Guide to Becoming a CPA in Puerto Rico
Puerto Rico, with its diverse economy and growth in manufacturing, petrochemicals, and electronics, offers a dynamic environment for Certified Public Accountants (CPAs). The CPA licensure process in Puerto Rico is governed by the Puerto Rico Board of Accountancy in association with NASBA and AICPA. Here’s what you need to know to become a CPA in Puerto Rico.
Educational Requirements
Candidates must meet these educational standards to sit for the CPA Exam in Puerto Rico:
Degree: A bachelor’s degree or higher.
Credit Hours: A total of 150 semester hours.
Accounting and Business Coursework:
32 hours in accounting subjects.
32 hours in general business subjects.
GPA Requirement: A minimum GPA of 2.0 in accounting and business courses.
Work Experience Requirements
Candidates must complete:
Experience: One year (1,820 hours) of full-time experience, or 3 years of part-time experience. This can be in public accounting, industry/private practice, or academia.
Ethics Exam
While an ethics exam is not required in Puerto Rico, candidates must complete the following certifications:
Certificate of Good Conduct: From the Police Department.
Certificate of Compliance: With ASUME.
Membership: In the Puerto Rico CPA Society
Residency and Citizenship Requirements
Age: Minimum of 21 years old.
Citizenship: U.S. citizenship is required.
Residency: Candidates must hold residency or have a business place in Puerto Rico.
Social Security Number Requirement
A Social Security number is required for CPA licensure in Puerto Rico.
International CPA Examination Program
Puerto Rico participates in this program, allowing international candidates to become CPAs. Credentials must be evaluated by NASBA International Evaluation Services (NIES).
CPA Exam and Licensing Fees
The fees for CPA examination and licensing in Puerto Rico are:
Initial Application Fee: $210.00
Examination Fees (per section):
AUD: $238.15
BEC: $238.15
FAR: $238.15
REG: $238.15
Total for all sections: $1,162.60
License Application Fee: $207
License Renewal
CPA licenses in Puerto Rico must be renewed every three years between August 1 and December 1. The renewal fee is $225.
Continuing Professional Education (CPE) Requirements
Total Hours: 120 hours of CPE every three years.
Specific Requirements:
40 hours in accounting, audit, and tax.
3 hours in professional ethics, based on the AICPA’s Code of Professional Conduct.
Conclusion
Becoming a CPA in Puerto Rico involves meeting specific educational qualifications, passing the CPA Exam, acquiring relevant work experience, and completing required certifications. The territory's competitive economy offers substantial opportunities for CPAs, making it an attractive location for accounting professionals. Continuous learning and adherence to professional standards through CPE are essential for maintaining your CPA license and practicing in Puerto Rico's dynamic financial landscape.