Certification in Virginia

Ibis World reports that Virginia (nicknamed Old Dominion) has a GDP of over $500 billion . It also boasts more than 880,000 businesses. Virginia’s top 10 industries include IT consulting, healthcare and commercial banking.

According to the Bureau of Labor Statistics, Virginia is home to more than 49 000 accountants and auditors. Virginia may be attractive to potential certified Public Accountants due to its diverse and growing economy, and the accounting organizations that are already present in the state.

Virginia CPAs who are interested in becoming CPAs must meet certain requirements before they can take the CPA test and get a CPA licence. This section explains the requirements to become a CPA.

Education Requirements to Become a CPA In Virginia

Each state has its own educational requirements for taking the Uniform CPA Examination. In Virginia, candidates for the Uniform CPA Examination are required to have completed 120 semester hours and hold a bachelor’s degree with a concentration or equivalent in accounting. The courses must be taught by an accredited institution, and the accreditation must come from one of seven accrediting bodies recognized by the Virginia Board of Accountancy.

Virginia CPA licensing requires 150 semester-hours of education. Candidates will need to take additional courses because a typical bachelor’s program is around 120 semesters hours. Licensure candidates can obtain these additional semester hours through a graduate certificate, master’s degree, or an accelerated bachelor’s-to-master’s program.

Concentrations, credits, and course acceptance

Virginia has different requirements for the CPA examination and CPA licensing. CPA candidates must have 120 semester hours and a Bachelor’s Degree in Accounting or an equivalent. The requirements include:

• Accounting or an equivalent degree is defined as:
  • Accounting courses beyond the basic level require 24 hours.
    • The core accounting courses include finance, auditing and taxation.
    • Intermediate accounting and financial statement analysis are included in finance courses.
• Business courses lasting 24 hours
  • Core business courses are not required.
  • Six semester hours maximum can be taken from accounting courses

Applicants for licensure must have completed 150 semester hours of higher education. The VBOA has no additional requirements regarding specific courses or concentrations. The VBOA suggests that potential licensees complete some graduate-level courses in accounting before licensure. Students and candidates may choose an accounting-related Bachelor’s Degree such as taxation, forensic Accounting or MBA accounting in order to try to meet both the semester hours and specific course requirements at once.

The VBOA accepts internship as well as pass/fail credit, provided that the institution has accredited them. Candidates cannot receive academic credit for experience, exams or continuing education courses, if an accredited institution has not given them credit.

Virginia Experience Requirements

The VBOA has no work experience requirements for CPA candidates. However, it does have requirements for CPA licensees who have passed the exam. CPA license applicants are required to have a minimum of 2,080 work hours or the equivalent of one full year of experience. Candidates’ experience must be from work in government, academia, or corporate settings that includes accounting, finance, and tax skills.

VBOA will examine the experience of candidates who submit their work under another relevant skill category. Candidates for licensure cannot submit work experience from self-employment. A CPA in good standing from any state is required to verify the candidate’s experience. Both the candidate and CPA must fill out the same form, which is two pages long. The form can be sent to the VBOA via email, fax or .

CPA Exam Requirements for Virginia

The Uniform CPA Exam is the same for all CPA candidates in every state. The requirements to sit for the exam can vary from state to state. This section focuses on the requirements to become a CPA.

Exam Eligibility

Before they can take the exam, candidates for the CPA license must complete 120 semester hours in coursework and meet all other requirements. CPA license applicants must also pass the American Institute of Certified Public Accountants’ (AICPA) comprehensive professional ethics course with a minimum score of 90%.

VBOA has no requirements for CPA exams in Virginia regarding age, citizenship or residency. All CPA candidates must possess a Social Security Number or Control Number from the Virginia Department of Motor Vehicles.

International accounting professionals that are members of organizations with mutual agreements with the National Association of State Boards of Accountancy and AICPA may apply for Virginia CPA licensing. Candidates from abroad who are seeking reciprocity must pass the International Qualifications Examination and meet all the requirements of the state.

