NJ Adopts New Education Requirements to Become a CPA
October 9, 2015
On September 21, 2015, regulations were adopted in New Jersey that impact the educational requirements for students seeking to become licensed CPAs. These new regulations go into effect on July 1, 2017.
What do these new rules mean?
In order to sit for the CPA Exam in NJ, an applicant must possess:
- a bachelor’s degree or higher from an accredited school/university
- 24 semester hours in accounting and 24 semester hours in business
- a minimum of 120 semester hours
- the degree can be in any field of study
To be licensed in NJ, the applicant must:
- obtain 150 semester hours from an accredited school. These credits can be obtained within or beyond a degree program.
- obtain one year of experience (1,750 hours) working under a CPA whose active license is from NJ or from a state that is substantially equivalent to NJ. Currently all states are substantially equivalent. The experience must be in the areas of auditing or accounting.
What has changed?
- The new regulation reinstates the intended requirement of 120 credits to sit for the exam, including 24 credits in accounting and 24 credits in other business courses for all candidates, that was in place prior to April 2011. An applicant no longer needs any specific courses in these areas (just 24 semester hours overall in accounting and 24 semester hours in business).
- If an applicant is obtaining graduate credits, they will need 24 semester hours in accounting and 24 credits in business. Previously, only 15 semester hours in accounting were required from a graduate school program. Undergraduate and graduate credits are counted equally.
- Under the new proposed rules, the references to levels of school accreditation have been removed. An applicant will need 24 semester hours in accounting whether or not their college/university has obtained accreditation from AACSB or ACBSP.