Prospective CPAs in Illinois now only need to present proof of having 120 eligible semester credit hours, versus 150, and a baccalaureate degree to apply to sit for the Uniform CPA Exam, according to a new rule that went into effect on Jan. 1, the Illinois CPA Society (ICPAS) announced on Wednesday. Individuals passing the CPA exam will still need 150 semester credit hours to become licensed.

ICPAS advocated alongside the Illinois Board of Examiners to reduce the credit-hour requirement for testing eligibility from 150 semester credit hours to 120. In 2021, the Illinois House and Senate unanimously passed ICPAS-sponsored legislation to amend the Illinois Public Accounting Act to allow this change.

While earning 150 semester credit hours remains a key education requirement to become a licensed CPA in the state, ICPAS said it hopes that requiring fewer credit hours to initially sit for the CPA exam will help make becoming a CPA both more appealing and accessible to a broader candidate pool, particularly among accounting students, graduates, and young professionals.

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“Earning the CPA credential is one of the most notable ways to establish your professional identity and exhibit a high level of competence in the accounting and finance profession,” said ICPAS President and CEO Todd Shapiro. “Yet, despite strong market demand for the specialized services CPAs are entrusted to provide, we’ve been witnessing a nationwide decline in new CPAs. It’s our hope that this rule change will help alleviate some of the time and financial barriers associated with becoming a CPA and, ultimately, strengthen the CPA pipeline.”

Individuals planning to sit for the CPA exam can submit their credentials evaluation application on the Illinois Board of Examiners website once they’ve earned 120 semester credit hours (including 24 hours in accounting with at least one course in audit and one course in tax, a minimum of 12 hours of business courses, and a baccalaureate degree). Provisional approval will be available for students completing the educational requirements in the final term in which they receive a degree.

ICPAS’s requently asked questions on preparing to take the CPA exam is available at www.icpas.org/cpaexam-faq.

Accounting