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 certain education requirements that vary from state to state. It is important to consider these requirements when planning your courses.
The Uniform CPA Exam is prepared by the American Institute of Certified Public Accountants (AICPA), and consists of four sections: Auditing & Attestation, Financial Accounting & Reporting, Regulation, and Business Environment and Concepts. The sections may be taken individually or all together. The prices vary from $150 to $800 plus additional fees for first time candidates depending on how many sections are taken. Information about the content and format of the exam is available at http://www.cpa-exam.org/. The exam is delivered in a computerized format at Prometric and certain other state-board authorized test centers by appointment up to six days a week during January-February, April-May, July-August, and October-November.

Once you are ready to apply for the CPA exam, contact the State Board of Public Accountancy in the state where you plan to sit. The State Board reviews each application to be sure eligibility requirements are met. For the state of Arkansas, applications are available on the Arkansas State Board of Public Accountancy's website: http://www.state.ar.us/asbpa or by mail: Arkansas State Board of Public Accountancy, 101 E Capitol, Suite 450, Little Rock, Arkansas 72201. For Sam M. Walton College of Business students the education requirements for the CPA exam may be met in one of the two following ways:

OPTION I: Complete the Master of Accountancy (MAcc) program.

OPTION II (based on requirements for the state of Arkansas):  Earn at least 150 semester hours including a Baccalaureate degree and 30 semester hours in accounting at the undergraduate level (with a minimum grade of "C" in each accounting course), including coverage of, but not necessarily separate courses in the study of financial accounting, auditing, taxation, management accounting, and governmental/not-for-profit accounting.

Students planning to qualify under OPTION II in the state of Arkansas should take the following undergraduate courses:

• ACCT 3721L Financial Accounting Computer Lab (last offered Spring 2005) or
• ACCT 3013 Accounting Views of Economic Events (starting in Fall 2005)
• ACCT 3533 Accounting Technology
• ACCT 3613 Managerial Uses of Accounting Information
• ACCT 3723 Intermediate Accounting I
• ACCT 3753 Intermediate Accounting II
• ACCT 3843 Fundamentals of Taxation
• ACCT 4673 Product Project and Service Costing
• ACCT 4963 Operational Auditing

In addition to the above undergraduate courses, students planning to quality under Option II, should also take two graduate level courses:

• ACCT 5413 Advanced Financial Accounting (or equivalent advanced financial accounting course)*
• ACCT 5953 Assurance Services (or equivalent financial auditing course)*

* To register for these courses: you must have graduated or be enrolled in your last semester of coursework, have prior permission to register, and show strong academic results in other courses. Note that these courses are offered only in fall semesters. Space is extremely limited for non-graduate studets.

A course in Governmental and Not for Profit Accounting is so required.

VERY IMPORTANT NOTE: If you plan to take the CPA exam in a state other than Arkansas, you should check that state's eligibility requirements and consider them in your course planning. If you are choosing Option II in Arkansas, it is important to take courses in the correct sequence so you need to plan ahead. If you need additional counseling and advice please contact Carole Shook or (479) 575-6096.

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 3.12 of the Arkansas State Board of Public Accountancy at http://www.state.ar.us/asbpa (pdf document).

Note to all candidates: The CPA requirements for states can change quickly. Check back frequently to ensure you meet the requirements.

The Institute of Management Accountants (IMA) conducts the CMA (Certified Management Accountant) and CFM (Certified Financial Manager) examinations. The IMA website states the following in regards to the CMA and CFM examinations:

• 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 Certified Financial Manager (CFM) certification provides members who are involved with corporate cash management, financing and investment decisions, and risk management with a means for further demonstrating an expanded skill set.

The CMA Exam topics include economics, business finance, situational analysis, and decision making with a strong emphasis on ethics. The CFM Exam topics include areas such as financial statement analysis, working capital policy, capital structure, valuation issues, and risk management. Candidates who have completed all four parts of the current CMA program, can take part 2:CFM to become a CFM.

Both the CMA and CFM exams are offered in a computer-based format on demand. Interested parties should contact the Institute of Management Accountants, either by phone (1-800-638-4427, extension 510) or the Internet for an information kit.

To qualify to take either exam, you must have a baccalaureate degree in any area from an accredited college or university (or senior status), or have passed the US CPA exam, or achieved a score in the 50th percentile or higher on either the Graduate Management Admissions Test (GMAT) or the Graduate Record Exam (GRE). Membership in the Institute of Management Accountants (IMA) is required. Candidates must also meet the IMA's Standards of Ethical Conduct. The current cost of the exam is $130 per part plus additional fees for a first time candidate. Similar to the CPA Exam, it is not necessary to take the entire exam at one sitting. The CMA exam is offered at Prometric Testing Centers. There is an experience requirement to become a licensed CMA that can be met prior or within seven years of passing the exam.

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; however, students in their senior year of college may sit for the exam before completing their degree requirements. 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. Candidates may choose to take one or more exam parts at any time during the program eligibility period, and in any order of preference.

The CIA exam is offered in May and November for $85 per part for Institute of Internal Auditor Members and $110 for non-members with additional fees for new candidates. At present, the exam is given in Fayetteville. For registration information go to: http://www.theiia.org/index.cfm?doc_id=43.

There are three separate examinations that must be passed by a candidate to be designated a Certified Government Financial Manager (CGFM). The examinations are: Government Environment; Governmental Accounting, Financial Reporting and Budgeting; and Governmental Financial Management and Control.
To sit for the CGFM exam, you must have completed a Bachelor's Degree from an accredited college or university, including 24 credit hours of study composed of courses in accounting, auditing, budgeting, economics, electronic data processing, finance, information resources management, public administration, and other financial management topics.

The exam is computer based and may be taken at Prometric Centers throughout the US. Each part of the CGFM exam costs $109 plus additional fees for new candidates. For additional information go to: http://www.agacgfm.org/cgfm/cgfmdefault.aspx.