Vermont CPA Exam Requirements 2024: Detailed Breakdown

Vermont CPA Exam Requirements

If you want to become a CPA in Vermont , we’ve summarized the Vermont CPA exam requirements so that you’ll know the exact steps to become a licensed CPA in the Green Mountain State.

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Summary of Vermont CPA Requirements

Be of Good Moral Character	Yes
Credit Hours to sit for the CPA Exam	120
Credit Hours in Accounting and Business to sit for the CPA Exam (*including below)	30
*Credit Hours in Financial and/or Managerial Accounting (excluding Introductory Accounting) to sit for the CPA Exam	6
*Credit Hours in Auditing to sit for the CPA Exam	3
*Credit Hours in U.S. Taxation to sit for the CPA Exam	3
*Credit Hours in U.S. Business Law to sit for the CPA Exam	3
Bachelor’s Required to sit for the CPA Exam	Yes
Credit Hours to receive a CPA License	150
Credit Hours in Accounting and Business to receive a CPA License	42
Ethics Exam	Yes
Work Experience	1 Year
Required CPE Hours Every Two Years	80

General Qualifications for CPA Exam in Vermont

Like in any other state, you need to meet the education requirements, pass the Uniform CPA exam, take the Ethics exam and obtain the required experience.

The Vermont Board of Public Accountancy accepts non-U.S citizens. However, the candidate is required to have a Social Security Number.

Certificate of Enrollments, educational transcripts, and foreign evaluations are required to be submitted to CPA Examination Services.

Educational Requirements

To meet the Vermont CPA education requirements, applicants will need to fulfill the 150 semester credits and complete a bachelor’s degree that includes 42 semester hours of accounting, auditing, and related subjects.

As a first-time applicant or re-examination applicant for the CPA exam, you must have the following:

• Good moral character
• Earned a minimum of 120 semester hours of general college-level education with 30 semester hours in accounting and business courses, including:
  • Six semester hours of financial accounting or managerial accounting (Introductory Accounting is excluded)
  • Three semester hours in auditing
  • Three semester hours in U. S. income tax
  • Three semester hours in U. S. business law

As for your coursework to apply for a license, it should meet the qualifications the Vermont board has advised. You need to complete 42 semester hours of accounting and business courses. Your coursework should adhere to the following:

• Six semester hours of financial accounting or managerial accounting (not elementary accounting)
• Three semester hours in auditing
• Three semester hours in U. S. income tax
• Three semester hours in U. S. business law

Commercial CPA review courses are not acceptable.

Courses from any institution may count, provided they are transferred to a regionally accredited institution.

Suppose you went to university or institutions outside the U. S. In that case, your credits must be assessed by a member of the organization by the National Association of Credential Evaluation Services (NACES) or by NASBA International Evaluation Services.

Any additional required information or documents must be sent to:

CPA Examination Services – VT
PO Box 198469
Nashville, TN 37219

CPA Exam Application Process

If you are within the 60 days of completing your 120-semester hour bachelor’s degree, you may apply to sit for the CPA exam. Keep in mind that you still need to complete additional 30 semester hours as part of the educational requirements.

Send your application, including payment for all exam fees and all your official transcripts and documents, to:

CPA Examination Services–VT
P.O. Box 198469
Nashville, TN 37219

Upon verification of the documents and requirements, you will receive a Notice to Schedule (NTS) via email, fax, or mail. Go to the Prometric website and schedule your CPA exam.

Allow two to four weeks for your application to be processed.

If you previously sat but were currently enrolled in the college at the time of application (you submitted the Certificate of Enrollment Form), you are not automatically considered a re-examination candidate; therefore, you have to apply again.

Vermont Uniform CPA Examination

The CPA exam consists of the three core sections and candidates would need to select one of the three discipline to demonstrate deeper skills and knowledge, allowing candidates to choose a specialization. There is no set order in which the exam portions must be completed. The components of the CPA test are as follows:

• Auditing and Attestation. This exam section covers the basics of financial and attest services, such as audits, reviews, compilations, and preparing agreements.
• Financial Accounting and Reporting. This exam section covers financial accounting topics for all business entities, including the government and nonprofits.
• Regulation. This exam section covers federal taxation, tax services, professional ethics, and business law for individuals and business entities.
• Disciplines
  • Business Analysis and Reporting (BAR): Focused on financial reporting, data analytics, and performance management. This area is suitable for those who are interested in financial analysis and reporting. An extension of FAR core.
  • Information Systems and Controls (ISC): Concentrates on IT governance, data security, and system controls. Ideal for individuals who wish to specialize in IT audits and information security. An extension of AUD core.
  • Tax Compliance and Planning (TCP): Centers on personal financial planning and tax compliance for individuals, businesses, and other entities. Suitable for those with a strong interest in taxation and financial planning. An extension of REG core.

