Illinois CPA Ethics Exam Requirements 2024

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Illinois CPA Ethics Exam Requirements

To meet the Illinois CPA ethics exam requirements and become a CPA, candidates will need to take the AICPA ethics exam after completing a course called Professional Ethics: The AICPA’s Comprehensive Course (For Licensure) which is administered by the American Institute of Certified Public Accountants (AICPA). This is a self-study ethics course and candidates need to obtain a passing grade of no less than 90% on the examination.

This article will help you to become a CPA in Illinois and is a requirement for you to take the Illinois CPA exam.

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Summary of Illinois CPA Requirements

Credit Hours to Sit for CPA Exams	150
Credit Hours in Accounting subjects to sit for the CPA Exam (For graduate degree in business)	30
Credit Hours in Business subjects to sit for the CPA Exam (For graduate degree in business/other major or graduate degree)	24
Baccalaureate/Graduate Degree required to sit for CPA Exams?	Yes
Ethics Exam Required?	Yes
Work Experience Required	1 – 4 Years
Required CPE Hours Every Two Years	80

Educational Requirements for the CPA Exam in Illinois

There are two main Illinois CPA education requirements to take the CPA exam and get your Illinois CPA license set by the Illinois Board of Examiners:

A bachelor’s degree with higher education accreditation.
150 semester credit hours.

The basic education requirement is a graduate degree or a bachelor’s degree in either accounting or business courses. The bachelor’s degree in accounting or business must have a regional accreditation by the Illinois state board. The accrediting body must be under the ACBSP accredited program or must have the ACBSP accreditation. However, Illinois has specific education requirements for CPA candidates that fall into three different “options”:

Option 1

Earned a graduate degree or a bachelor’s degree in accounting and 150 total semester credit hours

Option 2

A graduate degree in business or accounting and 150 semester credit hours, which includes 30 semester credit hours in accounting that includes managerial accounting that include managerial accounting, financial accounting, taxation, and auditing.

Option 3

A baccalaureate degree in any subject, OR a graduate degree in any subject, AND 150 semester credit hours that include:

30 semester credit hours in accounting that include managerial accounting, financial accounting, taxation, and auditing.
24 semester credit hours in business that include 2 semester hours in business communication, and 3 semester hours in business ethics.

Age and Residency Requirements for CPA Exam

Illinois state board requires no minimum age, citizenship, or residency requirement as a qualification for CPA candidates in Illinois to take the CPA examination.

In order to be licensed, you must obtain social security number (SSN). However, SSN is not necessary to take the CPA exam or receive certification.

Pass the Uniform CPA Examination

The “Uniform CPA Examination”, which is a 4-part exam, is developed by the AICPA – the American Institute of Certified Public Accountants and administered by NASBA – the National Association of State Boards of Accountancy.

The Three Core Exam Sections

Auditing and Attestation (AUD)

The Auditing and Attestation (AUD) section of the Uniform CPA Examination (the Exam) tests the essential knowledge and skills a newly licensed CPA must demonstrate when performing audit engagements, attestation engagements or accounting and review service engagements.

Newly licensed CPAs are required to:

Demonstrate knowledge and skills related to professional responsibilities, including ethics, independence, and professional skepticism. Professional skepticism reflects an iterative process that includes a questioning mind and a critical assessment of audit evidence.
Understand the entity including its operations, information systems (including the use of third-party systems), and its underlying business processes, risks, and related internal controls.
Understand the flow of transactions and underlying data through a business process and its related information systems.

Financial Accounting and Reporting (FAR)

The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and nonpublic), not-for-profit entities and state and local government entities.

The financial accounting and reporting frameworks that are eligible for assessment within the FAR section of the Exam include the standards and regulations issued by the:

Financial Accounting Standards Board (FASB)
U.S. Securities and Exchange Commission (U.S. SEC)
American Institute of Certified Public Accountants (AICPA)

Governmental Accounting Standards Board (GASB)

Regulation (REG)

The Regulation (REG) section of the Uniform CPA Examination (the Exam) tests the knowledge and skills that a newly licensed CPA must demonstrate with respect to:

U.S. federal taxation
U.S. ethics and professional responsibilities related to tax practice
U.S. business law

The Three Disciplines

The three new disciplines in the 2024 CPA Exam, part of the CPA Evolution initiative, are designed to allow candidates to specialize in areas that align with their career interests and the demands of the modern business environment. Here’s a more detailed look at each discipline:

Business Analysis and Reporting (BAR)

Objective: This discipline focuses on higher-order skills needed in financial statement analysis, business reporting, and the strategic role of the CPA in business decision-making.

