New Jersey CPA Education Requirements [2022]

New Jersey CPA Education Requirements

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New Jersey CPA Education Requirements

To meet the New Jersey CPA education requirements and become a CPA, candidates must hold a bachelor’s degree with 150 semester hours of credit that includes 24 semester hours in accounting and 24 semester hours in business courses other than accounting.

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

Summary of New Jersey CPA Requirements

Credit Hours to Sit for CPA Exams120
Bachelor’s Degree Required to sit for CPA ExamsYes
Accounting Major required?No
Accounting Credits Required to Sit for CPA Exams24
Business Credits Required to Sit for CPA Exams24
Credit Hours to receive CPA License150
Technical Subject Credits Required for License*60
Master’s Degree Required to Get CPA LicenseNo
Work Experience Required to Get CPA License1 Year
Ethics Exam Required to Get CPA LicenseYes
Required CPE Hours Every Three Years for License Renewal120

*The technical subjects include:

  • Accounting
  • Auditing
  • Business law
  • Information technology
  • Economics
  • Finance
  • Management advisory services
  • Mathematics
  • Statistics
  • SEC practice
  • Taxation
  • Professional ethics
  • Specialized areas such as governmental, nonprofits, real estate, or farming

Education Requirements

For an applicant to be eligible to sit for the CPA Exam must meet the following requirements:

  • Completed a baccalaureate(bachelor’s) degree from a regionally accredited institution
  • Completed at least 120 semester hours of general college-level credit
  • Completed at least 24 semester hours in accounting courses
  • Completed at least 24 semester hours in general business courses

Candidates eligible for the exam prior to July 1, 2017, will be permitted to continue testing but are required to meet the new education requirements to qualify for a license.

Once you successfully pass all four sections of the CPA Examination and you did NOT meet the 150 semester hour requirements for CPA licensure at the time you were originally found eligible to take the CPA Exam, you must submit an additional Academic Credential Evaluation (ACE) Application through NASBA Licensing Services before you will be permitted to apply for the CPA license.

If you met the 150 hours requirement, you might directly apply through the New Jersey State Board of Accountancy upon successful completion of the CPA Examination.

CPA License Educational Requirements

To be eligible to apply for licensure, an applicant must meet the following requirements:

  • Bachelor’s degree or higher from a regionally accredited institution.
  • At least 150 semester hours of general college-level credit.
  • At least 24 semester hours in general business courses.
  • At least 24 semester hours in accounting courses.

If you completed a bachelor’s degree or higher prior to July 1, 2000, you might still qualify to take the CPA exam based on the following:

  • Completed 60 semester hours in liberal arts subjects (English, History, Foreign Languages, Mathematics, General Psychology, Philosophy, Biological Sciences, Physical Sciences, Economics, Sociology, Religion, Government, Political Science, Geography, Fine Arts, and Music)
  • Completed a minimum of 60 semester hours in professional courses, including:
    • 24 semester hours in accounting, including municipal and government accounting courses
    • Six semester hours in business law
    • Six semester hours in financial accounting
    • Six semester hours in economics
    • At least 18 semester hours in general business courses

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 Four CPA Exam Sections are:

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.

Business Environment and Concepts (BEC)

The Business Environment and Concepts (BEC) section of the Uniform CPA Examination (the Exam) tests knowledge and skills that a newly licensed CPA must demonstrate when performing:

  • Audit, attest, accounting and review services
  • Financial reporting
  • Tax preparation
  • Other professional services

The content areas tested under the BEC section of the Exam encompass five diverse subject areas. These content areas are enterprise risk management, internal controls and business processes, economics, financial management, information technology and operations management.

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

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.

How to Save Yourself MONTHS of Time and Frustration
Keep in mind that the CPA exam is the one part of getting your CPA license that you can control how long it takes. The education and experience requirements take as long as they take, but the CPA exams can take you as little as 6 months, or as long as multiple years… depending on how effective your study process is from the beginning.
Learn how to study strategically so you can save yourself tons of time and retake fees with this free training…

New Jersey CPA Exam Cost Breakdown

The New Jersey CPA exam cost consists of seven main fees: the initial examination application of $160, the CPA exam registration which cost $80, a $226.15 per CPA exam section totaling $905 for all four sections, then the license application fee that cost $75, there is the initial license fee which depends on what year of the triennial period, the triennial registration fee of $135, and finally the renewal fee of $50.

Initial Exam Application Fee$160.00
Registration Fee$80.00
Auditing and Attestation (AUD)$226.15
Business Environment and Concepts (BEC)$226.15
Financial Accounting and Reporting (FAR)$226.15
Regulation (REG)$226.15
Total for all 4 CPA Exam Sections$905.00
License Application Fee$75.00
Initial License Fee (During the first year of a triennial registration period)$135.00
Initial License Fee (During the second year of a triennial registration period)$90.00
Initial License Fee (During the third year of a triennial registration period)$45.00
Triennial Registration$135.00
Late Renewal Fee$50.00

New Jersey CPA Ethics Exam Requirements

To meet the New Jersey CPA ethics exam requirements, candidates must finish a unique New Jersey ethics exam as it is required to complete a four-credit course on New Jersey Law and Ethics provided by a sponsor approved by the State Board. This course can now be taken six months before obtaining a CPA license or six months after.

Just remember that you must send in the course confirmation to the New Jersey State Board of Accountancy within one month of taking the course. The NJCPA is an approved sponsor. For a listing of upcoming NJCPA Law & Ethic courses, click here.

New Jersey CPA Experience Requirements

To meet the New Jersey CPA experience requirements, candidates require to work full-time for one year 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. The experience shall be considered intensive and diversified if the experience is acquired in the areas of auditing or accounting.

You can work for a certified public accountant, public accountancy, a government agency, or private industry.

Upon the completion of your program, your supervisor must attest to your experience with a formal, notarized letter written on official letterhead.

Getting Your CPA License

Different jurisdictions have different rules and requirements. In New Jersey, they offer the NASBA Advisory Evaluation as an optional service. The Advisory Evaluation will determine if there’s an academic deficiency in your education.

To know more about submitting an Advisory Evaluation in this jurisdiction, please visit CPA Central https://cpacentral.nasba.org/.

The first step 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. 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. This is your last step, but it can take several months

How to Save Yourself MONTHS of Time and Frustration
Keep in mind that the CPA exam is the one part of getting your CPA license that you can control how long it takes. The education and experience requirements take as long as they take, but the CPA exams can take you as little as 6 months, or as long as multiple years… depending on how effective your study process is from the beginning.
Learn how to study strategically so you can save yourself tons of time and retake fees with this free training…

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