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Aspiring CPAs Consider Ditching Grad-School Plans as States Revamp Laws
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Good morning, CFOs. State CPA law changes could spur college graduates to skip a master’s; China puts a six-month limit on rare-earth import licenses; muted May inflation defies tariff fears; and Bojangles explores a sale.
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Illustration: THOMAS R. LECHLEITER/WSJ
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Recent changes to CPA licensing laws in many U.S. states mean one thing for some prospective accountants: School’s out early.
After a year of networking with graduate school representatives, Bryan Flannery, a rising senior at Otterbein University in Westerville, Ohio, was dead set on continuing his education. Now, he is considering skipping his plan to start applying to master’s programs after the state this year passed legislation allowing prospective CPAs to bypass a fifth year of school. “[The Ohio law] presents a great opportunity where I can start doing the job that I want to do,” he said.
Nearly 20 U.S. states have amended CPA licensing laws since January, in what may become a precursor for the entire country. Several professional groups say they expect close to or all 50 U.S. states to offer alternatives to the 150-hour rule by 2027.
The changes permit CPA candidates like Flannery to use an additional year of work experience instead of schoolwork to qualify as a certified public accountant. Prospects would still have to hold a bachelor’s degree, pass a qualifying exam and work another year to achieve two years of on-the-job experience. CPAs generally still have to fulfill continuing education requirements to renew their license, usually every one to three years depending on the state.
The legislative groundswell is part of a move by states to make the accounting profession more appealing to students as more accountants retire or quit for higher paying, less stressful jobs without an adequate pipeline of new entrants obtaining accounting degrees and filling the gap.
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Content from our sponsor: Deloitte
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Bricks to Bytes: Laying the Groundwork for Tokenized Real Estate Asset Management
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📆 Earnings
📈 Economic Indicators
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The BLS releases the PPI for May.
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What Else Matters to CFOs
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The U.S. negotiators agreed to relax some recent restrictions on the sale to China of products such as jet engines, sources say. PHOTO: LUKE SHARRETT/BLOOMBERG NEWS
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Exclusive: China is putting a six-month limit on rare-earth export licenses for U.S. automakers and manufacturers, according to people familiar with the matter, giving Beijing leverage if trade tensions flare up again while adding to uncertainty for American industry.
Beijing’s agreement to temporarily restore rare-earth licenses was one of the key breakthroughs in the latest round of intense trade talks in London, but the six-month limit illustrated how each side is retaining the tools to easily escalate tensions again.
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$37.8 Billion
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Amount of revenue that duties generated for the U.S. in April and May, after President Trump imposed new tariffs on steel, aluminum, cars and goods from China, Mexico and Canada.
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Howard Schultz gave a full endorsement of Starbucks Chief Executive Brian Niccol’s turnaround plan, with the chain’s former leader saying work under way is helping to correct recent challenges.
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Exclusive: Bojangles, the fast-food chain that specializes in fried chicken and biscuits, is working with investment bankers to potentially sell itself in a market that’s been craving restaurant and chicken companies, according to people familiar with the matter.
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Kingsoft Cloud Holdings, the Beijing-based cloud services company, said CFO He Haijian, who joined the company a few months before its 2020 initial public offering, is resigning effective June 30. The company said it plans to name a new CFO in due course.
—Josh Beckerman contributed to today’s Ledger.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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