Reforms the education requirements for persons who want to become certified public accountants

• Democratic15
• Republican2

◆ The sponsor's argument

Why Toby Ann Stavisky says this is needed

Currently, CPA candidates must obtain 150 hours of higher education, or a master's degree, one year of experience and passage of the CPA exam in order to obtain a CPA license. This legislation would add an alternative route to licensure by allowing candidates to earn a bachelor's or 120-credit hours with 2 years of relative experience. This change will allow students to begin earning money sooner in their career while also avoiding the cost of an additional year of college. This bill will help address the shrinking pool of CPAs both in New York and nationally, putting businesses, governmental agencies, individual taxpayers and capital markets at risk due to a shortage of these trusted financial professionals. Many other states are adopting this alternative pathway, encouraging students to leave New York and to obtain their CPA license in states that allow for the 120-hour pathway. Creating addi- tional pathways to licensure will allow more opportunity for underprivi- leged and minority students to enter the accounting profession. Additionally, this bill ensures continued interstate practice mobility for CPAs and makes it clear that as tong as an out-of-state CPA has a license in good standing and has passed the uniform CPA Examination, they are welcome in New York without needing a reciprocal license, white still being subject to New York's laws and regulations.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.