Cpa Exam Educational Requirements
Since the establishment of the CPA designation more than a hundred years ago, the CPA license has been granted by state board of accountancy in each of the 50+ US jurisdictions. There is never a license-granting centralized agency at the federal level. Because of this historical reason, each state may have slightly different requirements to sit for the exam. The national associations of the CPA and state boards, known as the AICPA and NASBA, have work hard towards a uniform CPA exam and licensing requirements known as the 3Es. That is, Education, Exam and Experience. For the CPA educational requirements, candidates should attain at least a 4-year bachelor degree, plus 150 general credit hours of higher education. Most states require a certain number of accounting and business courses. For the exam, all candidates must take the Uniform CPA exam administrated by the AICPA. For experience, candidates are required to work in relevant field for at least a year, supervised and / or verified by a US CPA. Do You Qualify? The education system in your home country could be very different from that in the US. If you would like to know whether you fulfill the CPA educational requirements, be sure you watch the video above. Questions are most welcome. Please drop me a comment or check out my website at http://ipassthecpaexam.com
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Cpa Exam Educational Requirements
- 1. CPA Exam Educational Requirements Copyright © 2014 IPasstheCPAExam.com
- 2. I am the… Publisher of IPassTheCPAExam.com Author of “How to Pass the CPA Exam” (Wiley, July 2013) Today’s topic: Overview of the CPA exam requirements.
- 3. Overview of CPA Licensing System
- 4. First of all, each state grants its own license. The state boards have slightly different CPA exam requirements
- 5. Despite the differences, most state now follows the “3Es” guideline: Education Examination Experience
- 6. 1. Education 4-year bachelor or above 150 credit hours of education Minimum accounting and business courses
- 7. 2. Exam Uniform across the US Administered by the AICPA 100% computerized
- 8. 3. Experience 1-2 year of relevant working experience Supervised and / or verified by US CPA
- 10. 1. The Degree Requirement
- 11. 4-Year Bachelor Degree 3-year bachelor + 2-year master’s is normally accepted Prefer degree obtained in classroom setting Bachelor and master’s degrees should be related
- 12. 2. 150 Credit Hour Rule
- 13. The 150-Hour Rule is Part of the 3E. Credit Hours 1 year ~ 30 3 years ~ 90 4 years ~ 120 3 + 2 years ~ 150 Courses can be non-degree and in any subject!
- 14. 3. Minimum Accounting & Business Courses
- 15. Upper-Division Courses Some state boards only count upper division accounting courses Upper-Division = Intermediate or advanced level 3-year BCOM may not have enough upper-division accounting courses
- 16. Federal Taxation Course Federal taxation course is mandatory in some states Non-US tax courses are normally not counted US taxation courses available online If you don’t have tax background, the course is actually great for your REG exam section
- 17. Note to Non-Accounting Majors You may still get qualified for the CPA exam by making it up: • Master’s degree in accounting • Take extra non-degree accounting courses More investment in time, money and effort
- 18. Note to ACCA Members & Chartered Accountants
- 19. Not Recognized Recognized Australia (CA only) Canada (CA only) Hong Kong Ireland Mexico New Zealand ACCA membership CA in most countries CMA, CIA, CFA Most other professional qualifications
- 20. Common Pitfalls
- 21. 1. Degree Not US Equivalent
- 22. >150 credit hours doesn’t mean you must be qualified, e.g. 3 year degree + certs + diploma Unrelated bachelor and master’s degrees
- 23. 2. Not Enough Accounting or Tax Classes
- 24. Solutions 1. Pick a state board with fewer requirements e.g. Alaska and Maine 2. Take extra courses Option 2 is better because you complete the 150-hour requirement
- 25. 3. Exam & Licensing Requirements are Different !?
- 26. 120 Credit Hours 150 Credit Hours Many state boards require 120 credit hours to sit for the exam, but 150 credit hours to get the license.
- 27. Other Considerations for Non-US Candidates
- 28. Social Security Number (SSN) May be waived by state board Generally not a big concern Beware of special rules in California
- 29. Experience Requirements Common bottle neck We’ll cover this in the next presentation titled “CPA experience requirements”
- 30. Thanks for Watching… … and feel free to ask me a question in the comment section!
- 31. Plan, Study and Pass the CPA exam on your first attempt with... IPassTheCPAExam.com