Do I need 6 hours in finance and 6 hours in business law in order to sit for the CPA Exam?
We receive this question more than any others. Please visit our website at www.njscpa.org/index/students/cpa-exam/requirements and read the information in the Yellow Box which says:
NOTE: Please read our Update on CPA Exam Requirements in New Jersey as a result of the October 20, 2011, meeting of the New Jersey State Board of Accountancy.
This information is so critical and for some reason, no one looks at the yellow box. The first person who sends me (Janice Amatucci, firstname.lastname@example.org
) the answer to this question, will receive a “CPA’s Do It On the 15th” t-shirt.
Is one year of work experience a requirement for all applicants? If I work on an average of 60 hours per week performing the necessary functions, can I get my license sooner?
Unfortunately, no. The work is experience is one year with a minimum of 1,750 hours.
I have been working in accounting and going to school part time. I will finally be graduating and plan to sit for the exam in January. Can I use the experience in my current job as my work experience?
Unfortunately, no. Your work experience for your CPA license needs to be completed after you get your bachelors degree.
New Jersey requires 24/30 credit hours in accounting related subjects depending on the school’s accreditation. To meet the major requirements at my college, I need 24 credits but will only have 21 credit hours upon graduation. Can I take the final accounting class from another university?
You can absolutely take that final course at another university or even online – just make sure the school has the same accreditation as your college. If not, you will need additional accounting credits. Look for the AACSB or the ACBSP accreditation.
I graduated from Fairleigh Dickinson University (AACSB accredited) with a BS in Finance. I completed various economics/finance/business courses, but only have two Accounting specific courses (Accounting Principles I for 3 credits and Accounting Principles II for 3 credits). Does 1 credit = 1 semester hour? And are there any alternative methods to achieving the minimum requirement besides undergraduate or graduate courses?
If you continue at a school with an AACSB accreditation, you will need to obtain 24 credits in accounting (currently you have 6 credits) and you will be required to take a course in tax, one in audit, one in financial accounting and one in managerial accounting. You will also need 150 credits in total to become certified and unfortunately, you will need to get these credits either at the undergraduate level or the graduate level.
How many years of experience do I need if I work in private industry in order to qualify for my CPA license.
There seems to be a lot of confusion in this area as there have been so many changes within the last 10 years – and all for the better. You only need one year of “intensive and diversified” experience under the supervision of a licensed NJ CPA.
I passed all four parts of the CPA exam and have finally completed my 150 credit hours. I would like to fill out the application to obtain my license. How do I do this? What is my next step?
Congratulations! Passing the exam is a huge achievement and you should be thrilled. The first thing you need to do is to have your additional transcripts evaluated. Go to nasba.org/licensure/nasbalicensing/newjersey and fill out the application. This process typically takes five business days or less and has a fee of $65. Don’t forget to have your school send in the official transcripts. They cannot come from you. Once the evaluation is complete, the paperwork will be sent to the New Jersey State Board of Accountancy. The board will review your file and if everything is in place, they will send you a congratulatory letter along with the following forms:
- Statement of Experience Form
- Basic Information Form
- Application for Licensure
- Request for Criminal History Record Information Form
Fill out these forms, have your employer sign the statement of experience form and send them all back. Be patient. This is your last step but it can take several months.
There are rumors around campus that the rules and regulations for sitting for the CPA Exam are changing. I'm concerned about the classes I have scheduled for the next two semesters. When will the changes take place?
The process to make changes to the NJ State Board of Accountancy Regulations is very time consuming. Our best guess is that the process is still at least six months away from completion.
Is it true that the AUD exam will now test both the old and new Statements on Auditing Standards?
Yes, the AICPA is holding firm that both the new and old SAS will be testable from July 1, 2013, through December 31, 2014. See the official AICPA announcement. We suggest that if you are planning to sit for Audit this summer, sit before July 1.
This time the question is for you, the readers. We just received the candidate performance results for the 2012 CPA Exam. Do you know which section has the highest passing rate in NJ?
REG with 48.8 percent. For the other scores, click here.
I am in the process for registering for the CPA exam. Although I have more than 120 credit hours, I only have 3 credits in finance. Is that sufficient enough or is there a way to waive that requirement?
