Volume 67, Issue 8

New Accounting Requirements to be
Instated in the Fall of 2004
by Omid Balakhaneh

The fact that many states have already increased the mandatory number of college credits undergraduates must fulfill in order to be eligible for the Certified Public Accountant (CPA) was something students just had to accept. But, the fact that many more states are set to follow suit has precipitated considerable attention.

Currently, in order to qualify for the exam, students must have completed a four-year bachelor’s degree, including an accounting concentration and approximately two years of experience on the job. These traditional requirements will be in effect in New York State only through August 1, 2009, however. From that point onward, a new New York State law will step in, one that will require one hundred and fifty hours of education, including a bachelor’s degree, with the overall program to include an accounting concentration. Other states are beginning to impose similarly stricter rules as well.

The new rules specify a minimum of twenty-four credits directed towards accounting and business, granting universities the leeway to come up with their own requirements. To promote uniformity among states, several accounting trade organizations such as the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have developed models for executing the new requirements.
Sy Syms School of Business will be offering its own version of the program to students who would like to pursue a major in accounting starting in the fall of 2004 for the graduating class of 2009. Students who complete the program will receive a Bachelor’s degree (B.S.), and a Master’s degree (M.S.) in accounting. Approved by the state, this program will allow SSSB graduates to sit for the CPA exam and will thus “put SSSB on the same level as other top-ranking schools nationwide,” according to a current Sy Syms professor.

Some new courses that will be offered by the SSSB Accounting Department starting in the fall include, “The Impact of Technology in Accounting,” “Ethics in Accounting and Business,” “Advanced Issues in Managerial Accounting,” “Advanced Issues in Financial Accounting,” “International Accounting,” “Forensic Accounting,” “International Business Law,” “State and Local Business Taxes,” “Decision Making I,” and “Decision Making II.”

The program was structured based on a long-term study conducted by the Education Department and funded by the New York State Legislature. However, the study concluded that no greater levels of knowledge were achieved when an individual participated in more than 24 hours of concentrated learning, the current requirement. This conclusion notwithstanding, the supporters of the increased educational requirements suggest that the change will amend the inadequacies in the current state of accounting education and will satisfy the needs of an expanding profession at the same time.

According to Sy Syms School of Business Dean Charles Snow, the motivation for the program is the “complex way that business has evolved.” The bottom line, he said, is that accountants should be able to resolve issues better than ever before.

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