Prospective CPAs in every state must meet some requirements before getting their CPA license. The process is almost similar across all states. However, every state has its own rules and regulations that come from its local accounting board. However, the overall process is similar across all states in the US. Usually, it involves going through three steps.

Like other states, Vermont also has an accountancy body that regulates its CPA licensure procedures. It is the Vermont Board of Public Accountancy. The board manages all CPAs and their licenses. It also overlooks the process and sets the requirements for these CPAs to get their licenses.

How to become a CPA in Vermont?

Like other states, aspiring CPAs in Vermont must start with formal education. There are several requirements that they must satisfy in this step. Formal education is necessary to pass the Uniform CPA Exam, which is the next step for prospective CPAs.

Once they pass their exam, they must meet experience requirements, set by the Vermont Board of Public Accountancy.

Educational Requirements

Aspiring CPAs in Vermont must acquire formal education to get the fundamentals of the accounting profession. This education can help them pass their Uniform CPA Exam, while also being useful when acquiring practical experience. There are some requirements that CPAs must satisfy along this step, which include the following.

  • Aspiring CPAs must enrol in a Vermont college or university to offers programs in accounting. The college or university must be accredited by accreditation bodies approved by the United States Department of Education and the Council on Postsecondary Accreditation.
  • Students already enrolled in or graduated from a university must verify that the board will accept their college credits.
  • The board may also consider transcripts from foreign colleges. However, they must assess their credits from a member organization of the National Association of Credential Evaluation Services or NASBA International Evaluation Services.
  • Candidates must choose the appropriate classes which allow them to complete 150 hours of college credit and earn a bachelor’s degree. It must meet the following requirements.
    • Candidates’ credits must include 42 hours of accounting, auditing and business subjects. These must further include the following.
      • 6 semester hours in financial accounting (including managerial accounting but not elementary accounting)
      • 3 semester hours in auditing
      • 3 semester hours in US income tax
      • 3 semester hours in US business law
      • 3 semester hours in ethics education covering business ethics, philosophy of ethics, or accounting ethics
    • Commercial CPA review courses do not count.
    • Courses taken at a regionally accredited two-year college or community college are acceptable.
    • CLEP, correspondence, online and CPA review courses are also applicable. However, candidates must have received credit for these in regionally accredited institutions.

Uniform CPA Exam

The next step for aspiring CPAs is to test their knowledge through the Uniform CPA Exam. This exam is necessary to get a CPA license.

However, candidates must have completed the bachelor’s degree or are within 60 days of completion. They must go through the following steps to take and pass the exam.

  • Candidates must apply through CPA Examination Services to take their Uniform CPA Exam.
  • They must pay all applicable application and examination fees.
  • They must submit any requests for disability testing accommodations if applicable.
  • They must send their official, sealed college transcript.
  • For those still in college, they must submit a Certificate of Enrollment completed by the school. It must certify that:
    • Candidates will complete all college courses within 60 days of applying for the exam.
    • They will submit an official transcript after completing all courses, no later than 12 days of application.
  • Candidates must schedule their exam at the Prometric website once they receive their notice to schedule.

Experience Requirements

The last step before getting a CPA license is to fulfil the experience requirements. Aspiring CPAs must satisfy the following conditions to obtain their CPA license.

  • Candidates must take the Professional Ethics Exam. It is equivalent to four hours of continuing professional education. Candidates must complete it within two years of filling for licensure. Candidates can use the Home Study Course on Professional Ethics from the American Institute of Certified Public Accountants for this requirement.
  • They must acquire one year of public or non-public accounting experience under a licensed CPA’s supervision. It must include at least 500 hours of attest and 200 hours of audit experience.
  • There are various competencies that the board expects to learn from both public and non-public experience.
  • Candidates must choose a supervising CPA with a valid license from Vermont or substantially equivalent state.
  • They must verify that their experience has occurred within 15 years of filing date on the license application.
  • They must provide their supervising CPA with the Report of Supervised Experience Form with a pre-addressed, stamped envelope to send the form to the board.

Summary

Given below is a summary of how to become a CPA in Vermont.

  • Candidates must start with obtaining formal education while meeting the Vermont Board of Public Accountancy’s requirements.
  • Once they do so, they must take and pass the Uniform CPA Exam.
  • After that, they must meet the experience requirements set by the board.
  • Finally, they can apply for their CPA license.

References

  1. “Board of Public Accountancy” – https://sos.vermont.gov/accountancy/board-meetings-members/
  2. “Accountancy Forms & Instructions” – https://sos.vermont.gov/accountancy/forms-instructions/
  3. “Vermont Society of CPAs” – https://www.vtcpa.org
  4. “Vermont | NASBA” – https://nasba.org/exams/cpaexam/vermont/