A bill intended to increase access to the accounting profession by offering an additional option for CPA licensure in New Jersey went into effect on Feb. 11. The New Jersey Society of Certified Public Accountants (NJCPA) worked with primary bill sponsors Assemblyman Sterley S. Stanley (D-18) and Senator Anthony Bucco (R-25) on A5598/S4493, which was signed by former Governor Murphy on Jan. 12.
The bill makes it possible for those considering CPA licensure to qualify by earning a bachelor’s degree, completing two years of work experience and passing the CPA Exam. Previously, candidates had only one option, which included earning at least 150 credits (typically 30 credits more than a bachelor’s degree or equivalent to a master’s degree), having one year of work experience in accounting and passing the CPA Exam.
The bill includes the following provisions:
- New licensure pathway option: In addition to the existing 150-hour option, candidates will be able to pursue a CPA license by earning a bachelor’s degree, completing two years of experience and passing the CPA Exam.
- Individual practice privileges (mobility): CPAs licensed in another state will be able to practice in New Jersey as long as they have a bachelor’s or higher degree, have passed the CPA Exam and have at least one year of experience as a licensed CPA. The same requirements will be necessary for gaining a reciprocal license in New Jersey.
- Safe harbor provision: CPAs licensed in New Jersey prior to the effective date of the bill will automatically retain their license.
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Tags: cpa credential, new jersey, njcpa, pathways