While the New Jersey State Board is in the process of revising the rules and regulations for sitting for the CPA exam in New Jersey, you will be issued a waiver. So for now, you don’t need the three credits in finance to sit for the exam. Remember, you still need 150 credit hours to get your CPA certification. Our advice: sit for the CPA exam now. You can always go back to school to get your Masters or MBA while you are working full time.
I am working part time and sitting for the CPA Exam. How long do I have to complete my experience requirement?
Experience shall be obtained in full-time regular employment based on a minimum of 1,750 hours per year. Part-time experience shall be considered equivalent if acquired within two consecutive years and in no less than the same amount of hours required for full-time experience.
To sit for the CPA exam in New Jersey, do I have to be living in New Jersey? I live in New York, but plan to move to New Jersey in the future. I would like to sit for the exam now.
You can live anywhere and take the exam according to New Jersey rules and regulations. There is no residency requirement.
The New Jersey requirements say I need a class in municipal and government accounting. My college does not offer that course and when I spoke to my advisor she said that my graduating class may have this requirement waived, but she's not sure. I will graduate this May with 150 credits but it will not be including a government accounting class. Do you know if this requirement will be waived?
You will be okay. If you submit an application, CPAES will process your application and issue a waiver if you don’t meet the specific curriculum qualifications in Section N.J.A.C. 13:29-1A.3(b)(1).
Please keep in mind two important points:
- Current CPA Exam applicants MUST complete at least 120 hours of education including a baccalaureate degree to sit for the CPA Exam.
- A CPA license will not be awarded until the full 150 credits with the required concentrations have been obtained and the experience requirement met.
I am confused about the educational rules and regulations for sitting for the CPA Exam. The NJSCPA sent out a notification last October saying that the rules and regulations were in the process of being revised. Can you tell us where this stands?
Currrently, the educational rules for sitting with a bachelor’s degree have not changed since the
NJSCPA update last October. If you apply online to sit for the CPA Exam, CPAES will process your application and issue a waiver if you don’t meet the specific curriculum qualifications in Section N.J.A.C. 13:29-1A.3(b)(1). The New Jersey State Board of Accountancy met on September 20 and plans to reopen discussions for the new rule changes at their meeting in October. As soon as any information is available, the NJSCPA will let you know.
I am interested in taking the CPA exam in New Jersey. I am from India and hold a bachelors degree in economics and a masters degree in accounting. Do I meet the requirements to sit for the CPA exam?
This policy has recently changed. If you have completed educational requirements at institutions outside the U.S., you must have your credentials evaluated by
NASBA International Evaluation Services. Please note: ECE evaluations requested prior to August 6, 2012 will be accepted until October 6, 2012. You must submit your foreign transcript(s) from each institution at which original credit toward the educational requirement has been earned and make sure to ask for a subject analysis. Remember that all official transcripts and/or NASBA International Evaluation Services evaluations must be received directly from academic institutions at the time of the application.
I have passed all four parts of the exam and have just finished getting my 150 credits. Where do I send my transcripts?
This is a new process. While you used to have to download an application and send your transcripts to NASBA’s office, this has now been taken online. You should apply at nasba.org/licensure/nasbalicensing/newjersey/. The new process also brings faster results – it typically takes five business days or less.
I have heard that some schools are giving credit for taking the CPA exam. Can this credit be applied toward the 150-hour requirement?
This question comes up frequently. Unfortunately this credit can’t be used toward your 150 hour requirement. If your school gives credit that can be used toward your degree, that’s great - but it can’t be used toward your educational requirements.
I recently passed all four parts of the CPA exam and am currently working on my experience requirement. Should I be doing anything else in the meantime, such as fulfilling my ethics requirement and/or taking CPE?
After you have fulfilled your experience requirement, you will be required to submit your paperwork into the NJ State Board of Accountancy. When your application is approved, the Board will send you your CPA license and will instruct you to take the ethics course which must be completed within the first six months of receiving your license (not before). Because you will be receiving your license in the middle of the triennial, you will not be required to take any CPE until the start of the new triennial which will begin in 2015. So relax. The hard part is over.
I am looking for some guidance about CPA exam requirements in New Jersey, specifically whether community college credits count towards the 150 credit requirement. I plan on graduating next year from Rutgers Business School with a bachelor's degree in accounting. Before attending Rutgers, I went to Mercer County Community College and transferred 60 credits to Rutgers. However I earned more than those 60 credits that transferred. Am I able to use those additional credits towards the 150 credit requirement to become a CPA?
