ont CPA Requirements

Vermont, known for its picturesque New England town and ski resorts offers accountants a variety of job opportunities. Since 1933, the Vermont Society of Certified Public Accountants provides professional accounting support. The organization has 800 members today.

CPAs in Vermont are certified public accountants who provide financial leadership for the driving economic sectors of the state. CPAs are not only tax preparers, but can also work in tourism, manufacturing, agriculture, investment and other industries.

To become a CPA, you will need to meet several requirements. CPAs must earn 150 credit hours of higher education and complete one year of supervised experience. They also have to pass the Uniform CPA Exam. The whole process can take up to 6 years.

Explore the guide below to learn more about Vermont CPA requirements.

Vermont CPA Education Requirements

According to the National Association of State Boards of Accountancy, Vermont has two separate education requirements. One is for eligibility for the Uniform CPA Exam and the other for licensure. For the exam, students only need to complete 120 college credits, which includes 30 semester hours in accounting.

In order to obtain licensure in Vermont, CPAs must have a bachelor’s and 150 college credits. CPAs in Vermont do not require a master’s, but completing a graduate program can help them meet the 150-credit requirement and earn an advanced credential. A graduate degree in an accounting-related field can boost your career and earnings potential.

Future CPAs should explore the variety of academic options they can use to fulfill this educational stipulation, including accelerated bachelor’s-to-master’s programs.

Courses Acceptance, Concentrations and Credits

Vermont CPAs are required to earn at least 150 college credits. This must be earned from an accredited university or college. The board does not mandate that learners majors in accounting, other finance-related areas, but at least 42 credits of the 150 must be in auditing or accounting. Pursuing an accounting degree will help students meet these requirements.

Students who wish to sit for the Uniform CPA Exam must have completed 120 credits. This includes 30 credits from the following categories: six semester credit hours of financial or managerial accounting beyond introductory level; three credits in auditing; three credits on U.S. Taxation and three credits on U.S. Business Law. For licensure, students must complete 12 credits of additional accounting, Auditing or related subjects.

The Board of Accountancy will not accept CPA review courses that are commercially available. You can, however, include credits from online or correspondence classes, CPA reviews, or CLEP exams, as long as an accredited college or University records them on your transcripts. Vermont accepts college credits from both two-year and 4-year institutions as long as the institution is a degree-granting institution.

The following courses can be used to satisfy the Vermont accounting credit requirements for CPAs:

• Tax Research
• Accounting for Government and Nonprofit Organizations
• Forensic accounting and auditing
• Sustainability and Sustainability Reporting content

Vermont Experience Requirements

Vermont requires that you complete a year of work experience, or 2,080 working hours under the supervision of a CPA. This requirement must be completed within four years after passing the Uniform CPA Exam.

Your supervised hours have to include experience in public accounting. The work performed must not be routine and require independent judgment on accounting issues. This Way To CPA states that at least 500 attested hours are required, of which at least 200 hours must relate to auditing.

Public accounting work that is eligible may include reviewing, evaluating and preparing financial reports or analyzing internal control policies. Experience gained outside the public sector should be independent and nonroutine. This may include tax research, internal control assessment, or cost accounting.

After completing the required hours, you will need to submit a report of supervised experience in public and/or non-public accounting for Vermont’s Board of Public Accountancy. The six-page document asks you about both your experience and that of your supervisor. Explain any gaps in your work experience.

CPA Exam Requirements

The American Institute of Certified Public Accountants administers the Unified CPA Examination. This is a four-part standardized test that CPAs must pass in order to be licensed by all states. Although the exam is the same across the country, each jurisdiction has its own eligibility requirements. These rules are outlined below for Vermont.

Exam Eligibility

You must be within 60-days of completing 120 college credits to take the CPA test in Vermont. This must include 30 semester credits in business and accounting. Included in this are six credits of financial or managerial accounting above an introductory accounting class. Three credits are required in auditing as well as three credits each in U.S. Business Law and U.S. Taxation.

Vermont Board of Accountancy asks that applicants have a good moral character. According to CPA This Way, Vermont does not require citizenship or residency. The state does not have a minimum age requirement. The state is a participant in the international examination program.

Exam Schedule and Application

You can still confirm your exam eligibility by requesting an advisory evaluation, even though it is not mandatory. This process will inform you of any academic deficiencies that you need to rectify before submitting your exam application. You can request an assessment on CPA Central’s website.

After you’ve verified your eligibility to take the Uniform CPA exam, submit a Notice To Schedule (NTS), using NASBA CPA Exam Online Application System. You will need to send NASBA official transcripts from your institution. You must send a signed certificate of enrollment if you are currently enrolled.

You must submit the appropriate forms to NASBA if you need testing accommodations, or if your coursework was taken outside of the U.S. for credit. You must include $170 in your application. You can register for one section or more. Each section costs $238.15. You must pay a $85 reexamination charge plus the exam fees for each section if you have to retake any part of the test.

You will receive an NTS from NASBA once they have received your application and all fees. Your NTS can be used to book your Prometrics testing appointment.

After passing the Exam

The AICPA states that you will receive your Uniform CPA Exam results 1-2 weeks following the completion of the test.

After passing all four sections of the exam you will need to complete a year of work experience (2,080 hrs) under a CPA. You must complete these requirements if you haven’t already earned a Bachelor’s Degree and completed 150 college credits.

You can apply for your CPA license using the Office of Professional Regulation of the Vermont Secretary of state after you have completed the education, exam and experience requirements. The office processes most applications within 3-5 business days.

Maintaining your Licensure

In Vermont, all CPA licenses expire at the same time on a two-year fixed cycle. It may be necessary to renew your license even if you haven’t had it for two years. Each renewal extends your license to the next two-year cycle. The license is valid for two years if the applicant receives their license within 90 calendar days after the two-year cycle ends.

According to the Office of Professional Regulation of the state, CPAs are required to complete 80 hours of continuing educational courses every two years. The credits include four hours of ethics, eight hours of accounting and auditing and 68 hours related to accountancy. CPAs who renew their license for the first or second time may only need to complete 40 hours, depending on when they received their license.

Six weeks before expiration, the board will send renewal notices. After receiving the notice, you may submit your application via the online services state portal. Your application must include proof of your hours of continuing education.

Vermont does not have reciprocity agreements for licensing with other jurisdictions. If you have a CPA license in another state, and you’ve been in good standing in that state for three years or more, you may be eligible to fast track your licensure into Vermont.

Vermont Accountants: Questions and Answers

How can I become a CPA?

Vermont CPAs must have 150 credits, including a Bachelor’s Degree; one year of experience in accounting under the supervision of a CPA; and pass scores on Uniform CPA Examination.

Who is eligible to take the CPA exam in Vermont?

You must have completed at least 120 college credits to be eligible for the CPA examination in Vermont. The classes you take must include at least six semester credits in financial or managerial accounting, three of auditing and U.S. Taxation, as well as three credits each of U.S. Business Law and U.S. Taxation.

How long does it usually take to become a CPA in Vermont?

It can take up to six years for a Vermont CPA. Students who are full-time typically finish the 150 credits required in 4-5 year. CPA candidates must also have completed one year of experience in the field, as well as pass the Uniform CPA Examination.

Is it difficult to get a CPA’s license in Vermont?

The CPA licensing process is very rigorous in all states. It requires that prospective CPAs complete college level classes, have supervised work experiences, and pass a standardized test.

The article Vermont CPA requirements first appeared on Accounting.com.

Author: Emily Kelso