Mississippi State University’s School of Accountancy graduates surpassed the national average on the certified public accountancy exam.
The National Boards of Public Accountancy recently announced the results of the 2002 CPA exams. The university’s graduates holding advanced degrees exceeded the national average on both the May and November exams. The national passing averages were 18.8 percent in May and 19.2 percent in November. With 33.3 percent in May and 21.4 percent in November, MSU’s passing rate was comparatively higher.
While individuals can take the CPA exam an unlimited number of times, the passing percentages only represent those who passed on the first sitting, said Danny Hollingsworth, director of the school of accountancy.
“This is probably one of the better back-to-back performances on the exam,” Hollingsworth said. “I certainly hope that will become the trend.”
MSU tied with the University of Mississippi for the highest passing rate for the state on the May exam. They were both second to Millsaps College on the November exam.
Hollingsworth said he attributes the recent success to student and faculty dedication.
Despite the lack of a formal CPA pass program at MSU, accounting student Alisha May said she believes her courses have helped prepare her for the exam.
Hollingsworth said the program will be implemented as additional preparation.
“Next spring we are planning to start a preparation program at Mississippi State for our students,” he said.
Hollingsworth stressed the comparison to the national average: “A 33 percent passing rate sounds low, but when you compare it to the 18.8 percent passing rate for the nation, it is actually significantly high.”
Accounting professor Frances McNair offered an explanation as to why the passing averages are not higher.
“It is a very intense, two-day exam, making it very difficult,”McNair said.
Even students who have not taken the exam yet have been warned of its difficulty.
May said she has heard the test was really hard and stressful.
“As far as the difficulty of the exam, I’ve heard that it is very hard,” sophomore Sheryl Kinard said.
“You can pass it with a bachelor’s degree, but it is better to have your master’s going into it,” she added. “Your upper level courses in accounting prepare you better.”
To sit for the exam in Mississippi, Hollingsworth said “You have to have 150 hours plus an undergraduate degree with proficiency in specific areas of accounting.”
According to Hollingsworth, the CPA exam consists of four sections: auditing, financial accounting and reporting, business law and professional responsibilities and accounting and reporting. Students are required to score a 75 on each section to pass.
However, if they make a 50 on the sections they don’t pass, then they can retake only those parts, and their passing scores carry over.
“They do this so that people won’t focus on one section and forget about the rest of it,” Hollingsworth said.
According to the Mississippi State Board of Public Accountancy, Nov. 5-6 will be the last time that the exam will be given in its current form. The American Institute of Certified Public Accountants announced that “beginning in April 2004, a computerized version of the Uniform CPA Examination will replace its paper-based predecessor.”
Unlike the current test that is offered biannually, the computerized exam will be available up to six days a week, eight months out of the year.
Hollingsworth said that the computer-based test will be convenient because it will allow the test to be taken on demand.
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