You may take the required test sections in any order, but you must pass all four sections of the Uniform CPA Examination within an 18-month period beginning on the date the first examination section completed was taken. All components must be passed within the 18-month term. Any exam taken outside of the 18-month timeframe will result in a loss of credit.

Vermont CPA Exam Cost Breakdown

The Vermont CPA exam cost consists of four main fees: the education evaluation application fee of $90, the $344.80 per CPA exam section totaling $1,379.20 for all four sections, the CPA registration fee of $100, and the renewal fee of $220.

Education Evaluation Application Fee	$90.00
Auditing and Attestation (AUD)	$344.80
Financial Accounting and Reporting (FAR)	$344.80
Regulation (REG)	$344.80
Disciplines (ISC, TCP, or BAR)	$344.80
Total for all 4 CPA Exam Sections	$1,379.20
Initial CPA Registration Fee	$115.00
Biennial Renewal Fee	$255.00

Vermont CPA Exam License Requirements

Upon completing the needed requirements and passing the CPA exam, you are now ready to apply for your Certified Public Accountant license.

Vermont CPA Ethics Exam Requirements

To meet the Vermont CPA ethics exam requirements, a candidate must complete the course and exam from the American Institute of Certified Public Accountants (AICPA) titled Professional Ethics: The AICPA’s Comprehensive Course (For Licensure). The exam is an open book examination and the passing score is 90%.

Vermont CPA Experience Requirements

To meet the Vermont CPA experience requirements, the state board requires one year of public accounting experience with 2,080 hours. The board needs to see 500 hours of attest and 200 hours of auditing work. The candidate’s work experience must be under the supervision of a Vermont-licensed CPA to provide evidence of the experience upon licensing application.

In the state of Vermont, continuing professional education must be completed in the two calendar years prior to the year in which a license is to be renewed. All CPAs must complete no less than 80 hours of CPE credits that were mandated by the Vermont Board of Accountancy during the two-year period preceding renewal.

• 10 CPE hours can be carryover in the next period. If the licensees exceeded more than ten hours, they could only use 10 hours.
• A CPA license holder must successfully complete at least four hours of CPE credits in Ethics for the subject of accountants.
• A CPA license holder must successfully complete at least eight hours of CPE credits in Accounting and Auditing.

Vermont CPA Exam License Renewals

CPAs from Vermont must renew their license every two years.

Vermont CPA can renew their license by doing the following:

• Submit the Vermont online renewal application.
• Pay the non-refundable renewal fee.
• Submit proof of continuing professional education requirements:
  • If the license is prior to 08/01/2017, you will need to have proof of completion of 80 credits which includes four credits in ethics, eight credits in auditing and accounting, and 68 credits in accountancy.
  • If the license is between 08/01/2017 and 08/01/2018, provide proof of completion of 40 credits in accountancy.
  • If the license is after 08/01/2018, you no longer need to submit CPE for the 2019 renewal.

The Board of Accountancy, together with the Secretary of State’s Office of Professional Regulation (OPR) will guide you in renewing your Vermont CPA license.

You will receive three (3) renewal reminders sent to your email on file approximately six weeks prior to the renewal expiration date. Ensure that your email address is up to date.

If there’s a need to update your email address, you may do so by logging in to Online Licensing and updating your profile. Always check your spam folder.

NOTE: If your license was issued within 90 days of the first renewal expiration date, your license is valid until the next date of renewal. You may find the expiration date on the printed copy of your license.

Exam Score Transfer

Transferring of examination is possible from another jurisdiction into Vermont if you earned credit under the same rules as are in effect in Vermont. If you have passed one or more sections of the CPA exam under this jurisdiction, you shall be given conditional credit by the board provided you have established residence in Vermont and are still eligible to be considered a re-examination candidate in the original state where the credit was earned.

Vermont CPA Exam F.A.Qs

Here are some commonly asked questions regarding Vermont’s CPA Exam and CPA License requirements.