Best way to meet 150 hour requirement / Student loan question

  • This topic has 19 replies, 9 voices, and was last updated 12 years ago by Anonymous.
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  • #166966
    Anonymous
    Inactive

    I need about 26 more credit hours to meet the 150 requirement and am torn about what to do. I’m not sure if I should get a Masters or just take some random courses at the local community college. I dread the thought of taking on more debt over and above the house and car payment we already have, which I would have to do with a Masters. I would also feel a little guilty for taking a course like Photography 101 to count as hours towards my CPA license.

    When do student loans have to be repaid? Do you start paying them back immediately, or does it not start until you have graduated?

    Any advice you guys could give me is greatly appreciated! This is such a hard decision!

Viewing 15 replies - 1 through 15 (of 19 total)
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  • #327631
    Anonymous
    Inactive

    Take a bunch of accounting courses. Even if you have the required accounting hours – you know states are jacking up the requirements as time goes on, so you'll be set. Same thing with business classes. Take classes like business writing, business law, economics, finance.

    And don't use student loans, just pay as you can. Community college classes are cheap.

    #327632
    Anonymous
    Inactive

    The community college near me doesn't have any accounting classes that are over and above what I have already taken at Virginia Tech. So can I still take those classes for credit? I would love to take Principles again!!

    #327633
    Anonymous
    Inactive

    Generally speaking, states don't count repeats of the same classes. So take business courses that you didn't take before, such as business writing (not the same as English 101).

    #327634
    sbruce810
    Participant

    I might be in the minority here, but I would say take a mix of classes at the community college. The classes are cheap and you could uncover new interests. As one of my accounting professors once said about fulfilling the 150 hour requirement, “You can take any course to satisfy the 150 hour requirement, even Underwater Basketweaving qualifies.” In other words, I wouldn't worry too much about the courses you select if attaining the CPA license is your ultimate goal.

    AUD - Passed
    BEC - Passed
    FAR - Passed
    REG - Passed

    Done

    #327635
    Minimorty
    Participant

    Community college for sure. Just take a bunch of random easy classes. Once you have your license it doesn't matter if they require 80 units of accounting, you'll be grandfathered in. Don't spend the money on a masters.

    #327636
    Anonymous
    Inactive

    Thanks for your advice everyone. I guess I shouldn't feel guilty about taking a bunch of random easy classes if it's allowed anyways. They really don't have any business classes that I haven't already taken, but I've been interested in Photography and Medical Billing so maybe I'll take those. It's just annoying that I even have to take them in the first place… why have the 150 hour requirement if they are not going to up the # of acct. and business hours needed? I wish they would just grandfather those of us in who graduated from college before the 150 hour rule existed. Rant over… but thanks again.

    #327637
    Anonymous
    Inactive

    States are moving up their Accounting, Business Law, and Business credit hour requirements. I highly recommend accounting courses, business law, business writing, and other business courses.

    You have a choice. Either do it now to make the 150 hours. Or do it later when they yank up the requirements. I think it is better to not waste money, and just do it now.

    #327638
    Anonymous
    Inactive

    In Texas, once you have your bachelor's degree they require any additional classes you take (only be approved CC's, not just any CC) to be upper level classes. The state board emailed me a list, upon request, of which courses they had approved at that school. From there, I had to take the courses which I had not already taken. I did this relatively cheap to meet the 150 hour requirement.

    #327639
    Minimorty
    Participant

    @bob – If you are already licensed, it doesn't matter what they “yank” the requirement up to. You are already licensed and you wont need to take the additional courses.

    #327640
    Anonymous
    Inactive

    @Minimorty: Yes, but if you want to renew your license and they yanked up their requirements, and you're not there yet, you'll be scrambling to make up the difference before renewal.

    In addition, the accounting courses can count for CPE as well.

    #327641
    mla1169
    Participant

    Bob once you've received your initial license, they cannot change the requirements to renew. You're grandfathered. Do you think that everybody licensed before 2003 under the 120 hour rule had to get 30 more hours to renew their license? The new requirements apply to new applicants only.

    FAR- 77
    AUD -49, 71, 84
    REG -56,75!
    BEC -75

    Massachusetts CPA (non reporting) since 3/12.

    #327642
    Minimorty
    Participant

    @bob – I dont believe that is accurate. When you renew your license you are not subject to the same requirements that initial licensees are. Lets say you get your CPA license when there was only a requirement for 120 hours. 5 years later the requirement is 150 hours. You will never need to get the additional 30 hours because you are already licensed. Yes, you'll still need the CPE credits for renewal, but that is a separate issue.

    #327643
    Anonymous
    Inactive

    What about if you're licensed in one state and then you move to another state? Transferring your license + credentials will be hard.

    My suggestion would make that easier. Remember, not everyone lives in the same place all their lives.

    #327644
    KTE_CPA
    Member

    I am in the same boat as the original poster. I need 26 more hours to reach the 150. However, I will be applying for initial licensure thru CA since I have worked in Healthcare Finance under a CPA for more than 2 years. I would like to transfer my license to TN (state of residence) but will need the 150 hours to do so. I just called the TN Board of Accountancy and they confirmed the number of total required hours in Accounting will increase from 24 to 30 with the upper level hours increasing from 12 to 24. They could not give a timeframe for this to go into effect, except to say that it was on the table. So now I have to decide, go for CC classes and try to beat the effective date of this, or jump into some sort of Master's program. Anyone have any suggestions?

    FAR - 80 (05/23/11)
    AUD - 92 (07/27/11)
    BEC - 81 (10/24/11)
    REG - 89 (02/20/12)
    CA Ethics - 94 (03/31/12)

    CA CPA - Licensed May 2012

    #327645
    Anonymous
    Inactive

    Thanks Bob – never thought of that. I also didn't think of the fact that the requirements could possibly be changed within the timeframe it will take me to complete the hours which will probably be 2 years. Ugh – so much to consider!!

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