For Vermont CPA requirements, the State Board will switch to 150 credit hour rule on July 1, 2014 to adopt interstate equivalency standards for CPAs.
After passing the CPA exam, you will need to accumulate 1 year of experience (instead of the previous 2 years) under the direct supervision of an active CPA licensee.
Vermont CPA Requirements
1. Education Requirements to Sit for the Exam
Bachelor degree or above.
120 semester units from an accredited university or educational institution.
Course requirement: 30 semester units of accounting and business courses, including
6 hours of non-elementary financial and/or managerial accounting;
3 hours of auditing;
3 hours of US income tax;
3 hours of US business law.
Special note:
Must complete US taxation and business law to take the exam.
May sit 60 days prior to meeting educational requirements.
2. Additional Vermont CPA Requirements to get the License
Education
Before July 1, 2014:
30 semester hours in accounting and business.
On and after July 1, 2014:
150 credit hours
42 semester hours in accounting and business.
Work Experience
Before July 1, 2014:
2 years of public or non-public accounting experience, depending on the level of degree, with at least 500 hours in attest function, and within that, at least 200 hours in audit function.
On and after July 1, 2014:
1 year of public or non-public accounting experience, depending on the level of degree, with at least 500 hours in attest function, and within that, at least 200 hours in audit function.
Application to all periods:
The experience has to be supervised and verified by a licensed CPA or equivalent (generally means CPA from Australia, or CA from Australia, Canada, Ireland, and Mexico. Please double check with VT State Board).
Experience must be attained 4 years prior to the exam to 4 years after the exam, i.e. 8 years in total.
Ethics Qualification
Taking of an ethics course equivalent to 8 hours of CPE. Candidates can simply choose to take the CPA ethics exam offered by AICPA.
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