Yes, you can use all of the credits from Mercer County Community College toward your 150 credit hours. You will just need to have both your Mercer and Rutgers transcripts sent to Certified Public Accountant Examination Services (CPAES) when applying to sit for the CPA Exam.
I want to apply for the CPA Exam but I can't find the downloadable application. I only see the online application. Can you point me in the right direction?
In New Jersey the only method of application is through the online application. NASBA is in the process of updating the Information for Applicants to reflect this change. To apply via this online application, visit https://cpacentral.nasba.org. You will need to register for a user account. Registering will allow you to apply for the exam, maintain your current information, view your scores, check your application status and reprint your Notice(s) To Schedule.
Certified Public Accountant Examination Services (CPAES) told me they no longer use enrollment verification forms and students can no longer apply to sit for the CPA Exam before they graduate. I now have to wait until I get my degree confirmed in order to apply, and I want to sit for at least one part in July. What do I do?
Yes, CPAES has changed the process and no longer allows students to apply early to sit for the CPA Exam. The New Jersey State Board of Accountancy has confirmed this but has also updated us on the major improvements made to this process. The turnaround for the NTS is now approximately ten to 15 business days, much improved from the previous eight weeks. This will still allow you to sit for the CPA exam in July. My recommendation is to impress on your school the importance of having your degree posted as early as possible on your transcript. One final thought – please make sure that your application package is complete as this will definitely hold up the approval of your application. As always, if you have any questions, please email Janice Amatucci at email@example.com.
I am filling out the CPA Exam Application and there is a question that asks if you have ever been arrested? I was when I was in college but my record was expunged. How should I respond?
This is becoming one of our more popular questions. Our advice is and always has been to tell the truth. Say yes on the application and include a letter of explanation with your application. We know many candidates that have taken our advice and are CPAs today. If you hide the truth and the NJ State Board of Accountancy finds out, chances of your being licensed in NJ are not good. Take the high road.
Does New Jersey require that you take the ethics exam in order to become a CPA?
No. However you are required to take the approved 4-hour New Jersey Law & Ethics CPE course within the first 6 months of licensure. The CPE certificate must be mailed to the NJ State Board of Accountancy within 30 days of taking the course.
When does the six-month window begin in which you have to take the parts you signed up for with the CPA Examination Services? I'm attempting to take all four parts in this window, but was just wondering if this six-month time period begins when the NTS is received?
The six-month period begins when the NTS is issued, not when it is received. We suggest that you sign up for email notification so you won’t lose time if the mail gets held up.
How long do I have to meet my educational requirements (the 30 extra credits) after passing the CPA exam?
Once you pass the CPA Exam, these credits do not expire. You can take as long as you want to obtain the additional educational credits and experience requirements. However, those three little letters, CPA, will certainly boost your resume, so don’t wait too long.
I am considering sitting for the CPA exam and changing careers. I have an undergraduate degree in industrial engineering and an MBA with a finance concentration. Does my existing coursework satisfy the education requirement to sit for the exam and to receive the CPA license?
Accounting careers have been listed as one of the safest degrees to be acquired this year. With pessimism about the overall job economy, many people are changing careers, and yours is a question that we receive almost daily. If you graduated before July 1, 2000, and you satisfy the course load below, you will be grandfathered in and do not need to complete the 150 credit hour requirement. However, if you need to take even one additional course in order to meet these requirements, you are no longer considered under this 150 Hour Modification and will need to obtain the 150 credit hours.
Course Work for Candidates who graduated prior to July 1, 2000:
You must possess a baccalaureate degree from an accredited institution, or its equivalent, based upon a curriculum that includes a minimum of 60 semester hours selected from courses in English, history, foreign languages, mathematics, general psychology, science, geography, fine arts and music; and a minimum of 60 semester hours in professional courses including at least 24 semester hours in accounting; at least 6 semester hours in business law; at least 6 semester hours in finance; at least 6 semester hours in economics; and at least 18 semester hours in related business subjects.
The CPA Exam rules state that “a candidate shall take and pass all four parts of the CPA Exam within a rolling 18 month period.” When does this 18-month period begin - when I receive my passing results of the first exam?
The 18-month period begins on the day you sit for the examination. The actual date of expiration is then "rounded off" to the end of the month. For example, if you sit for (and pass) one part on April 12, 2010, 18 months is up on October 12, 2013 but your credit will expire on October 31, 2013.