Lakeland College

CPA Program - Frequently Asked Questions

Frequently Asked Questions about the CPA Exam and BA 777 and 778 - Advanced Public Accounting

Do the nine credits for this 2-part course count toward the 150-credit CPA exam requirement?

Yes. This fully-accredited 2-part course applies toward both the Lakeland College MBA degree and toward the Wisconsin Department of Regulation Licensing (DRL) requirement of 150 credit hours. For more information on the DRL requirements see www.drl.state.wi.us/ and www.nasba.org. Also, see the next question.

2. What is the 150-credit hour requirement and how does that apply to me?

The 150-credit hour requirement is generally required of all CPA candidates prior to their being allowed to take the Uniform CPA exam. Each state administers the specific rules and requirements for the CPA exam, so a candidate is urged to find out their states unique CPA licensing requirements. Lakeland College is not an official source for answering this question. You should contact the National Association of State Boards of Accountancy, www.nasba.org, or the CPA Exam Services (CPAES) office at www.cpaexam@nasba.org.

Anyone receiving their degree in Accounting (in Wisconsin) prior to December 2000 has been allowed to take the CPA exam under the old rules, not the new 150 credit hour rule. The candidate has 60 days following the CPA to provide evidence of credit completion to CPAES. Our course provides final grades about 30 days following the CPA exam.

3. Does Lakeland College guarantee I will pass the CPA exam?

The course parallels the BeckerConviser CPA exam pass guarantee, in that any student achieving a course grade of 'B' or better who fails some or all of the CPA exam will be allowed a one-time retake of the course, or sections of the course, at no additional tuition fee. BC will charge a fee for new CD's and books for their materials.

4. Do I have to attend the Saturday 'live' sessions to fulfill the course requirements?

No. The Saturday sessions are intended to provide the student with a face-to-face opportunity with the BC subject matter experts, and to obtain further understanding and skill in areas the student does not fully understand. Attendance is not taken, nor is it a factor in course grading. We highly encourage those who can attend, to do so. For students attending all Saturday sessions and taking the CPA exam during the term, we waive other course requirements.

CAUTION: While attendance is not required at Saturday sessions relative to course grades, having additional opportunity to work on CPA exam-type questions (hands-on during the session) and to address issues directly with instructors is most helpful for the SERIOUS student intending to PASS the CPA exam. We strongly encourage students to make every effort to attend these sessions.

5. What course financing is available?

Financing for this course is available. If the student enrolls into the MBA program, regular loan programs are available. Also, Lakeland College Alumni are eligible for a special payment plan over a six-month period. Contact the financial aid office at (920) 565-2111 for further information.

6. How is the course unique in terms of preparing a student for practice as a CPA?

First, the 2-part course provides a very rigorous and extensive study of materials that individuals entering the CPA profession need to know. The CPA exam is the testing vehicle of this knowledge base. The BeckerConviser material is the most comprehensive and well laid out material on the market today. This course coaches the student through this extensive material, helping students overcome weak areas by having access to subject experts both online and through periodic face-to-face sessions. The course adds value to the BC material by requiring students to stay on time in completing the BC material, and by testing the student periodically during the term to demonstrate knowledge and retention.

Second, knowing the material not only helps in passing the CPA exam, but helps the student learn how to apply that material to real-world applications. Knowing what current practitioners in public and industrial practice are doing today is very important. The course brings into the classroom current practitioner issues via readings from the Journal of Accountancy magazine and via case studies from the AICPA practitioner case bank. These cases have been taken from other MBA courses Lakeland College offers in its MBA program accounting courses. Lakeland believe the graduates of this course gain both the ability and the confidence to effectively practice as a CPA, whether in public practice or industry.

Our unique nine-credit MBA two-course prep program has delivered impressive results. It was ranked in the top ten nationally by the National Association of State Boards of Accountacy in their 2005 Reports and Commentary on the CPA Examination results.

7. Do I have to be admitted to the MBA program in order to take this course?

If this is the first course(s) taken in the Lakeland College MBA program, the student DOES NOT need to apply for formal admittance into the MBA program. However, the student must have completed a baccalaureate degree in Accounting prior to taking the first part of the course.

If a student has taken other Lakeland College MBA credits prior to taking this course, formal application into the MBA program is required if this course takes over the initial 9 credits in the MBA.

8. Does this course satisfy Department of Regulation and Licensing requirements for an 'equivalent' degree in Accounting?

No. This course will NOT serve to satisfy minimal course requirements for a baccalaureate degree in Accounting. The student still must satisfy these requirements by taking other accredited college courses. Again, contact the DRL web site noted above for more information on this subject.