Exam Schedule and Application

CPA candidates must first register online at the VBOA. Candidates who have a VBOA Account can submit their transcripts. The VBOA will accept official transcripts via mail or electronic means and keep them for three years after the application has been submitted. Students can either send their official transcripts to the VBOA or send them directly from the institution.

The VBOA processes applications in 2-3 weeks, and the approvals are sent directly to NASBA. Candidates who have been approved can log into the NASBA website and download a coupon to pay for the sections they registered for. The payment coupon is valid for six months. After a CPA candidate has paid the fee, he or she will receive an NTS (notice to schedule).

The NTS holders have 12 months to schedule and take the test. CPA candidates can schedule the test and take it at a testing location. The Uniform CPA Exam has four sections that must be passed within an 18-month rolling period.

CPA candidates are required to pay both the registration fee and the exam fee. You pay the registration fee when you register for tests through the VBOA site. The first-time applicant pays a $120 registration fee, while the re-registration fee is $20. Examinees may apply simultaneously for multiple sections or one section. NASBA collects exam fees directly from applicants. Each test section costs $238.15.

After passing the Exam

Virginia CPA candidates can begin their licensing process online via the VBOA’s website. CPA candidates must pay $75 for the application and have 6 years to submit their materials. Applicants that take more than six years to submit their application will have to resubmit it and meet all new licensing requirements.

Before getting licensed, candidates who have passed the exam and still need to complete the required work experience or final 30 credits are required to do so.

CPE is required for candidates who submit a CPA application within one year of passing the CPA examination. CPA licences can be checked online by the VBOA.

Maintaining your Licence

Virginia CPAs must renew their licenses every year by June 30. CPAs may begin the renewal process on March 1 each year for $60. Individuals who do not renew their licenses by July 1 will lose them. Accounting professionals who have an expired license are not allowed to use the CPA title, or perform certain services. License holders who have expired licenses must submit an application for reinstatement along with a fee of $350.

CPAs must complete a minimum 20 CPE credits per year in Virginia, and a total of 120 CPE credit hours within a rolling three-year period. CPAs are required to complete two hours of ethics and eight hours in accounting and auditing each year. Licensees are only required to provide proof of CPE if requested by the VBOA. CPAs licensed in Virginia must keep all documentation related to CPEs on file for at least four years.

CPAs from other states can apply to be licensed in Virginia, provided that NASBA has recognized the other state’s licensing requirements as being substantially equivalent. In Virginia, at least 51% of owners and shareholders of CPAs must be CPAs.

Virginia Society of CPAs is open to all licensed CPAs. The VSCPA offers CPE courses, roundtable discussion, and an online community to help CPAs improve their career and skills.

Virginia CPA requirements

How can I obtain a CPA in Virginia?

Virginia CPA licensing requires that you meet education, work experience and exam requirements. CPAs are required to have a Bachelor’s Degree, 150 semester-hours of education and at least one year of relevant experience. They must also pass The Uniform CPA Examination.

What is the cost of a CPA in Virginia?

To take the Uniform CPA Exam, prospective CPAs must pay both registration and exam fees. The first-time applicant must pay $120 in registration fees and $952.60 for the exam. A $75 license fee is required.

How long does it usually take to obtain a CPA’s license in Virginia

The candidate’s past plays a major role in determining the time it takes for a CPA to be issued in Virginia. Candidates who have already met the educational requirements and successfully complete the CPA examination can finish the licensing requirements in one year.

What are the CPA requirements in Virginia?

CPA candidates in Virginia must have at least a bachelor degree in accounting, or an equivalent. CPA candidates must also have completed at least 120 semesters of education, including 24 semesters in accounting and another 24 semesters in business.

How can I register to take the CPA Exam in Virginia?

CPAs in Virginia must register with both the VBOA (Virginia Board of Accountancy) and NASBA. After confirming their eligibility and registering online with VBOA, examinees can pay fees and register for the exam directly at NASBA.

The article CPA certification in Virginia first appeared on Accounting.com.

Author: Emily Kelso