CPA License in Vermont

Vermont requires candidates to complete 120 credit hours before they can take the exam. The new rules effective July 1, 2014 also require a total 150 college credit hours including specific course work to obtain a CPA license. The new rules arenít all tough though. The work experience requirement has changed from 2 years to only one year.

Letís take a look at what you need to do to take the exam and get licensed.

Vermont CPA Exam Requirements

In order to be eligible to sit for the exam in Vermont, candidates must meet the following personal qualifications and educational requirements.

  • No minimum age limit
  • Not Required to be a US citizen
  • Not Required to be a VT resident
  • Valid Social Security Number Required
  • VT does participate in the International Examination Program




Educational Requirements to Sit

Vermont has long been a 120 credit hour state. It wasnít until 2014 that it changed its licensure rules to 150 credit hours. Luckily, you still only need to complete a bachelorís degree including 120 hours in order to sit for the exam. Here is what you need.

Bachelorís Degree in Accounting (at least 120 semester hours) including:

  • 30 hours of upper level Accounting courses including:
    • 6 hours of financial or cost accounting
    • 3 hours of business law
    • 3 hours of auditing
    • 3 hours of taxation

There are no current requirements for general business courses in order to take the exam. You will however have to meet a certain amount before you will be eligible to certification.




Exam Fees

The total cost to take the CPA exam in Vermont is $949.08 including an initial one-time $220 application fee. The cost for each section is listed below.


AUD Ė Audit  $192.03 
FAR Ė Financial Accounting and Reporting  $192.03 
BEC Ė Business Environment and Concepts  $172.51 
REG Ė Regulation  $172.51 


The fees are typically based on the duration of the exam. Thatís why the FAR and AUD exams cost the most.

IMPORTANT Ė I know you are excited to sign up and get started, but donít try to get ahead of yourself and register for all four sections at once. This will end up costing you more in the long run. Your notice to sit will expire if you donít take the exam in 6 months. This means you will have to re-register and pay an additional registration fee. Re-registration application fees are $65 and varied depending on how many you register for, so only sign up for the exams that you are ready to sit for in the next 6 months.

Registration Fees

Vermont fees are around the average of most states, but it doesnít mean you should have to pay these extra fees. As you can see, registering more exams at once will save you some money.

  • 1 section $65.00
  • 2 sections $80.00
  • 3 sections $95.00
  • 4 sections $110.00




CPA License Requirements

The CPA exam process is involved and overwhelming for first time applicants. Donít worry. I know you can do it! Applying for the test is just the first step in becoming a CPA in VT. Trust me. Weíve all have been there. It is a right of passage. After you pass the exam, here are the things you need to do before you can truly call yourself a Certified Public Accountant.

Pass the Exam

Youíll have to pass all four sections of the exam with a score of at least 75 in an 18-month period.

Paperwork

Submit all the required paperwork to the state board usually includes transcripts, license application, and proof of work experience.

Fees

Pay the license/certification fees with your application.

Ethics Exam

Take and pass the AICPA Professional Ethics exam (found on the AICPA website)

Additional Education

The new Vermont rules specify a more strict structure for licensure education. You will need to finish an additional 30 college credit hours bringing your total semester hours to 150. Here are the details:

Bachelorís Degree or higher in Accounting (at least 150 semester hours) including:

42 hours of upper level Accounting courses like financial and managerial accounting, auditing, taxation, and business law.




Work Experience Requirements

Before 2014, Vermont required a 2-year work experience qualification for all CPA applicants. The new rules cut that in half. Now only a 1-year program is required. Good deal for you! Here are the details.

1-year or 2,000 hours of general accounting, auditing, and principles skills in Public Accounting supervised and verified by an active CPA with no less than 500 hours of attest services including 200 hours of auditing functions.




More Exam Resources and Information

The initial application process is kind of intimidating particularly if you attended more than one school. The Vermont state board must have confirmation of all of your education. You will need to mail in transcripts from each college youíve attended.

Thatís the reason why I recommend contacting the state board during the application process. They will let you know what they have on file and what they need before your application can be accepted. Believe me. Nothing is worse than finding out you overlooked something at the end of the process.

State boards rarely notify you that something is missing. Things can get lost or forgotten. Unfortunately, I know this firsthand. My transcripts actually got lost in the mail. I had to send them twice from one of my colleges! It was a big pain and added two weeks on the process.

Directly contacting the board is the easiest way to confirm that they have everything they need before you get too far along in your application.

Here is the contact info for the state board.

Vermont State Board of Accountancy

Vermont CPA Application Forms

  • 1 National Life Dr
  • Office of Professional Regulation National Life Building
  • Montpelier, VT 05620-3402

  • Phone: 802-828-2837
  • Fax: 802-828-2465

Vermont Society of CPAs

NASBA - Vermont




Now What?
Time to Get Busy!


OK. So you have all the information to get signed up for the exam. Now you need to find a study guide that will work for you. Depending on how you learn, your overall time frame goals, and budget, picking the right CPA review course can be tricky. Donít waste any time though. Jump into it right away.

Generally, state boards take anywhere from one to three months to review and approve your application. You can spend this time to choose your first CPA exam section and study to pass the CPA exam your first try.