Vermont offers a supportive environment for individuals pursuing a career as Certified Public Accountants. The Vermont Board of Public Accountancy, along with NASBA and AICPA, sets the CPA licensure requirements in the state. Let’s delve into what it takes to become a CPA in Vermont.

 

Educational Requirements

Candidates must fulfill these educational criteria:

• For CPA Exam:

• At least 120 semester hours of college education, with specific coursework in finance, auditing, U.S. taxation, and U.S. business law.

• For CPA Licensure:

• A bachelor’s degree with at least 150 semester hours.

• 42 hours must be in accounting, auditing, and related subjects.

 

Work Experience Requirements

Vermont requires:

• Experience: 1 year (2,080 hours) of work experience in public accounting under the supervision of a CPA.

• The experience must include work in areas such as U.S. GAAP, GAAS, SSARS, tax provisions, financial statement preparation, and more.

 

Ethics Exam

Candidates must complete a course in professional ethics for accountants, including the AICPA Code of Conduct or Vermont accountancy statutes and rules, within 2 years of the application filing date.

 

Residency and Citizenship Requirements

• Age: Minimum of 18 years old.

• Citizenship: U.S. citizenship is not required.

• Residency: No residency requirement in Vermont.

 

Social Security Number Requirement

A Social Security number is required for CPA licensure in Vermont.

 

International CPA Examination Program

Vermont participates in this program. International candidates must have their credentials evaluated by NIES or a member of NACES.

 

CPA Exam and Licensing Fees

The fees in Vermont are:

• Initial Application Fee: $170.00

• Examination Fees (per section):

• AUD: $238.15

• BEC: $238.15

• FAR: $238.15

• REG: $238.15

• Total for all sections: $1,122.60

• License Application Fee: $100

 

License Renewal

Vermont CPA licenses must be renewed biennially. The renewal fee is $220.

 

Continuing Professional Education (CPE) Requirements

• Licensed prior to the current renewal cycle: 80 CPE credits (4 in ethics, 8 in accounting and auditing).

• Licensed in the first year of the renewal cycle: 40 CPE credits in accountancy related matters.

• Licensed after the first year: No CPE requirement for the first renewal.

 

Conclusion

Becoming a CPA in Vermont involves fulfilling educational prerequisites, passing the CPA Exam, completing relevant work experience, adhering to ethical standards, and engaging in ongoing professional development through CPE. Vermont’s business-friendly atmosphere and robust economy offer substantial opportunities for CPAs to establish successful careers across various sectors. Continuous learning and adherence to professional standards are key to maintaining CPA licensure and excelling in the accounting profession in Vermont.