Certification Exams: Department of Accounting
Professional certification exams help you establish your technical credentials. The oldest, and best known, certification exam in accounting is the CPA exam, which has been administered by the American Institute of Certified Public Accountants since 1917.
Exams and Certifications
Additional certification options exist for accountants who work in industry or government.
- The Institute of Management Accountants has offered a Certified Management Accountant (CMA) program since 1972.
- The Institute of Internal Auditors has offered a Certified Internal Auditor (CIA) program since 1974.
- More recently, in 1997, the Association of Government Accountants began a Certified Government Financial Manager (CGFM) program.
While your focus as a student is naturally on taking a certification exam, remember that this is just a step towards professional certification. In addition to passing a certification exam, there are additional requirements (e.g., experience requirements, continuing education requirements) for professional certification or licensing that you also must fulfill after graduation.
Arkansas CPA Licensing
In the State of Arkansas, a candidate may choose from three alternative paths for CPA licensing. If you have successfully completed 18 hours of upper-level accounting coursework with a grade of “C” or better, the Arkansas State Board of Accountancy will allow you to apply for eligibility to begin writing the Uniform CPA Examination. You will not be eligible for licensing until after you have successfully passed all four exams with a score of 75 or higher, received a bachelor’s degree, master’s degree, or completed 150 hours of college credit, and successfully completed 27 hours of upper-level accounting coursework with a grade of “C” or better, 24 hours of business coursework other than accounting with a grade of “C” or better, and earned the appropriate experience of either one or two years depending on the licensure path chosen.
Passing the Uniform CPA Examination is the first step in becoming licensed. The William Dillard Department of Accounting’s bachelor’s and master’s programs will allow you to have completed all requirements both to write the Exam and to be licensed in Arkansas. Be aware that each State has unique examination eligibility requirements. Those requirements can change over time. The various State Boards ultimately make the decision as to whether a student qualifies for Uniform CPA Examination eligibility. Occasionally, State Boards may also enforce unpublished requirements or change requirements during an academic year. Students should work closely with the Department CPA Examination Advisor to select the appropriate coursework for CPA Exam qualification purposes in the State of Arkansas. It is not necessary for you to physically take the CPA Exam in the state where you are seeking licensure. The Exam is administered at Prometric testing sites across the country.
The State Boards of Accountancy provide possible avenues for license reciprocity between states once licensure is achieved. However, both the professional requirements for licensure and the reciprocity agreements vary by state and occur well after coursework is complete. Therefore, we cannot make a specific determination of when requirements will be met for either of these.
Dr. Barry Bryan is our CPA Advisor and will work with you on questions about the Exam or the licensing process. The William Dillard Department of Accounting faculty encourages all students to take and pass the exam as an Arkansas candidate and then reciprocate an active license to another state as necessary.
CPA: Certified Public Accountant Exam
The CPA exam's primary purpose is to establish the technical credentials of those
wishing to be licensed as public accountants. If you plan a career in public accounting,
taking the CPA exam is a must. In addition, the CPA license is so widely recognized
as a credential that many accountants who work in industry or government take the
CPA exam as part of their effort to become licensed as CPAs.
While the CPA exam is the same across the nation, the requirements to sit for the
CPA exam vary by state. A University of Arkansas MAcc degree qualifies you to sit
for the CPA exam in Arkansas.
To be licensed as a CPA (Certified Public Accountant), you must pass the Uniform CPA Exam. To be eligible to sit for this exam, you must meet the educational requirements set forth by the Arkansas State Board of Public Accountancy. It is important to consider these requirements when planning your courses.
The Uniform CPA Exam is prepared by the https://www.aicpa-cima.com/resources/toolkit/cpa-exam, and consists of three Core exams: Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Taxation and Regulation (REG), and one Discipline exam to be selected from the following: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), or Tax Compliance and Planning (TCP). Data and technology concepts and higher-order skills will be tested in all Core and Discipline exam sections. Regardless of your chosen Discipline, successful completion of the exam leads to CPA licensure, granting candidates the privileges, rights, and responsibilities consistent with a CPA license. CPA professional practice is not limited by the Discipline passed. No matter their specific practice, CPAs must follow professional standards to perform services with competence and due care.
Once you are ready to apply for the CPA Exam, you will register with the Arkansas State Board of Public Accountancy. The Board reviews each application to be sure eligibility requirements are met. Applications are available on Board’s website: https://www.arkansas.gov/asbpa.
For Sam M. Walton College of Business students the education requirements for the CPA exam in Arkansas may be met in one of the following ways:
- Requirements to sit for the CPA exam:
- 18 credit hours of upper-level (junior, senior) accounting with a grade of “C” or better.
- Requirements to obtain a CPA license:
- Bachelor’s or master’s degree
- 27 hours of upper-level accounting with a grade of “C” or better
- Must include the five core subjects (see detail below)
- 24 hours of business courses with a grade of “C” or better
- Passage of the CPA Exam
- Experience
- There are three pathways an applicant can choose to become licensed:
- Master’s degree, accounting and business concentration, and one (1) year of experience.
- Bachelor’s degree, 150 semester credit hours, accounting, and business concentration, and one (1) year of experience; or
- Bachelor’s degree, accounting and business concentration, and two (2) years of experience.
The accounting concentration consists of 27 hours of upper-level (junior, senior, or graduate) accounting courses.The upper-level accounting courses must include courses on the following subjects:
- Financial Accounting (Intermediate)
- Management Accounting (Cost)
- Federal Taxation
- Auditing and Attestation
- Accounting Information Systems
The business concentration consists of 24 hours of business courses.
If you did NOT earn a degree from the Sam M. Walton College of Business, the above may not be relevant to you. Please consult Rule 3 of the Arkansas State Board of Public Accountancy or contact the University from which your degree was issued.
Note to all candidates: The CPA requirements can change quickly. You should check with the Arkansas State Board of Public Accountancy to ensure you still meet the requirements.
CMA: Certified Management Accountant Exam
The Institute of Management Accountants (IMA) conducts the CMA (Certified Management Accountant) examination. The IMA website states the following in regards to the CMA examination:
- The Certified Management Accountant (CMA) designation provides corporate management and individual Members with an objective measure of knowledge and competence in the field of management accounting. The CMA is an invaluable credential for professional advancement and for broadening professional skills and perspective in the managerial accounting field.
- The CMA Exam topics include economics, business finance, situational analysis, and decision making with a strong emphasis on ethics.
The CMA exam is offered in a computer-based format on demand.
To qualify to take the exam, you must have a baccalaureate degree in any area from
an accredited college or university. Membership in the Institute of Management Accountants
(IMA) is required. Candidates must also meet the IMA's Standards of Ethical Conduct.
There is an experience requirement to become a licensed CMA. For more information
on the exam and registration, go to: www.imanet.org.
CIA: Certified Internal Auditor
The Certified Internal Auditor (CIA) designation is the only globally accepted certification for internal auditors Candidates must hold a bachelor's degree or its equivalent.
Completion of the degree and work experience is required before the certificate is awarded. Candidates must exhibit high and professional character and agree to abide by the Code of Ethics established by the Institute of the Internal Audits.
The CIA exam consists of four parts: The Internal Audit Activity's Role in Governance, Risk and Control; Conducting the Internal Audit Engagement, Business Analysis and Information Technology, and Business Management Skills.
For more details about the exam and registration information go to: https://www.theiia.org/en/certifications/cia/