Eligibility Requirements for the CPA Exam

20 CSR 2010-2.041 Eligibility Requirements for the CPA Examination

PURPOSE: This rule determines the eligibility requirements an applicant shall meet in order to qualify to sit for the certified public accountant examination as a Missouri candidate.

(1) The applicant must comply with section 326.277, RSMo.

(2) The equivalent of a concentration in accounting shall be determined in the following manner:

(A) For candidates whose applications for the initial examination are or were received prior to June 30, 2021, the concentration or major in accounting, or the equivalent of a concentration in accounting shall be sixty (60) semester hours of accounting and other related courses. At least thirty-three (33) semester hours shall be accounting courses with at least one (1) course in auditing and at least eighteen (18) semester hours of accounting courses taken at the upper division level. For the purposes of this rule “upper division level” courses shall mean courses taken beyond the elementary level. The remaining twenty-seven (27) semester hours shall be in accounting or other areas of business administration such as business law, statistics, economics, finance, marketing, management, information technology and business communications. These courses shall be taken at an accredited college or university recognized by the board.

(B) For candidates whose applications for initial examination are received on or after June 30, 2021, the concentration in accounting shall include a total of at least forty-eight (48) semester hours, including a minimum of twenty-four (24) semester hours of accounting and twenty-four (24) semester hours of business courses. These courses shall be taken at an accredited college or university recognized by the board.

1. Accounting courses should include some or all of the following:

A. Accounting information systems;

B. Accounting research and analysis;

C. Attestation engagements;

D. Data analytics, data interrogation techniques, and/or digital acumen in an accounting context, whether taken in the business school or in another college or university program, such as the engineering, computer science, or math programs;

E. Ethics (accounting course);

F. Financial accounting and reporting for business organizations;

G. Financial accounting and reporting for government and not-for-profit entities;

H. Financial statement analysis;

I. Financial statement auditing;

J. Formal independent study;

K. Formal internships;

L. Fraud examination;

M. Internal controls and risk assessment;

N. Managerial or cost accounting;

O. Mergers and acquisitions; P. Tax and financial planning;

Q. Taxation;

R. Tax Research and analysis; or

S. Other accounting-related content areas included in the Uniform CPA Examination Blueprints or as may be approved by the board.

2. Business courses should include some or all of the following:

A. Business communications; B. Business law;

C. Data analytics, data interrogation techniques, and/or digital acumen, whether taken in the business school or in another college or university program, such as the engineering, computer science, or math programs;

D. Economics;

E. Ethics (business course);

F. Finance;

G. Formal independent study;

H. Formal internships;

I. Information systems or technology;

J. Management;

K. Marketing;

L. Quantitative methods;

M. Statistics; or

N. Other business-related content areas included in the Uniform CPA Examination Blueprints or as may be approved by the board.

3. Of the forty-eight (48) semester hours, a maximum of nine (9) semester credit hours may be from formal, supervised internships or independent study in the areas of accounting and business in undergraduate and/or graduate level courses.

(3) Any United States universities or colleges accredited by one (1) of the following six (6) regional accreditors are recognized by the board to satisfy the accreditation requirement of section 326.277.2, RSMo:

(A) Higher Learning Commission;

(B) Middle States Commission on Higher Education;

(D) Northwest Commission on Colleges and Universities;

(E) Southern Association of Colleges and Schools Commission on Colleges; or

(F) WASC Senior College and University Commission.

(4) The board may also recognize specialized accreditations which meet or exceed the accreditation standards of the Association to Advance Collegiate Schools of BusinessInternational (AACSB) or Accreditation Council for Business Schools and Programs (ACBSP).

(5) The board, or its designee, will complete a transcript review. In reviewing transcripts, the board may rely on the accreditation to assess the overall quality of the educational institutions. An applicant shall produce transcripts and any other course information as the board may request in order to determine education hours, including acceptable instructions, quality, and concentration in accounting.

(6) Quarter credit hours may be converted to semester credit hours by multiplying quarter credit hours by two-thirds (⅔). For example, thirty-six (36) quarter hours are equal to twenty-four (24) semester credit hours.

(7) The board may in its discretion allow any applicant to take the examination; however, approval to take the exam shall not create any presumption that the applicant is fit for licensure nor otherwise prohibit the board from exercising its discretion in considering an application for licensure as set forth in section 326.310, RSMo.

20 CSR 2010-2.061 Requirements for an Initial License to Practice

PURPOSE: This rule sets forth the type of education and work experience that is required for a certified public accountant to obtain or receive an initial license to practice in Missouri.

