Guide to Becoming a CPA in South Carolina
South Carolina, with its favorable business climate, is an excellent place for aspiring Certified Public Accountants (CPAs). The South Carolina Board of Accountancy sets the state's CPA licensure requirements, aligning with the standards set by NASBA and AICPA. Here’s a comprehensive guide to the CPA Exam and licensure requirements in South Carolina.
Educational Requirements
To sit for the CPA Exam in South Carolina, candidates must fulfill these educational criteria:
Bachelor’s Degree: From an accredited institution.
Credit Hours: A total of 150 semester hours, including:
24 semester hours in accounting courses at the undergraduate level, or 15 graduate hours, including fundamental and intermediate accounting, advanced financial accounting, tax accounting, and auditing.
24 semester hours in business courses at the undergraduate or graduate level.
Work Experience Requirements
South Carolina requires:
Experience: One year (2,000 hours) of work experience in accounting, which can include services or advice involving accounting, compilation, attest, management advisory, tax, financial advisory, or consulting skills.
Verification: The experience must be verified by a licensed CPA and can be in industry, public accounting, academia, or government.
Ethics Exam
After passing the CPA Exam, candidates must complete the AICPA ethics exam, scoring at least 90. This is an 11-hour self-study course available online through the AICPA portal.
Residency and Citizenship Requirements
Age: Minimum of 18 years old.
Citizenship: U.S. citizenship is not required.
Residency: No residency requirement in South Carolina.
Social Security Number Requirement
A Social Security number is required for CPA licensure in South Carolina.
International CPA Examination Program
South Carolina participates in the International CPA Examination Program, allowing non-U.S. citizens to become CPAs. International credentials must be evaluated by NASBA's International Evaluation Services (NIES) or another recognized evaluation service.
CPA Exam and Licensing Fees
The fees for the CPA examination and licensing in South Carolina are:
Initial Exam Application Fee: $135.00
Examination Fees (per section):
AUD: $238.15
BEC: $238.15
FAR: $238.15
REG: $238.15
Total for all sections: $1,087.60
Re-Examination Fees vary based on the number of sections.
License Application Fee: $150
License Renewal
CPA licenses in South Carolina must be renewed annually, with the renewal cycle running from February 1 to January 31 each year. The renewal fee is $80. Late renewals may require special consideration from the board.
Continuing Professional Education (CPE) Requirements
Annual Requirement: 40 CPE credit hours, including:
A maximum of 8 hours in personal development.
A maximum of 20 hours in self-study courses.
A maximum of 10 hours in a single day.
Ethics Requirement: Over three years, six hours must be in ethics, with at least 2 being in South Carolina Rules and Regulations. New licensees are exempt from the ethics CPE requirement for the three-year reporting period in which they are licensed.
Carryover: Up to 20 credit hours can be carried over each year, with some exceptions.
Record Retention: CPE records must be retained for five years.
Conclusion
Becoming a CPA in South Carolina involves meeting educational qualifications, passing the CPA Exam, completing relevant work experience, adhering to ethical standards, and engaging in ongoing professional development through CPE. With South Carolina's vibrant economic landscape, CPAs have ample opportunities to establish successful careers in various industries. Continuous learning and adherence to professional standards are key to maintaining your CPA license and excelling in the accounting profession in South Carolina.