Great question! Per the current draft of rules, Yes. Prior work experience counts if the CPA certifying your experience finds it satisfied the experience based competencies.
For those of us that have a bachelor degree plus a masters accounting degree from a British university and don’t receive the same credits after the transcripts are transferred to American credit equivalent this is great news!! This would save us from having to complete a second masters 😅
Question I think you already have answered. I graduated in 2019 and have been working since. I did public accounting to start off for 1.5 years and have been doing corporate accounting for about 1.5 years. Does the two years of work experience start once this new pathway is implemented or can my prior work experience count?
Good question! Yes, the way the rules are written now, your prior experience would count. Again it would have to satisfy the requirements I mentioned in the video, but between public accounting and corporate accounting, it's very likely it satisfies.
@@JPThomasCPA That's awesome!! How likely do you think this new requirement will actually pass? I just signed up for classes for the spring starting in January. If this passes then there's no reason to take classes.
Definitely do not drop out of your classes. This is a long term thing. Even if the AICPA/NASBA issues final rules in 2025, each State Accountancy Board has to approve this into State Law. Since the individual states control the license requirements. Each state would have to adopt this individually, and it is not clear how fast that would be for each state. For example, the 150 Hour rule was originally adopted by the AICPA in 1988, but in California it was not made into law until 2009. They were one of the last states. The States typically follow what the AICPA/NASBA approve but they don't have to.
@@JPThomasCPA Oh wow. Hope they adopt it fast! I'm in a pickle because I don't want to waste anymore time but if it will change eventually I don't want to spend the thousands of dollars.
What's your opinion on the NEW 120 Hour Pathway?
just a question. Does prior year work experiences count? Or experience should be after registering for CPA?
Great question! Per the current draft of rules, Yes. Prior work experience counts if the CPA certifying your experience finds it satisfied the experience based competencies.
Based on the failure rate alone, I think passing the exam is all that should be required.
The CPA Exam is definitely rigorous!
For those of us that have a bachelor degree plus a masters accounting degree from a British university and don’t receive the same credits after the transcripts are transferred to American credit equivalent this is great news!! This would save us from having to complete a second masters 😅
That would be a huge relief! And I had never thought of that specific scenario before. Thanks for sharing.
Question I think you already have answered. I graduated in 2019 and have been working since. I did public accounting to start off for 1.5 years and have been doing corporate accounting for about 1.5 years. Does the two years of work experience start once this new pathway is implemented or can my prior work experience count?
Good question! Yes, the way the rules are written now, your prior experience would count. Again it would have to satisfy the requirements I mentioned in the video, but between public accounting and corporate accounting, it's very likely it satisfies.
@@JPThomasCPA That's awesome!! How likely do you think this new requirement will actually pass? I just signed up for classes for the spring starting in January. If this passes then there's no reason to take classes.
Definitely do not drop out of your classes. This is a long term thing. Even if the AICPA/NASBA issues final rules in 2025, each State Accountancy Board has to approve this into State Law. Since the individual states control the license requirements. Each state would have to adopt this individually, and it is not clear how fast that would be for each state.
For example, the 150 Hour rule was originally adopted by the AICPA in 1988, but in California it was not made into law until 2009. They were one of the last states. The States typically follow what the AICPA/NASBA approve but they don't have to.
To be fair, many states adopted within a couple years, or even before 1988. But I used California as an example that it can take a while.
@@JPThomasCPA Oh wow. Hope they adopt it fast! I'm in a pickle because I don't want to waste anymore time but if it will change eventually I don't want to spend the thousands of dollars.