember what you did there?  Add that to the fact that starting in January puts you right in the middle of busy season.  So you were under-prepared as an intern, and now you are stepping into the middle of busy season on an 18-month layover. 

Credit should be given to those who can escape that gauntlet unscathed and save a semester’s tuition.  In the long run, they have the potential to have a leg up on the rest of us.  I, however, prefer to avoid the gauntlet altogether. 

-B