I think we can look at the “5th year” rule from a couple of angels:
The exam complexity has increased over the years, with the addition of IFRS, new FAS pronouncements, and the tax code will never get any simpler. The Wiley books from 10-15 years back were lighter.
And yes, the audit guys are tested on tax topics, the tax guys fret over the IT content (maybe everyone frets about the IT content, but only for the sake of re-stating the broad content out favorite exam covers)
Many practitioners will work for small firms at some point in a career, or even open your own, so having all of public accounting aggregated in a single license has its benefits, that and it presents a uniform representation for the profession, which also promotes dialog across the practice areas, because the tax, audit and corporate accounting guys have a vested interest in cross-collaboration.
So, the 150 hour thing…which is, of course, regulated by states individually but there is communication across NASBA…While the test rates didn't jump dramatically, in my opinion it's beneficial to get a few extra hours.
Most Accounting BS programs give you at least one class in each discipline, but with the 5th year, you're more likely to get a second audit, a second tax…maybe that “Advanced Accounting” you didn't take as an undergrad….Then facing the CPA exam, the course content from Advanced helps with the ForEx calculations and M&A and combined financial statements…If you took the corporate tax class, you've got more strength in the Partnership and Subchapter-S questions than without that course.
I ended up taking both an intro and advanced cost accounting class, and we all know how fun the BEC variance problems tend to be. So while it is a pain, and yes, it's absolutely a barrier to entry, I think there are some benefits. (no flame wars, please, just a perspective of how the extra course work can provide some benefit.)
And as long as we seek to continue representing the profession under one uniform credential, I think the integrity of the profession will demand more and more of us as practitioners.
One final note:
It is a barrier to entry, and while the general public may not understand all the hoops we jump through, one day you will sit in a room and something like this will happen:
Around the conference table people are introducing themselves. One guy has a “PMP” after his name…sure, it's a credential, you need some time of project management experience, a one-week class and you take the test on a Friday afternoon…Not the most prestigious of certifications, IMHO.
Next guy is a CIA…sure it requires some education and experience and I understand the test requires some investment of study time….
Then there's YOU…”Hi, I'm Blah Blah, I'm a CPA”…
You have the golden credential and everyone in the room knows it. I don't mean to take away from the CIA guys, but in professional circles the CPA holders are in their own class.
It's a big HUGE investment of time, money, gray matter and (sometimes) alcohol…but it's also a distinction.
Again, it is a pain, the extra hours, but at the same time, like after finishing your last section of the exam, you get to look back and say, Yep, I don't have to do that again!!