Wake Forest accounting graduates rank first in nation on CPA exam
December 15, 2006
Graduates of Wake Forest University’s Calloway School of Business and Accountancy rank first in the nation for their performance on the 2005 Certified Public Accountant (CPA) exam, the most recent scores available from the National Association of State Boards of Accountancy (NASBA).
All Wake Forest graduates took the exam as first-time candidates who had already received or were pursuing Master of Science degrees in accounting from the Calloway School. They rank first in the nation on three of the exam’s four sections: financial accounting and reporting (95.5 percent passing rate); auditing and attestation (90.9 percent passing rate); and regulation (95 percent passing rate). On the fourth section, business environment and concepts, they rank second in nation (95 percent passing rate). Wake Forest also ranks first in the nation for the number of candidates who passed all four sections of the exam (88 percent passage rate).
Since the Calloway School began offering a master’s degree in accounting in 1997, Wake Forest candidates have consistently performed well on the exam, ranking first in the nation for five years and second in the nation for three years. This is the second consecutive year Calloway School students have been ranked first in the nation since the exam was reformatted in 2004.
"This has become a proud tradition at Wake Forest,” said Lee Knight, director of the Calloway School’s accounting program and Hylton Professor of Accountancy. “Each class strives to continue the track record of excellence.”
Until April 2004, the exam was offered as a comprehensive paper exam for two consecutive days, twice a year at certified testing centers. The new test is computer-based, and, although it is still offered at certified testing centers, candidates can take any section of the exam during any of four testing periods throughout the year.
The Calloway School offers bachelor’s and master’s degrees in accounting, as well as bachelor’s degrees in business, mathematical business and finance. BusinessWeek Magazine ranked the Calloway School 24th among the nation’s top 50 undergraduate business schools. U.S. News ranked the school 29th in the nation among undergraduate business schools. The publication also ranked the Calloway School 19th in accounting, 16th in entrepreneurship and 24th in management.
The CPA exam is written and graded by the American Institute of Certified Public Accountants (AICPA) and administered by the NASBA. Successful completion of the exam is required for licensure to practice public accountancy in the 50 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.