Key Topics:

Financial Statement Analysis: Understanding and interpreting financial statements to assess an entity’s financial health and performance.
Performance Management: Developing and using key performance indicators (KPIs) to measure, manage, and improve business performance.

Data Analytics and Visualization: Utilizing data analytics tools to analyze business data, and effectively presenting data to support business decisions.
Strategic Planning and Risk Management: Involvement in the strategic planning process and identifying, assessing, and managing business risks.
Business Processes and Controls: Understanding and evaluating business processes and internal controls to improve efficiency and effectiveness.

Information Systems and Controls (ISC)

Objective: This discipline is tailored for those interested in information technology, data security, and controls. It addresses the increasing role of technology in accounting and auditing.

Key Topics:

IT Governance and Risk: Understanding the frameworks for managing and governing enterprise IT; identifying and managing IT-related risks.
Information Security and Cybersecurity: Knowledge of cybersecurity principles, data protection laws, and the steps necessary to protect information assets.
System and Organization Controls (SOC) Reporting: Understanding the requirements for SOC reports and the role of CPAs in assessing controls at a service organization.

Data Management and Privacy: Managing data effectively and understanding privacy regulations.
Business Continuity and Disaster Recovery: Planning and strategies to ensure business operations can continue and recover from disruptive events.

Tax Compliance and Planning (TCP)

Objective: This discipline focuses on tax compliance, tax planning, and tax strategy, suitable for those who aim to specialize in taxation.

Key Topics:

Individual Tax Planning and Compliance: Understanding tax laws affecting individual taxpayers, including income, deductions, credits, and tax planning strategies.

Business Tax Planning and Compliance: Knowledge of tax considerations for different business entities, including corporations, partnerships, and S-corporations.
Estate, Gift, and Trust Taxation: Understanding the tax implications and planning strategies for estates, gifts, and trusts.
International Taxation: Knowledge of taxation issues related to cross-border transactions and multinational enterprises.

State and Local Taxation (SALT): Understanding the complexities of state and local tax laws and their impact on business and individual tax planning.

Tips for Passing the CPA Exam

The CPA exam covers so many topics that you will need to study specifically for each section, usually for 6-8 weeks per section. Even a master’s degree in accounting doesn’t adequately prepare you to just walk in and pass the 4 CPA exams.

You will need a full review course such as Becker, Wiley CPA, Gleim, Roger, etc, and you will need to dedicate several hours a day over the course of months to even have a chance at getting passing scores.

Illinois CPA Exam Cost Breakdown

The Illinois CPA exam cost consists of four main fees: the CPA exam registration fees which will depend on the number of sections taken, $226.15 per CPA exam section totaling $905 for all four sections, the CPA license application fee of $120, and the renewal fee of $40.

Examination Fees
Auditing and Attestation (AUD)	$226.15
Financial Accounting and Reporting (FAR)	$226.15
Regulation (REG)	$226.15
Disciplines (ISC, TCP, or BAR)	$226.15
Total for all 4 CPA Exam Sections	$904.60
Registration Fees
4 Examination Sections	$120.00
3 Examination Sections	$108.00
2 Examination Sections	$76.00
1 Examination Section	$40.00
CPA License Application Fee	$120.00
Renewal Fee	$40.00

Illinois CPA Experience Requirements

To meet the Illinois CPA experience requirements, candidates are required to complete at least one year of full-time experience, or its equivalent, providing any type of service or advice involving the use of accounting, attestation, management advisory, financial advisory, tax or consulting skills that may be gained through employment in government, industry, academia or public practice. For full-time employment, individuals will need to fulfill 12 months with an average of at least 20 workdays per month and is equal to 1,500 hours or more annually. If an individual works part-time for more than one year, but less than four years, and gains 2,000 hours of experience, the individual has met the equivalent of one year of full-time experience.

Illinois CPA License Application

Applicants who are eligible to apply for the license need to be guided of the following:

If you’ve posted all exam scores on your ILBOE online account before submitting the Ethics Exam score, the board will email your official certification letter approximately 3 days after they receive your Ethics Exam score.
If you have submitted the Ethics Exam score, but we are still waiting for the score of your fourth exam section, the board will email your official certification letter approximately 3 days after the score release date of that fourth exam.

Your certification letter contains your certificate number and important information about applying for an Illinois license. Until you get a license, you cannot legally identify yourself as a CPA.
Once you receive your certification letter which contains your certificate number, apply for a license at IDFPR.
The board reports the certified candidates to the IDFPR on the 1st and 15th of every month. Please allow IDFPR 2 weeks from that date to update their records. After that second week, feel free to apply for licensure.