[Anonymous]

I have recently submitted my application for license to NY BOA. Originally I was approved to take the exam under the 120-semester hour rule (2 years of experience), but when submitting my application for license, I requested a waiver under the “new” 150-semester hour rule (1 year of experience). In the response letter I received from the Board it was stated that they can grant me a waiver of one year of experience if I take at least 1.5 credit hour course in accounting, auditing, taxation or financial reporting.

I would like to know if anyone has ever taken a course in financial statement analysis, and if such a course would be acceptable as an accounting course. (I took a graduate course called “Valuation of Equity Securities and Financial Statement Analysis”, and would like to know if this course can potentially be counted as an accounting elective.)

[limey]

That course sounds acceptable. It sounds like it could be an undergrad accounting elective, or a graduate-level class. If your school's accounting program, bachelor's or master's, has already been approved by the NYBOA, check to see if your FS analysis course is on the accounting department's list of current “recommended/suggested electives” for accounting majors.

The trick is to follow what your accounting department suggests in terms of acceptable classes for accounting majors, b/c you want your accounting department to defend your course before the NYBOA should any questions about its eligibility arise (and be sure to get a decent grade too!). University and school accounting/economics/business departments spend a lot of time with the NYBOA on designing and getting courses approved so that students can sit for the CPA exam, b/c it means a better reputation with recruiters, and more tuition money if schools can attract more students with a bigger variety of classes.

I was also a grandfathered 120 when I applied for my first exam section a few years ago, then went 150. Similar to you, I had to take a 3-credit course in accounting/auditing/taxation/FS, and I chose an undergrad economics class. I took the class at a school whose accounting program was already accepted by the NYBOA, and I picked out my economics class based on the accounting department's current list of “suggested electives” for accounting majors. I enrolled as a non-degree student for the past spring's semester, and sent in my transcripts to the NYBOA soon after the class ended. The final process, with form 4b, took about 2-3 weeks.

I really can't pass again!

[Anonymous]

Hi limey,

The course I am talking about I took as part of the Master of Science degree program in Finance. NYBOA has already accepted two courses from that program “Managerial Accounting and Finance” (3.0 credits) and “Accounting for Financial Products” (that dealt with SFAS 133) (1.5 credits). I am not sure if they simply overlooked the course in financial statements analysis. I just hope so – I really want them to accept these 1.5 credits.

The program I was a student of is NOT registered with NYBOA, and actually the school does not offer a degree in accounting, but this private university is accredited and legit.

Thank you for your response, anyways. It really helps. If you can think of anything else that would help in my situation, please post.

[limey]

Ah, derivatives and the 133 checklist! Dealt with a bunch of that for natural gas contracts.

I'm speculating, but it sounds like the NYBOA could be splitting hairs as to what finance courses can be considered accounting courses, which I've seen happen when accounting departments review undergrad transcripts from finance majors. See if your school's finance program would be willing to write a letter on your behalf, with a course description and syllabus of the class you took.

My school's accounting department had to do that for a few undergrad students when the curriculum started to shift from 120 to 150, and all accounting programs were up for review. A few students were granted eligibility, but the accounting department fought tooth and nail as some of the courses in question weren't quite accounting or business classes. Afterwards, the department decided to draw up and distribute a list, and declare what classes it would and could easily defend.

I really can't pass again!

[Anonymous]

hi limey,

NYBOA has accepted the course. I guess I have to wait for my license.

[limey]

Awesome! I'm glad that worked out! Form 4b and the license in the mail is pretty speedy, like 2-3 weeks. Surprisingly or not, the certificate itself is letter-sized.

Apparently NY offers a professional's ID card; originally for medical doctors, it was expanded to include CPAs. I'm too lazy to go get my picture taken at the DMV, but it's an interesting idea.

I really can't pass again!

[Anonymous]

hey limey,

email me privately at cpanyc007@gmail.com. thanks.

[Author]

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