ida CPA Requirements

Accountants are vital in helping businesses and individuals manage their finances, budgets, and accounts. CPAs are certified public accountants who stand out in this highly valued profession. Your specialized training and achievements can help you get licensure in your state and industry recognition.

While requirements vary from one state to the next, all CPAs must have certain education, experience and pass an examination. These accountants are sought after by clients and accounting firms for their professional expertise. The National Association of State Boards of Accountancy (NASBA) states that CPAs earn 10-15% more than non-licensed accountants.

This guide will help you learn about Florida’s CPA requirements. We also offer helpful resources such as an overview of accounting degree in Florida, and a step-by–step guide for candidates.

Florida CPA Education Requirements

Each state has its own requirements for licensure. The Department of Business and Professional Regulation states that Florida’s CPA requirements are 150 semester hours or credit from an accredited board-approved institution. These credits should include a significant amount of accounting or business-related credit.

Although a bachelor’s degree does not necessarily make you eligible to take the exam, 120 credits is required for each test-taker. This makes a bachelors’ program an attractive option. Candidates who have completed a bachelor’s degree can then go on to pursue postgraduate certificates or master’s degrees.

Some schools also feature bachelor’s-to-master’s accounting degrees, which include 150 credits or more to satisfy the CPA requirements in an accelerated fashion.

Concentrations, Credits and Course Acceptance

Each candidate must first complete 120 semester credits in order to meet Florida’s CPA requirements. Then, they must take the CPA exam. 24 credits must be from the upper-division of auditing and cost accounting courses, with at least three credits each for taxation or financial accounting using U.S. standard.

Prospective CPAs must also complete 24 credits in general business courses, including at least 21 credits in upper-division and three credits in U.S. law. Students may be able to apply credits from other accounting courses to fulfill the general business requirement.

They cannot however use introductory accounting courses to learn about accounting and general business requirements.

College-level examination programs courses can’t be used to fulfill the general business or initial accounting requirements. However, they count towards the 30 extra credits. Florida’s CPA regulations do not allow for credit for review or duplicate courses.

A candidate must take an additional 30 credit hours after passing the CPA exam. A minimum of six credits must be from the upper-division cost accounting or auditing courses. There must also be at least 12 credits in general businesses.

CPA courses in Florida are:

Florida CPA Experience Requirements

Florida’s CPA requirements include professional accounting experience. This can be started after the CPA exam. A candidate must complete at least 2000 hours of work in a period of 1-2 years. This includes a minimum of 20 hours per week. The candidate can submit a completed verification form of work experience signed by a licensed CPA.

In Florida, certification and certificate are often used interchangeably. Licensure refers to professional recognition in the state. The requirements for licensure in Florida are met by professional experience. Candidates may be required to have additional experience in order to obtain state licensure in two-tier states.

Candidates who have at least five years’ experience in a professional field outside of Florida are eligible to apply for endorsement. The state generally accepts the following types work experience:

Florida CPA Exam Requirements

The Uniform CPA Examination is offered by the American Institute of Certified Public Accountants. It tests candidates for their accounting knowledge as well as professional readiness. Each state requires that licensed CPAs pass the exam before they can be certified or licensed. The exam covers the same material regardless of where they are located, but eligibility requirements may vary from one state to the next.

Eligibility for the Exam

Each candidate must submit transcripts that show completion of at least 120 credits to be eligible for Florida’s CPA exam. These credits must include 24 credits in cost accounting and auditing, as well as three credits each in taxation and financial accounting. A prospective CPA needs 24 credits in general and business law, as well as three credits in U.S. commercial law.

All eligible undergraduate credits must be from an accredited institution. They cannot expire. Florida doesn’t require AICPA to take the professional ethic exam as other states.

Application to Take the Exam

For their first application, applicants must pay $50 to the Florida Board. After approval, applicants pay a $170 application fee to the Florida board and a $238.15 fee per section of the CPA exam, per NABA.

The board can reject applications if they find contrary evidence. While applicants from out-of-state may apply using the usual methods, those who have taken part of the exam in Florida must submit an interstate authorization form.

Florida does not require citizenship or residency to take the CPA exam. However, test-takers must have a Social Security Number. The minimum age for applicants is 18 years.

Transcripts to be submitted for the Exam

CPA applicants must submit their application fee and documentation at the Florida DBPR, Tallahassee (Florida). Official transcripts are required for the documentation. Applicants must ensure that they have all credits. Applications that are incomplete will be rejected.

A jurisdiction ID is issued to an approved applicant along with a notice to schedule the examination (NTS). Candidates should schedule only the tests they are able to attend as the NTS expires in six months. Florida treats all applicants who have previously been granted an NTS as reexamination applicants. They are not required to pay an additional registration fee if they rebook an exam.

After passing the Exam

Candidates must score at least 75% in each of the four sections within the time limit of 18 months to pass the CPA exam. Candidates can take the four parts at once or book them in groups. Florida test-takers will find release dates of AICPA, and their scores on NASBA’s candidate portal.

Prospective CPAs can apply for state licensure within three years of passing the final exam. Otherwise, the test results will expire. Candidate who have not met Florida’s CPA requirements may be eligible to apply for endorsement. Employers and prospective CPAs can search for licensure statuses.

Retaining License

CPAs in Florida can renew their licenses every 2 years by completing 80 hours CPE every 18 months. The state requires that you complete eight hours of accounting and auditing. You also need to complete four hours in ethics and 20 hours in behavior subjects. Florida offers two extensions of three months for CPEs. Each extension includes eight CPE hours.

Although licensed CPAs don’t need to provide proof of CPEs they should keep documentation in the event of an audit. Licenses that are inactive or late must be reactivated. This includes a $250 fee, $25 delinquency fee and the $105 renewal fee.

CPE reactivation requirements include 120 CPE hours. These hours include 30 hours in accounting, auditing, eight in board-approved ethics and 30 in behavioral subjects.

CPAs in Florida can also access CPEs approved by the board via the Florida Institute of CPAs. They also have custom training and opportunities for professional development. Florida permits certified and licensed CPAs from outside the state to practice law in the state. CPA licensure is only available to accountants who own a majority of the firm.

Questions about CPAs in Florida

Accounting.com first published the post Florida CPA requirements.

Author: atatum