Planning is key! Let me start by outlining the foundational requirements for attaining a CPA license in the state of Kentucky. (Each states requirements can vary)
The first requirement is 150 hours of college credits. That's right, 150 HOURS! So be aware that as you are standing on the podium accepting your glorious undergraduate degree, you still have 30 hours to complete in some way, shape, or form. This can be accomplished in many ways; some may choose to go on and get their masters degree, others might take 30 hours of additional classes that explore various interests, still others may choose to work and take classes sporadically online. The Good News is you can pass all your CPA exams and worry about this requirement later (although the CPA exams alone won't make you a CPA). It is imperative that you develop a plan for completing your 150 hours or you could be left on the outside looking in, so write down a plan today!
*Recruiting Tip: Firms will expect that you have a plan to meet your 150 hour requirement, in addition to how you plan on passing your CPA exam!
The second requirement to the CPA is the 4 section CPA exam. This is the requirement that is widely regarded as the most difficult to attain. These exams will test your knowledge extensively in the areas of : Auditing & Attestation, Business Environment & Concepts, Financial Accounting and Reporting, and Regulation. A required score of 75% is needed to pass each section, and all 4 parts must be completed in an 18 month window. This is where planning becomes key! 18 months may seem like a long time, but imagine if you are working while trying to pass, these tests can be extremely challenging! (link to pass rates HERE) Another factor to consider is expenses. Becker, the premier CPA exam preparation tool can cost over $3,000, and each exam will cost you roughly $220... So you better PASS! Keep in mind that some companies offer reimbursement of these types of expenses, so working while trying to pass CAN pay off!
The third and final requirement is the easiest, (in my opinion) requiring 2000 hours of experience in the field, or approximately 1 year of work. Why so easy? Well, working as an accountant is the end goal right?! Here is a more detailed explanation to the requirement from the Kentucky Board of Accountancy website:
A year of experience is defined as 2000 hours in a period of not less than 12 months earned after the awarding of a baccalaureate degree. The hours shall not include any leave or holiday time. A certificate of experience may be submitted for more than one employment situation to meet the 1-year of experience. The CPA verifying your experience must have an active practicing license, but does not have to be your supervisor.
This is self-explanatory and requires only that you find a company willing to hire you, so WORK HARD and STAY FOCUSED!!
Piece of cake right? GOOD LUCK!
Kentucky Board of Accountancy- CPA Exam info.
AICPA- CPA Exam info.
Becker Website
