Rhode Island Governor Signs CPA Bill, Adding Alternative Path to Licensure
Rhode Island Governor Dan McKee signed Senate Bill 3076 this week, allowing CPA licensure through a "bachelor's plus two years" path without the traditional 150-credit-hour requirement. This brings the total number of states and territories in the U.S. with relaxed CPA certification rules to 44, reflecting a national trend in the accounting industry to address talent shortages.
Key Takeaways
- Rhode Island Governor Dan McKee this week signed Senate Bill 3076, adding an alternative path to becoming a Certified Public Accountant (CPA) that does not require 150 college credits (typically equivalent to five years of study), according to the bill's legislative status report.
- The state's move, just over three months after the bill was introduced, brings the total number of states and territories (including Puerto Rico) that have relaxed CPA certification rules since early last year to 44, according to Robert Pawlewicz, an accounting associate professor at the University of Richmond in Virginia.
- "I'm not sure why the Rhode Island legislature moved so fast... Massachusetts, Michigan, and the District of Columbia have been slow," Pawlewicz said in an email on Friday. But "overall, the speed at which the 120-credit path has opened up to CPA licensure is incredible."
Deep Dive
With the new law in effect, Rhode Island has updated its public accounting act to align with the ninth edition of the Uniform Accountancy Act. That version was issued by the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA), according to information from the legislative tracking platform Billtrack50.com.
This alternative path, called "bachelor's plus two," included in the Uniform Accountancy Act updated last summer, requires candidates to complete a bachelor's degree typically requiring 120 credits, have two years of professional experience, and pass the CPA exam.
For decades, the standard path to practice required candidates to complete 150 college credits, one year of professional experience, and pass the CPA exam.
Since early last year, initiatives to add this option have gained momentum nationwide as the accounting profession seeks to address the accounting talent shortage by relaxing educational requirements.
A person answering the phone in McKee's office on Friday declined to comment on the bill, and a spokesperson did not immediately respond to a request for comment.
To stay updated on CPA licensure changes, visit CFO Dive'srelated tracker page。