The move puts the Buckeye state at the forefront of the recent drive to address the talent shortage by widening on-ramps into the accounting profession.
Dive Brief:
- Ohio Gov. Mike DeWine signed a broad range of regulatory reforms into law Wednesday, including House Bill 238, which eliminates the requirement for accountants to obtain 150 college credit hours in order to become licensed certified public accountants in the state and provides alternative paths to licensure, according to The Ohio Society of CPAs.
- Beginning Jan. 1 of next year, the state will offer two revamped routes to CPA licensure: One requiring a master’s degree with an accounting concentration, one year of professional work experience and the passing of the CPA Exam, and a second requiring a bachelor’s degree with an accounting concentration, two years of professional work experiences and the passing of the CPA Exam, according to a LinkedIn post by the OSCPA.
- The new law puts Ohio at the forefront of a recent push to remove or reduce to 120 the hourly credit requirement, an initiative that has gained momentum as the industry has sought to compete for talent amid an accounting labor crunch. “This is the first state that has passed such legislation,” a spokesperson for The American Institute of Certified Public Accountants said in an email Thursday. “There are a couple of rare state—specific alternative pathways that have been on the books. But this is the first legislation since the recent debate on this issue picked up,” the spokesperson said.
FinTech
Stay Ahead of the Financial Trends with Our Latest FinTech News Updates!
