Committee releases bill easing accountancy licensure requirements to address CPA shortage
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Summary
S4493 would modify licensure requirements for certified public accountants, including changes to the 150‑hour rule and experiential pathways; the committee heard testimony about a 25% decline in accounting majors and the state's need for more CPAs.
The Senate Commerce Committee moved Senate Bill 4493, a bill to modify requirements to obtain licensure in public accountancy, citing a workforce shortage in certified public accountants.
Althea Ford, vice president of government affairs for the New Jersey Business & Industry Association, told the committee the measure is intended to "revamp how we think about credentialing for the needs of this industry" and to align education with practical on‑the‑job experience. Jeff Kazerman of the New Jersey Society of CPAs said the bill would be "the most important change to the accountancy act in 27 years" and described a shortfall in available CPAs, including a reported 25% drop in accounting majors in five years.
Witnesses said New Jersey’s current credentialing requirements—historically including a 150‑hour education requirement—have contributed to the decline in entry to the field and the shortage of auditors and accounting professionals for public and private entities. Kazerman urged urgent reform to bolster the pipeline and stressed the bill’s workforce development benefits.
On a motion to release, roll call recorded Senators Bramnick and Singer as abstaining, and Senators Johnson, Vice Chair Krein, and Chairman Lagana voting to release the bill. Committee members indicated they would consult with the Department of Education and the board of accountancy and continue stakeholder engagement.
The committee released S4493 and encouraged further work with regulators and industry partners to ensure changes address training, examination, and workforce needs.