State Board enacts new education rules

Maryland’s State Board of Public Accountancy has enacted a number of changes to the educational requirement that CPA candidates must fulfill before taking the CPA exam.

The changes were expected to take effect on Jan. 1, 2008. The Board will begin accepting applications filed under the provisions on Jan. 2, 2008.

For a detailed summary of the changes, visit the State Board’s Web site.

The new requirements

Changes to the educational requirements include the following.

To take the Uniform CPA Examination, an applicant shall satisfactorily complete 150 undergraduate semester hours or 225 undergraduate quarter hours, or their equivalent, including the attainment of a baccalaureate or higher degree that meets the following requirements:

Candidates must complete 51 (reduced from 57) minimum semester hours or 77 undergraduate quarter hours in the following required accounting and related business subjects:

Accounting education

Candidates must complete a minimum of 27 semester hours or 41 undergraduate quarter hours of accounting education to include:

auditing (at least three undergraduate hours or four undergraduate quarter hours);
financial accounting (at least nine undergraduate hours or 12 undergraduate quarter hours);
managerial cost accounting (at least three undergraduate hours or four undergraduate quarter hours); and
U.S. federal income tax (at least three undergraduate hours or four undergraduate quarter hours).

Business education

Candidates must complete a minimum of 21 undergraduate hours (reduced from 30) or 32 undergraduate quarter hours in the following business subjects, including three undergraduate hours or four undergraduate quarter hours in at least five of the following subjects (previously all were required):

Statistics
Economics (with at least six undergraduate semester hours)
Corporation or business finance
Management
U.S. business law
Marketing
Business communication (formerly written communication and oral communication)

Ethics education

Candidates must complete at least three undergraduate semester hours or four undergraduate quarter hours in business ethics, accounting ethics, philosophy of ethics, or a course that examines the framework for modern ethical decision making.

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