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VERMONT CPA EXAM & LICENSE REQUIREMENTS 2023
Every state has its own criteria for a CPA designation, and here is how to become a CPA in Vermont.
If you are detail-minded and have a head for numbers, a career in accountancy might just be for you. Accountancy is one of the oldest professions and it continues to grow. Businesses and corporations alike need the special skills and discernment a well-trained accountant can bring to their books. Accountants even audit computer systems and are found in the computer science departments of universities. To be considered at the top of the profession, you will want to shoot for a state-issued Certified Public Accountant license. Every state has its own criteria for a CPA designation, and here is how to become a CPA in Vermont.
Vermont, like many states, has four general areas that must be satisfied prior to licensure: Education, CPA Examination, Ethics and Experience. The Vermont Board of Public Accountancy does not require in-state residency, U.S. citizenship or a specific age for its CPAs. It will require you to have a Social Security number, though some states will also accept a Green Card or other form of taxpayer identification. You might petition the Board if you do not have a SSN.
Vermont requires all CPAs to have 150 credit hours for full licensure, though you can sit for the CPA exam with only 120 semester hours, provided that you have matriculated with a bachelor’s degree. Your college must have been accredited by an agency recognized by the Board. The board will accept accreditation by an agency approved by the U.S. Department of Education or the Council on Postsecondary Accreditation.
Foreign credits are also accepted. If you attended university in Canada, your credit will be accepted from schools who are part of the Association of Universities and Colleges of Canada. For schools from any other country, your transcripts and credits must be evaluated by the National Association of Credential Evaluation Services (NACES) or by NASBA International Evaluation Services. Your completed evaluations need to be sent to:
CPA Examination Services
P.O. Box 198469
Nashville, TN 37219-8469
As for your coursework, you must meet the qualifications the board has devised. You will need 42 hours in accounting, auditing and business. Your transcripts must adhere to the following courses:
- Six semester hours in financial accounting
- Three semester hours in auditing
- Three semester hours in taxation (U.S. income tax law)
- Three semester hours in Business Law
- Three semester hours in Ethics: business ethics, philosophical ethics or accounting ethics
- Commercial CPA review courses will not count towards your application.
- Courses of any sort and from any institution may count, provided that they transferred to a regionally accredited institution.
When you are within 60 days of completing a 120 semester hour baccalaureate degree, you may apply to sit for the CPA exam. Keep in mind that you will still need 30 hours to satisfy the education requirement, but Vermont allows you to begin taking portions of the exam prior to completion of your education.
To begin the process, send an application, including payment of all exam fees, and all of your official transcripts to:
CPA Examination Services–VT
P.O. Box 198469
Nashville, TN 37219
When your materials have been assessed and accepted, you will receive a Notice to Schedule (NTS) via fax, email or mail. Upon receipt, you will have six months to sit for one part of the 4-part exam. Contact the Prometric testing center in Burlington-Williston to arrange for a day and time, as well as to indicate which part of the test you would like to take.
The CPA exam is one of the most difficult professional exams available. For that reason, you will want to prepare very well for each part. In fact, nearly 50 percent of all test takers must retake at least one part of the exam, if not all four parts. The four parts of the exam are:
- Financial Accounting and Reporting (FAR)–Covers financial reporting frameworks from several industry experts. Candidates are asked to compare statements that reflect different reporting standards.
- Auditing and Attestation (AUD)–This is a test of your knowledge of the International Standards of Auditing as well as U.S. standards.
- Regulation (REG)–Your professional and legal responsibilities are covered in this test.
- Business Environment and Concepts (BEC)–This portion covers general business concepts and international business. Written communication skills are vital to complete much of the test.
Vermont does not have a specific ethics test it prescribes for all licensees. The Vermont Board will accept scores from the American Institute of Certified Public Accountants’ ethics exam however. The AICPA is one of the preeminent CPA organizations and they also design and oversee the CPA exam. You can order their 11-hour self-study ethics course.
The ethics course and test is not terribly difficult, but it must be passed to progress to a CPA license. Work hard to make sure that you pass the examination with a minimum score of 90.
The final hurdle to licensure in Vermont is the experience element. Vermont insists that you complete one year of public or non-public accounting work under the supervision of a Vermont-licensed CPA. Keep diligent records of your time and the duties you perform. At a minimum, the board needs to see 500 hours of attest and 200 hours of auditing work.
Upon completion of the year, your supervisor will need to fill out a Report of Supervised Experience Form and submit it to the Vermont Board.
Practicing as a CPA in Vermont is bound to be exciting as the state changes and grows with the rest of the U.S. economy. To keep up-to-date with the board, including new rules and regulations, visit their website: Vermont Board of Public Accountancy.