Iowa CPA State-Specific Requirements
Introduction
Iowa, with its diverse economy and global employers, presents a thriving landscape for Certified Public Accountants (CPAs). For those aspiring to join this dynamic field in Iowa, understanding the state-specific CPA Exam and license requirements is crucial. This guide offers a comprehensive overview to assist CPA candidates in Iowa.
CPA Exam and Licensure Prerequisites
Educational Requirements
Bachelor’s Degree: A prerequisite for the CPA Exam.
Credit Hours: A minimum of 150 semester units, including specific accounting and business-related courses.
Graduate Degree Option: Possessing a graduate degree in accounting or business with specified accounting hours is also accepted.
Professional Experience
Work Experience: At least one year (2,000 hours) of accounting-related work is required. This experience can span various sectors and must be verified by a licensed CPA.
CPA Exam
Passing Score: Each section of the CPA Exam requires a minimum score of 75.
Time Frame: All four sections must be passed within an 18-month period.
Ethics Exam
AICPA Professional Ethics Exam: Candidates must complete and pass this self-study ethics exam with a minimum score of 90.
Residency and Social Security Requirements
Residency: No in-state residency is required for CPA licensure in Iowa.
Social Security Number: A Social Security number is required for obtaining a CPA license in the state.
Application Process and Fees
Application Fees: The total fees for the CPA Exam application and sections amount to approximately $1,123.
Ethics Exam Fee: Additional cost for the ethics exam applies.
Licensure Application: Post-exam, candidates must submit an initial licensure application along with educational transcripts and an application fee of $100.
License Renewal and CPE
Renewal Period: CPA licenses in Iowa must be renewed annually.
Continuing Professional Education (CPE): CPAs are required to complete 120 hours of CPE every three years, with specific hours in ethics and technical accounting subjects.
International CPA Examination Program
Participation: Iowa is an active participant, allowing international candidates to apply for the CPA Exam.
Scheduling the CPA Exam
Submit Application: Apply through NASBA's CPA Central portal.
Authorization to Test (ATT): Obtain ATT from the Iowa Accounting Examining Board.
Notice to Schedule (NTS): Receive NTS and schedule your exam through Prometric.
Pass the Exam: Aim to score at least 75 in each section within the 18-month timeframe.
Conclusion
Embarking on the CPA journey in Iowa involves meeting educational criteria, passing the CPA and ethics exams, gaining relevant work experience, and adhering to ongoing CPE requirements. With its lucrative opportunities, Iowa stands as an appealing state for aspiring CPAs to build their careers.