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OKLAHOMA CPA EXAM & LICENSE REQUIREMENTS 2024
Keep reading to learn how to become a CPA in Oklahoma.
Among the many professional designations, certifications and licenses for accountants, one stands out: the Certified Public Accountant (CPA) license. The business world touts this license perhaps higher than an MBA or a law degree, as every major aspect of a business must be in some way handled by a CPA. The CPA exam is considered the most difficult to pass and the continuing education courses required to maintain it are strenuous, depending upon which state you live in, as each state has its own requirements for licensure. When you begin a course of study in accountancy, decide which state you wish to practice in and design your efforts to match its requirements. Keep reading to learn how to become a CPA in Oklahoma.
The Oklahoma Accountancy Board has a specific rubric for its CPA candidates. They must be residents of the state prior to applying, though you may have only just moved to the state. However, you needn’t be a U.S. citizen, though you will need 150 semester hours of university credit. Unlike many states that will allow you to take the CPA exam with 120 hours, you must fulfill the entire academic requirement prior to sitting for the exam. Oklahoma also requires that you gain certain experience prior to licensure.
Academic Standards
The basic requirement for the Oklahoma Board is to complete 150 semester hours, including a bachelor’s degree. These hours are broken out in a particular way, unique to Oklahoma, and this is important to take note so that you can remain on track as you work through your degree program. You will also want to make sure that every institution you attend is fully accredited so that the board will accept all of your transcripts. Note that the board will accept CPA review courses, so long as you received credit and they are accounted for on your official transcripts. Your transcripts must meet the following criteria to satisfy Oklahoma’s academic standards:
76 hours of upper level coursework
30 hours of accounting courses above principles that include one of the following:
- Auditing
- Assurance
- Coursework must focus on external auditing standards including Statements on Auditing Standards
Ineligible Courses for Accounting course requirement:
- Graduate Level Financial Accounting
- Masters Level Managerial Accounting
Nine hours minimum coursework in any or all of these areas:
- Economics
- Statistics
- Finance
- Management
- Marketing
- Business Law
- Business Communication
- Risk Management
- Insurance
- Information Systems
Computer Science classes
CPA Examination
Before you sit for the CPA exam in Oklahoma, you must fully satisfy the academic requirement. Once you have completed your bachelor’s and additional post-graduate work, you can apply to sit for one of the most rigorous professional licensing tests available. The CPA exam is designed and distributed by the American Institute of Certified Public Accountants (AICPA), a trade association that will be valuable to you in your professional life and once you have launched your career.
Once your application is approved by the board, there is another application you will need to complete along with section fees payable to NASBA, so make sure you read and complete all the requirements. You should receive a Notice to Schedule (NTS) that will give you six months in which to schedule and sit for one to all four parts of the exam, depending upon what you selected on your exam application. If you do not sit for the exam in that time frame, you will need to reapply and pay the exam application and section fees again.
The exam is broken into four parts, and you may take two section parts within one day, or over an 18 month time frame, beginning once you take and pass the first part. The order in which you take the four parts is entirely up to you. Those parts are:
- Financial Accounting and Reporting–This part covers financial reporting frameworks from several industry experts. Candidates are asked to compare statements that reflect different reporting standards.
- Auditing and Attestation–This test covers your knowledge of the International Standards of Auditing as well as U.S. standards.
- Regulation–The ethical part of the exam, your professional and legal responsibilities are covered in this test.
- Business Environment and Concepts–This portion covers general business concepts and international business. Your written skills are essential to passing this section successfully.
Keep in mind that up to half of all test takers must retake any given section of the exam. Therefore, try to prepare as diligently as possible. You might work in a study group from your university or local community. There are many review sessions available online and through mail order.
AICPA Ethics Examination
After you complete the most rigorous professional exam, you will have another AICPA examination to complete: the Ethics exam. This is not such a rigorous test, but you must pass with a minimum score of 90. You can order the 11-hour self-study ethics course from the AICPA, which comes on a CD-ROM. That disc includes all of the materials you need to study and review.
Experience
The Oklahoma board, like many others, has a final requirement: supervised experience in the field for a minimum of one year, or 1,800 hours within a span of four years. You may choose to work in academia as an accounting professor, for a public accountancy, a private business or a government agency. To claim time for your license, that time must be accounted for and include work in one or more of the following areas:
- Accounting
- Attestation
- Taxation
Once completed, you will fill out and submit an Experience Verification Form that includes the full name and license number of your supervising verifier. If you work with multiple employers, remit a form for each of them.
Once you earn your CPA license, your career is bound to be rewarding as you assist businesses and individuals with their finances and future security. For more information on becoming a CPA in Oklahoma, including a handy Eligibility Checklist visit the board’s website: Oklahoma Accountancy Board.