Department of Accounting

150 Hour Requirement for CPA
Issues for UIC accounting students

Wondering what to do about the 150-hour requirement to sit for the CPA exam in Illinois? Whether or not you plan to sit for the CPA exam, we would like to provide you some information that may help you approach this requirement. Our hope is that this document will help you make your decision process easier. If you will have close to 150 hours by the time you finish the BS in accounting, then you should just take some extra electives to bring your hours to 150. The following discussion pertains to you if you will have close to 120 hours when the time you finish the BS in accounting.

What are your options?

  • An undergraduate degree with a double major - a B.S. in Accounting and another field at UIC.
  • Masters of Science in Accounting (MSA) completed on full or part-time basis at UIC immediately after the BS degree.
  • B.S. in Accounting and a Masters of Science in Accounting (MSA) completed on full or part-time basis at another institution at a later time.
  • B.S. in Accounting and a Masters of Business Administration (full or part-time) at UIC or any other institution.
 

1. 150-hour BS Degree
This option allows you to merely extend your program at UIC to obtain the additional hours necessary to reach 150 hours. You can also major in another field.

  • + No need to apply to graduate programs and so no need to spend time and money for application materials and possible GMAT requirement.
  • + Because you are already at UIC this may be the less expensive alternative, if your only goal is to qualify to sit for the CPA exam.
  • - Although in the short-term this route may be the least expensive and hassle-free, there may be long-term effects on your career. For example, if your peers select the graduate program alternative, and they and you are competing for career advancement, you may not receive the same consideration as a peer with a Masters degree, all else being equal.
  • - The second major will not help you in the CPA examination, as it does not add to your accounting knowledge.
  • - The second major will not help you if you are interested only in accounting-based careers and will not help you to connect with the profession.
 

2. Masters of Science in Accounting at UIC following the BS degree
You could join the MSA program at UIC immediately after graduation

  • - You need to have a B average to join the MSA program.
  • - The MSA program has a higher tuition than the undergraduate program.
  • - For some students, seeing and interacting with accounting professors from other universities may be beneficial.
  • + Most employers pay more for masters students compared to undergraduates and so the additional tuition will pay for itself in a few years.
  • + UIC undergraduates in Accounting may be guaranteed admission to the MSA (GAMSA) program at UIC as soon as completing 90 hours overall and 12 hours in accounting courses at or above 300 level. Under this GAMSA program, students with an overall GPA of 3.25 or 3.0 in accounting will be guaranteed admission to the MSA program without taking the Graduate Management Admissions Test (GMAT). Even if you do not have the GPA listed above you may be offered admission to MSA program after submitting a satisfactory GMAT score and recommendation letters.
  • + Early admission to the MSA program at UIC allows students to plan their undergraduate and graduate degree programs to suit individual tastes and career goals.
  • + UIC undergraduates with some accounting background courses can complete the MSA program in two semesters of full time study. For UIC accounting majors this alternative should take less time than the undergraduate double major option as the Master's degree requires only 8 additional courses.
  • + Students desiring work experience while acquiring the necessary 150 hours or those who have financial needs can do the MSA on a part time basis.
  • + Graduate assistantships are available for MSA students with accounting degrees and good grades. These assistantships pay up to $35 per hour for 10 hours per week of employment.
  • + MSA will help you in the CPA examination as it requires additional accounting courses and you may also move some of the required undergraduate elective accounting courses to the MSA program.
  • + Most graduate courses are taught by senior accounting faculty, who have extensive knowledge of the accounting profession and establishment.
 

3. Master of Science in Accounting at another university or UIC later.
You could pursue an MSA degree at UIC or in other graduate accounting programs after graduating with a BS degree. There are many universities with national reputation, including a few in the Chicago area.

  • + Attending graduate school at an accounting program that did not grant your undergraduate degree may broaden your perspective on the business world because of different faculty and curriculums.
  • + The MSA program will help you directly with the CPA examinations.
  • - In general, admission to most programs is competitive and the GMAT exam is a standard part of the application process.
  • - The uncertainty of admission to other MSA program for some UIC accounting students could be much higher than that experienced at UIC.
  • - Programs do not offer admissions pending the attainment of the undergraduate degree.
  • - You may have to go through the background requirements of the MSA program at other institutions.
  • - Public accounting firms will not hire individuals without 150 hours of credit.
 

4. Masters of Business Administration (MBA)
UIC accounting undergraduates may also consider applying to the Masters of Business Administration (MBA) programs.

  • + The MBA degree provides a student with a broad introduction to the business world and the program allows for specialization in numerous areas.
  • + There are many outstanding institutions in the Chicago area including UIC that offer excellent MBA programs. MBA's from some of those schools may be rewarded with brighter career prospects than an MSA.
  • + Attending graduate school in a department that did not grant your undergraduate degree may broaden your perspective on the business world because of different faculty and curriculums.
  • - MBA program tuition is typically high.
  • - In general, admission to most programs is competitive and the GMAT exam is required.
  • - There will be uncertainty about admission to other programs for some UIC accounting students.
  • - Few good programs admit students without two years of full time work experience.
  • - The MBA program takes at least 16 months of full time study (at least 4 semesters).
  • - The MBA, tends to be a generalist degree and is primarily directed at individuals that do not have a business undergraduate degree.
  • - The MBA will not help you directly with the CPA examinations.
 

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