NJCPA proposes new route for CPA licensure in New Jersey
This initiative seeks to amend New Jersey's Accountancy Act, allowing candidates to qualify by obtaining a bachelor's degree, completing two years of professional experience, and successfully passing the CPA Exam.
Identified as bill A5598, the proposed legislation is backed by Assemblyman Sterley Stanley (D-East Brunswick).
It received approval from the Assembly Regulated Professions Committee on 15 May, representing a notable advancement in the licensure process for prospective CPAs.
At present, candidates are required to complete a minimum of 150 credits, which entails a bachelor's degree plus an additional 30 credits or a master's degree.
They must also acquire one year of work experience in accounting and pass the CPA Exam to be eligible for licensure.
The suggested modifications would provide an alternative pathway for candidates while still preserving the current requirements.
The New Jersey State Board of Accountancy (NJBOA) has shown its support for this new licensure option.
Additionally, the bill includes provisions for individual practice privileges for out-of-state licensed CPAs who hold a bachelor's degree or higher, have successfully completed the CPA exam, and possess at least one year of experience.
A recent survey conducted by the NJCPA indicated that 66% of 187 businesses faced difficulties in sourcing accounting talent over the past year.
Among these firms, 47% reported that this shortage has presented a moderate or significant risk to their operations.
NJCPA executive director and CEO Aiysha Johnson said: 'The introduction of an additional path to CPA licensure will allow for greater flexibility in the licensure process without compromising the rigorous educational and experiential requirements that ensure CPAs remain trusted advisors.
'Keeping the profession open and accessible to promising young professionals is crucial, not only to the accounting field itself but to the communities CPAs serve.'
"NJCPA proposes new route for CPA licensure in New Jersey" was originally created and published by The Accountant, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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