Connecticut passes CPA licensing pathway bill while fees remain unchanged

The recent meeting of the State Board of Accountancy in Connecticut highlighted significant changes in the pathway to obtaining a CPA license, which could greatly impact aspiring accountants in the state. A new law, House Bill 7020, was signed by the governor on June 10 and will take effect on October 1, 2025. This legislation introduces an alternative route to licensure, allowing candidates to qualify with a baccalaureate degree focused on accounting, eliminating the previous requirement of 150 credit hours.

The board discussed the implications of this change, emphasizing the need to develop new regulations to align with the updated educational requirements. Currently, the existing regulations mandate a degree with specific credit hour distributions, including 36 hours in accounting and 30 hours in economics and business administration. The board acknowledged the urgency of implementing these regulations before the effective date, recognizing that the process can be lengthy and complex.

Members expressed a commitment to collaborate on drafting the new regulations, with plans to form a small working group to expedite the process. The inclusion of educational institutions in these discussions was deemed crucial, as their input will help shape the curriculum to meet the new standards. This collaboration aims to ensure that graduates possess the necessary skills and knowledge to succeed in the evolving accounting profession.

In addition to the new licensure pathway, the board noted that a proposed bill to reduce licensing fees did not pass, leaving the current fees unchanged. The CPA licensing fee remains at $565, with registration fees at $40 and no cost for solo practitioners.

As the board prepares for the upcoming changes, it is clear that the new law will not only affect future CPAs but also the educational landscape in Connecticut. The discussions at this meeting reflect a proactive approach to adapting to legislative changes and ensuring that the state's accounting standards remain relevant and effective in preparing students for their careers.