(1) Prior to June 30, 2021, applicants for initial licensure shall meet the education requirements outlined in 20 CSR 2010-2.041 and successfully complete the examination requirements as outlined in 20 CSR 2010- 2.150.

(2) On and after June 30, 2021, applicants for initial licensure shall demonstrate completion of at least one hundred fifty (150) semester credit hours of college education and earned a baccalaureate degree and/or graduate degree from an accredited college or university approved by the board. The one hundred fifty (150) semester credit hours shall include the one hundred twenty (120) hours required by section 326.277, RSMo, and rule 20 CSR 2010-2.041. Additionally, of the remaining thirty (30) hours required for licensure, an applicant must complete a minimum additional twelve (12) semester credit hours in accounting and business, with six (6) semester credit hours in accounting and six (6) semester credit hours in business in undergraduate and/or graduate level courses.

(A) Of the at least one hundred fifty (150) semester credit hours completed, a maximum of nine (9) semester credit hours may be from formal, supervised internships, or independent study in the areas of accounting or business in undergraduate and/or graduate level courses.

(3) If the time elapsed since the applicant has successfully completed the examination requirement exceeds five (5) years prior to application for initial licensure, the applicant must complete forty (40) hours of continuing professional education (CPE), including two (2) hours in the area of ethics during the twelve (12) months prior to making application for licensure. The applicant shall provide documentation of CPE to the board as the board may request.

(4) The board shall require as a condition for licensure, the verification of experience as provided for by section 326.280.1(6), RSMo. A licensee from this or another state shall verify on a form provided by the board—

(A) The applicant has one (1) year of accounting experience consisting of full-time employment that is no less than one (1) year and no fewer than two thousand (2,000) hours or in the case of part-time employment, experience that extends over a period of no less than one (1) year and no more than three (3) years and includes no fewer than two thousand (2,000) hours of performance of services as described in 326.280.1(6), RSMo; and

(B) The applicant has acceptable experience, which may include employment in industry, government, academia, or public practice. The board may look at such factors as the complexity and diversity of the work as set forth in the experience verification section of the initial application form.

(5) In accordance with 326.289.4(3), RSMo, any individual licensee who was initially licensed on or after August 28, 2001, and who is responsible for supervising attest services or signs or authorizes someone to sign attestation reports on behalf of a firm, shall have an additional year of experience, which includes attest services, consisting of fulltime employment that is no less than one (1) year and no fewer than two thousand (2,000) hours or in the case of part-time employment, experience that extends over a period of no less than one (1) year and no more than three (3) years and includes no fewer than two thousand (2,000) hours of performance of services. The experience shall be under the supervision of a licensee from this or another state.

The experience shall consist of either—

(A) Practicing public accounting in a certified public accounting firm; or

(B) Practicing as an auditor, employed by a local, state, or federal government entity, devoted principally to the comprehensive application of generally accepted accounting principles or generally accepted government auditing standards to diversified field examinations.

(6) In accordance with 326.289.4(4), RSMo, any licensee who was initially licensed on or after August 28, 2001, and who is responsible for supervising or signs or authorizes someone to sign review reports shall have a year of experience consisting of full-time employment that is no less than one (1) year and no fewer than two thousand (2,000) hours or in the case of part-time employment, experience that extends over a period of no less than one (1) year and no more than three (3) years and includes no fewer than two thousand (2,000) hours of performance of services as described in section 326.280.1(6), RSMo. Acceptable experience shall include employment in industry, government, academia, or public practice.

(7) Any licensee who has direct access and knowledge of an applicant’s experience and who has been requested by an applicant to submit to the board evidence of the applicant’s experience and has refused to do so shall, upon request by the board, explain the basis for such refusal in a written submission. The board may require any licensee who has verified the applicant’s experience to substantiate the information in a written submission. Any applicant may be required to appear before the board to supplement or verify evidence of experience. The board may inspect applicant-provided documentation relating to the applicant’s claimed experience.

(8) Satisfactory completion of a written examination in professional ethics acceptable to the board shall be required for issuance of a Missouri license as a certified public accountant (CPA).

(A) Verification that the applicant has received a score of ninety percent (90%) on the examination of the correspondence course on professional ethics for CPAs of the American Institute of Certified Public Accountants shall satisfy this requirement.

(B) Applicants applying for a license as a CPA under section 326.280, RSMo, can satisfy this requirement by submitting verification that they have passed a written examination on professional ethics approved by the Missouri State Board of Accountancy where they hold a valid license.