Great news for CPA Candidates in the great state of CA!
In an effort to ease the transition to CA's new educational requirements, SB 823 will be signed into law in August 2013. This bill states that if you pass all four parts of the CPA Exam by 12/31/13, the CPA Candidate will have a two year extension to become licensed under both current CPA licensure pathway options.
The following excerpt is from the California Board of Accountancy's Spring/Summer 2013 Update:
"SB 823 would allow an applicant who successfully passed the Uniform CPA Exam (CPA Exam) by December 31, 2013, to apply for CPA licensure under the existing pathways until December 31, 2015. Additionally, this bill would allow a CPA applicant enrolled in a five-year masters degree program or other programs developed by schools to address the 150 semester unit requirement, to take the CPA Exam upon completion of the baccalaureate degree requirements."
For those unfamiliar, the California Licensure rules will be changing as of January 2014. If this is new information to you, then watch this webcast and learn everything you need to know about this big change, the CPA Exam, and your pathway to becoming a CPA!
Let's recap with a refresher.
Scenario 1: If you pass the CPA Exam before December 31, 2013, you can choose one of the two following pathways to complete CPA licensure:
Pathway 1 (Valid only in CA): Pass the CPA Exam, accrue two years of experience, and pass the Ethics Exam
Pathway 2 (Valid only in most U.S. Jurisdictions): Pass the CPA Exam, accrue one year of experience, pass the Ethics Exam, and take a total of 150 semester/225 quarter units. The additional units can be in whatever you choose.
Scenario 2: If you pass the CPA Exam after January 1, 2014, you must complete CPA licensure through the following pathway:
Only Available Pathway: Pass the CPA Exam, earn one year of experience under a licensed CPA, pass the Ethics Exam, and take a minimum of 150 semester/225 quarter units that MUST include 20 semester/30 quarter units in Accounting Study subjects, and 10 semester/15 quarter units in Ethics Study subjects.
If you have any questions, let us know in the comments below. Otherwise, please visit our 2014 CA CPA Licensure page.