Department of Accounting
Lehigh Accounting Programs
&
Professional Certifications in
Accountancy
2
Topics we will cover today…
• First & later destinations in an Accounting journey
• Undergraduate Major in Accounting → B.S. in Business & Economics
• Sophomore Prerequisites
• Core Requirements (of the Accounting Major)
• Concentrations (or “Tracks” within the Accounting Major)
• Professional Certifications in Accountancy
• Certified Management Accountant (CMA)
• Certified Public Accountant (CPA) & State Law Requirements for CPA Licensure
• Planning your accounting academic career over the next 4 years
Later Destinations of Lehigh Accounting Majors
Alum & Year of Graduation
…Later Destination
Mark
Rajkowski ’81
PwC
Partner → Kodak → CFO, MeadWestvaco
Wendell Weeks ’81
PwC
→ CEO, Corning
Cathy
Engelbert ’86
Chairman & CEO
of Deloitte → WNBA Commissioner
Rick
Petrino ‘89
KPMG
→ EVP & Controller, American Express → COO, AMEX
Michele
Scaringella ‘90
C&L (now PwC)
→ EVP & CFO, CBS Television Stations Group
Len Combs ’92
PwC, Global Assurance Chief Operating Officer
Tracy
Benard ‘93
KPMG, National Managing Partner
-Risk Management
Lindsay
Schmedes ‘04, G ‘05
Tax Partner
(2019), PwC
Joe McGrath ’04, G ‘05
Audit Partner (2020), Deloitte
Dan
Basca ‘06, G’07
Mergers & Acquisitions Tax Partner (2019), KPMG
Typical career progression…
Michele Scaringella ‘90
Undergraduate Major in Accounting
Sophomore
Prerequisites
ACCT 151
– Intro Financial
ACCT 152
– Intro Managerial
+ Accounting
Core
(Junior Year)
ACCT 315
– Intermediate Financial I
ACCT 324
– Cost Accounting
ACCT 316
– Intermediate Financial II
ACCT 311
– Accounting Information Systems
+ Concentration
Select 1 of 3
“tracks”
(Senior Year)
Public Accounting
ACCT 307: Tax
ACCT
317: Advanced Financial
ACCT 320: Auditing
Financial
Services & Corp
FIN 323: Investments
FIN 328: Corp Financial Policy
ACCT 318: Financial
Stmt Analysis
Information Systems
ACCT 320: Auditing
ACCT 330: Data Analytics
Any
BIS 300-level
CPA Path CMA Path
Professional Certifications in Accountancy
Certified Management Accountant (CMA)
Degree + State Law Requirements = CPA
Lehigh’s
Degree
Requirements
• B.S. (≥ 124 Hours)
State Law
Requirements
for CPA
• CPA Exam (generally 120 credits hours to sit)
• Complete ≥ 150 Credit Hours (for license)
• NY requires 33 hours ACCT + commercial law
• Work Experience
CPA
License
Accounting Major, Career Prep & Path to CPA
First Year Sophomore
CBE Core
Junior
ACCT Core
Senior
ACCT Track
Fall
Accounting Club
ACCT 151
“Meet the Firms”
Externship Interviews
ACCT 315
ACCT 324
“Meet the Firms”
Internship Interviews
ACCT 307
ACCT 317
Spring ACCT 151? ACCT 152 ACCT 316
ACCT 311
ACCT 320
B.S. Degree!
Summer Leadership Programs Internship Full-time
Employment
B.S. only Path to 150-Credits required for CPA License
12
course loads at 15-16 hours per semester
124
Semester “overloads”
14
150-Credit Hours Required for CPA
150
B.S. + 5
th
Year
B.S. Business (ACCT)
124
M.S. Business Analytics
30
Total Credits
154
Minimum Education to Sit For CPA Exam
New York New Jersey Pennsylvania
120 sit rule
: At least 120 SH of
course work, including 1 course
in
each of the following areas:
•
Financial accounting &
reporting (upper level)
•
Cost or management
accounting
•
Taxation
• Auditing & attestation (upper
level)
• Bachelor’s or higher degree
•
At least 120 SH of college
credit, including:
– At least 24 SH in
accounting courses and
– At least 24 SH in general
business courses (other
than accounting)
•
Bachelor’s or higher
degree
•
At least 24 SH in
accounting and auditing,
business law, finance or tax
subjects of a content
satisfactory to the board.
Helpful Source: https://nasba.org/exams/cpaexam/ (then scroll down for menu of states)
Minimum Education for CPA License
New York New Jersey Pennsylvania
Bachelor’s degree
Completion of
150 SH including:
•
33 SH in ACCT with at least 1
course in each of the four areas
shown above, and
•
36 SH in general business courses
Must include the study of:
•
Business or accounting
communications,
•
Ethics & professional
responsibilities, and
•
Accounting research
•
Bachelor’s or higher
degree
•
At least 150
SH of college
credit, including:
– At least 24 SH in
accounting courses and
–
At least 24 SH in general
business courses (other
than accounting))
•
Bachelor’s or higher
degree
•
Completion of 150 SH
including at least 24 SH
of accounting and
auditing, business law,
finance or tax subjects.
2017 First-Time Pass Rate by Exam Section
AUD BEC FAR REG
AACSB
-Acct
Overall
(all 1
st
time) 58.6% 70.7% 56.0% 56.9%
1
st
time within 1-year of Graduation 57.4% 70.2% 57.2% 56.1%
LEHIGH
Overall
(all 1
st
time) 80.4% 94.4% 66.7% 61.5%
1
st
time within 1-year of Graduation 90.0% 94.3% 73.9% 76.0%
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