Department Chair, KPMG Teaching Excellence Professor at Virginia Commonwealth University
Major news from the Virginia Society of CPAs today about their plans to introduce legislation in 2025 that adds a pathway to becoming a Virginia CPA that does not require 150-credit hours of higher education. This follows an exposure draft from AICPA & NASBA (released on Sept. 12th) that proposes adding a "competency-based experience pathway" as an alternative to the 150-hour requirement. https://lnkd.in/e7Zmi35C While there are still many questions about if & how these proposed paths will be executed, it certainly seems that tide is shifting in regard to the future of the 150-hour requirement. #accountingstudents #CPA #accountingeducation
After two years of reviewing our options, the VSCPA intends to introduce legislation in 2025 to add a pathway for licensure that does not require 150 hours of education. In 2022, the VSCPA 150-hour Task Force said that “the 150-hour requirement is not working for the profession,” and asked the VSCPA to work with our colleagues nationally to find a solution. We feel we are in a position to act now. Our proposal will include language intended to ensure continued practice mobility for out-of-state CPAs practicing in Virginia as well as the addition of a licensure pathway requiring passage of the CPA Exam, a baccalaureate degree with an accounting concentration, and two years of experience. For more information, see the message linked below sent to VSCPA members last week. We are working with the Virginia Society of CPAs board and the VBOA - Virginia Board of Accountancy on further details, so stay tuned for more. Please reach out to me or Emily Walker, CAE with feedback or questions. https://lnkd.in/e3TfK-JZ
Lisa Victoravich
2mo
Wow!!!!
Auditor and Accounting Analyst | MDA Accounting Analytics SOB, VCU | MBA Finance SBM, CU | CA - Final | CMA - Final
1moThis is a great development, Professor. The proposed pathway could open doors for so many aspiring CPAs who find the 150-hour requirement a barrier, not only in terms of time but also cost. The competency-based experience could be a more practical and inclusive approach, allowing professionals to demonstrate their skills and knowledge meaningfully. This shift could make a huge difference in strengthening the profession and making it more accessible. I'm excited to see how this unfolds and hopeful that it will encourage more talent to join the CPA community in Virginia!