Abstract The article presents reply from the author on the question related to the evaluation of undergraduate education in accounting, in part, based on graduates' performance on CPA examination. According to the author, the arguments given by accountant Lawrence A. Ponemon are irrelevant. None of his arguments negate the "yes" answer to the above question derived from considering the often ignored or de-emphasized following points pertaining to accounting students wanting to become CPAs. The CPA exam is a standardized, licensure exam that is a reliable, valid and robust test of certain core competencies in technical accounting, financial reporting and auditing. Passing the CPA exam has significant meaning to students, particularly as a milestone for career advancement and success. A large number of undergraduate students apparently want to become CPAs, since over one-quarter of a million of them took the CPA exam for the first time between May 1991 and November 1995. The pass rates on the CPA exam are low. The educational cost for most undergraduate students in accounting is high and is increasing because of the extra education needed to meet the 150-hour requirement.
Allen G. Schick (Fri,) studied this question.