Finished CFA & FRM; any self-study way to do a CPA?

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roeroe

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Working full-time and supporting a family, I do not want to go back to school to get an MBA or a Master’s of accountancy. Is there a self-study way to fulfill the course requirements?
Any ideas, suggestions, advices are greatly appreciated.
 
I imagine that CFOs have CPAs because their CFO-track jobs required them to get that credential, not because the CPA makes people become CFOs.
But to directly answer your question, I really have no idea.
 
The answer to your questions vary by state accountancy board. You’re better off asking them directly.
Although lots of CFO job descriptions list a CPA or public accounting experience as required, it is by no means the only career path. However, in light of your previous work experience you might reconsider the CFO route. It just doesn’t seem to take advantage of your current expertise.
 
Go talk with YOUR CPA. If you dont’ have one, get one. The biggest hurdle will be collecting the 500 hours of auditing work you will need.
 
what cant you do with the CFA and FRM that you need the CPA credential for? You cant even get the CPA without the audit hour requirement anyway.
it really sounds like you need to get a divorce first, then pursue the CPA. This way your family can actually be with a father who spends time with them instead of just neglecting them.
if you cant “make it” with ‘just’ the CFA and FRM credentials,,,something else may be the problem (ie you)
happy new year
 
The audit hours aren’t a requirement in every state, which is why the comments referring this dude to his state CPA peeps (or a simple GOOGLE SEARCH FOR CPA ‘INSERT STATE NAME’ REQUIREMENTS).
Come on man this is not some sort of riddle - in my state you have to have 150 college credit hours and a certain number pertaining to specific accounting coursework. Just figure out what your state requirements are - as indicated some states require audit experience / other things.
 
Jcole21 is right. Some states have varied requirements. Some expect 150 hours of college credit. Others require you to have both audit and tax experience to get the license.
However, from what I understand that some states have two different types of licenses: One that allows you to sign off on financial statements and one that does not. Obviously, the non-reporting license has less (if any) experience required.
Still, getting a CPA with no accounting experience is akin to having the CFA designation as an auditor. It’s on your resume yada yada yada, but there’s no practical knowledge to back it up. Like I mentioned before, there are CFOs out there without a CPA or major accounting experience. A lot of industries and firms prefer it, but some obviously do not.
 
I’m a CPA with a valuation practice, and L-1 candidate. I got a CPA mid-career, after Engineering/MBA. If you want to build an independent valuation, tax, or consulting practice, it is a good option. The CFO track is another option, but typically takes 7-10 years of experience as Controller.
There is some mis-information in this thread addressing the exam and licensing.
- To sit for the exam, you will need about 30 hours of accounting related courses, depending on the state board requirements. I went to a small college to pick these up after my MBA.
- To get licensed, most states are converging on the 150hr/1yr experience requirement (150hrs of education, plus one yr public acctg experience). In addition, most states now have the option of getting an “audit” or “non-audit” license certification. The latter option removes a big hurdle for those that don’t want to work in audit, yet obtain the license. I got the one year experience at a small CPA firm that does valuations.
 
my guess is the poster is very good with studying…but not so great on the job….
 
Not all states require experience however. For example, Massachusetts offers a non reporting license that requires zero experience:
“What is the experience requirement for CPA certification/licensure?
….the new rules are those shown effective as of November 3, 2006…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.”
http://www.mass.gov/ocabr/licensee/dpl-boards/pa/faqs.html#c02
Also, Texas does not need audit experience to have full reporting CPA license:
“Work experience should be obtained in one or more of the following categories:
Attest services including audits, compilations, reviews, and other assurance and engagements, in accordance with professional standards.
Professional accounting services or professional accounting work in one or more of the following categories:
Issuing reports on financial statement(s)
Providing management or financial advisory or consulting services
Preparing tax returns
Providing advice in tax matters
Providing forensic accounting services
Providing internal auditing services”
http://www.tsbpa.state.tx.us/exam-qualification/certification-work-exper...
Again, all this depends on the state. For the OP, he/she should check the state board website for information on the type of credits that will be accepted.
As for CFO, once again, it does not need accounting experience specifically, but something like experience as the Treasurer can also be helpful. I interned at a public company where this was the case, and the CFO surrounded himself with well qualified people who were familiar with the accounting/auditing/financial reporting process.
As an example, check out Bank of America’s CFO. I think he’s not a CPA or doesn’t come from an accounting background..
 
The catch to get licensed in the handful of “no-experience” states is where the exam was taken and residency. As of about four years ago, Colorado was the only state that offered a “non-resident”, “non-attest”, “no-experience” CPA license. It appears that state boards have lowered the bar for licensure to attract more people into the field. Mass used to require 3 years experience to get the license!
 
builders wrote:what cant you do with the CFA and FRM that you need the CPA credential for? You cant even get the CPA without the audit hour requirement anyway.
it really sounds like you need to get a divorce first, then pursue the CPA. This way your family can actually be with a father who spends time with them instead of just neglecting them.
if you cant “make it” with ‘just’ the CFA and FRM credentials,,,something else may be the problem (ie you)
happy new year
This. Unless you are going for a job that strictly demands it, there is little reason you should be pursuing this.
 
roeroe wrote:
Take a look at places such as UCLA extension or LSU independent study program. They offer online/self-study courses that could satisfy the accounting requirement, and they are fairly inexpensive. Assuming that you already have a business-related degree (e.g. finance), taking those courses should be enough.
 
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