At the October 20 meeting, the State Board voted to waive the specific curriculum qualifications under section N.J.A.C. 13:29-1A.3(b)(1) of New Jersey’s accountancy regulations and permit candidates to sit for the CPA Exam under the 120-hour option until the State Board determines what, if any, permanent changes will be proposed and approved.
Here’s what the State Board’s vote means to you:
- Section N.J.A.C. 13:29-1A.3(b)(1) of New Jersey’s accountancy regulations has been and continues to be “the law of the land” until the State Board determines what, if any, changes will be made to the section.
- For an interim period of time, current CPA Exam applicants who do not meet the requirements in Section N.J.A.C. 13:29-1A.3(b)(1) will be told by CPA Examination Services (CPAES) via letter* that they are being granted a waiver by the State Board that permits candidates to sit for the CPA Exam with at least 120 hours of general college level education including a baccalaureate degree.
The NJCPA’s understanding is that applications will be handled as follows:
- If your application was rejected by CPAES for not meeting the specific education requirements, CPAES will notify you via letter that you are now eligible for a waiver. You should respond to the instructions in the letter.
- If you submitted an application, but have yet to receive any notice, CPAES will begin processing your application based on the State Board’s October 20 vote. If you don’t meet the specific curriculum qualifications in Section N.J.A.C. 13:29-1A.3(b)(1), CPAES will notify you that those requirements are being waived and process your application.
- If you submit an application from this point forward, CPAES will process your application and issue a waiver if you don’t meet the specific curriculum qualifications in Section N.J.A.C. 13:29-1A.3(b)(1).
Please keep in mind two important points:
- Current CPA Exam applicants MUST complete at least 120 hours of education including a baccalaureate degree to sit for the CPA Exam.
- A CPA license will not be awarded until the full 150 credits with the required concentrations have been obtained and the experience requirement met.
As always, please feel free to contact the NJCPA if you have questions. You can access more information about the CPA Exam here.
*Below is the general language that CPAES will incorporate into its letter to CPA Exam applicants who will be granted a waiver to sit for the exam.
Dear ____,
Your application for the Uniform CPA Examination has been received and evaluated. Per the New Jersey Regulation N.J.A.C. 13:29-1A.3, you were found educationally deficient to sit for the exam. However, the NJ State Board of Accountancy has decided at their meeting on Oct. 20, 2011, to grant a waiver to those candidates to sit for the examination with 120 semester hours of general college level education and a bachelors degree for an interim period. Please note, you will need to meet the 150 Hour Rule requirements before you can be licensed to practice as a CPA in New Jersey pursuant to N.J.S.A. 45:2B-49 and N.J.S.A. 13:29-1A.3."