9. How does each course meet each week

Each week the student is to work on the assigned chapters of the BC material and complete assigned readings. The course has a 'virtual' classroom using the Lakeland College Online platform. The student can enter class at any time, pick up handouts, comment on class discussion items, ask questions of the professors, etc. Instruction on accessing and using these classroom facilities is a part of the Kick Off session to be held the Saturday before classes begin, or via web tutorials. The online portion of this course is easy and convenient. The student must own a personal PC and have access to the web via an ISP source. No special software is required on the student's PC.

10. How does the Becker Conviser material work and how does the semester flow?

When enrolling in each course, the student will receive two BC textbooks (one for each CPA exam section) and several CD-ROM discs. From this material, the student will work through each of the assigned BC lessons. Each lesson will entail viewing a 3-3.5 hour streaming video lecture (from CD), followed by working through a number of multiple choice questions provided by BC, building flash cards of key points and concepts, studying the lesson material, asking faculty about issues and questions via online access and ultimately completing the lesson. A Lesson Completion Form is filled out and sent to the academic professor indicating completion of that lesson. After a few weeks of lessons, a Saturday 'live' session is held to review those lessons, followed by a two-hour exam, which is proctored at a site where you live (a librarian, an HR department, etc.) The Becker materials include several hundred old CPA exam questions as well as several new simulation questions in CPA exam format - all on CD-ROM.

All course readings are accessible via the Internet. A series of questions are provided by the professors, which the student completes and returns for grading. All grades are posted on the Online platform for the student to monitor course progress. Cases are downloadable from the Online platform and also require the student to analyze and present solutions to the case, referencing material learned during the BC review process and from Online discussion of case issues. Cases are both started and completed AFTER the CPA exam has been completed. The student is expected to enter into dialogue with the professors via the Online platform in three areas: discussion on lesson topics, discussion on case topics and general Q&A discussion with the faculty.

11. Will the course help me get ready for the new CBT CPA exam?

Yes, it will. Becker has revised its entire curriculum and added a special "simulation" CD. Students will be exposed to all concepts and techniques expected to be demonstrated on the new CBT CPA exam. Becker has been an advisor to the AICPA Examination Committee since the inception, so they know what you need to know!

12. How much of a time commitment is needed for this program?

This 2-part course takes a lot of time. One of the keys to success of this (or any other) CPA Prep course or review is the student's desire to succeed. In order to complete the entire BC material noted in the previous question. The student typically must put in 10-12 hours per lesson. We have planned two lessons per week, for a total of 20-25 hours/week to complete the BC lesson plans. Each individual course takes about 10-12 hours per week. Some students may wish to take only Part I during a term; others who want to take the entire CPA exam may take both parts in one term.

The readings will take about 1-2 hours each, for a total of 4-8 hours over the term. The two cases, completed after the CPA exam, will take 3-5 hours per case. After completing the 26 BC lessons, it is highly recommended the student do a Final Review of the key points in all 26 lessons, which may take the student from 50-100 hours, depending on how much time one feels is needed. The course is scheduled to be finished with the 26 lessons 10 days ahead of the CPA exam, so time is built into this schedule to accommodate a Final Review.

We recommend to our students that the entire family support the students' goal of becoming a CPA, and to support this time commitment for the sake of the long-term family benefits.

Important: Do not take lightly the time and effort required to effectively prepare for the CPA exam. Many regard this exam is the most comprehensive professional licensing exam of all the professions (including doctors and lawyers). You MUST be well prepared, be focused, and have a game plan for succeeding on exam day. You MUST put in the necessary time and effort to gain this preparedness. There is no short cut.

Each of our courses requires a Minimum of 10-12 hours PER WEEK of study time and necessary course involvement. By making this time available, your probability of passing the CPA exam is greatly enhanced.

13. Will these MBA credits transfer to other institution MBA programs?

Good question, and one Lakeland College cannot answer conclusively. At this point, we have not had any student attempt such a transfer.

The Lakeland College MBA program is fully accredited and thus, any other institution can view any course taken accordingly. Should another institution program require Core or Elective course(s) in Accounting, some or all of these credits should therefore transfer. The Lakeland College MBA is offered at most Kellett School centers, as well as online.

14. Will this course satisfy my state's licensing requirements?

As for licensing requirements in each state, you should contact your state's licensing board to obtain specific requirements in effect for a) qualifications to sit for the exam, and b) qualifications to become licensed. Each state sets their own rules in these areas and you should take the time to know these specific rules and qualifications. This course will help you prepare for taking the Uniform CPA Exam, which is a nationally-adopted common exam used by all 50 states in their respective licensing and certifying process.

15. What if I have other questions not addressed here?

E-mail any other questions to cpaprep@lakeland.edu or gaumerrk@lakeland.edu

Refer to the following links for more information:

• AICPA
• CPA Exam Site
• CPA Exam Registration
• National Association of State Boards of Accounting
• WICPA
• Wisconsin Dept. of Licensing
• Lakeland College Graduate Program
• CPA Prep Handout (PDF, 28K)

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