Illinois will in short order join a number of states in eliminating the 150-hour rule from accounting certification: one of the bills to reach Governor JB Pritzker’s desk is one which opens up new pathways for accountants to receive their Certified Public Accounting license.
Earlier this year Ohio passed a similar law which allows for a path for bachelor degree holders to acquire a CPA, along with Pennsylvania, Minnesota, Virginia and Georgia. Other states have already passed such legislation or still have bills pending.
Currently, CPA eligibility involves the aforementioned 150-hour rule for college credit, mandating that prospective accountants earn an additional 30 hours of coursework on top of the 120 credit hours required for a bachelor’s degree. For over 40 years, the steep barrier was intended to maintain high standards for CPAs, but has come under fire for simply making CPA licensure prohibitively expensive. As a result, the US now faces a shortage of accountants.
“It’s our hope this will ease some of the barriers to entry, and help address the state’s accounting talent shortage, while still preserving the integrity of what the CPA credential stands for,” the Illinois CPA Society told the press.
The new options for CPA eligibility in Illinois include:
- Obtaining a bachelor’s degree with a concentration in accounting, completing at least two years of relevant work experience, and passing the CPA exam.
- Obtaining a master’s degree with the required concentration in accounting, completing at least one year of relevant work experience, and passing the CPA exam.
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