The CPA exam tests on four areas of accounting: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR) and Regulation (REG). Before even sitting for the 14 hour exam, test takers are required to have 150 semester hours of education from a qualifying college and one year of working accounting experience. Of those semester hours, 30 must be in Accounting. If you have fewer than 150 hours of education, you are required to have two years of work experience before sitting for the exam.
Each section of the exam can be purchased and taken separately. The cost is less than $200 for each test. The only caveat is that the test must be taken within 6 months of registration. The test is also not available in March, June, September, or December.
Your test scores are tallied and sent to the American Institute of CPAs (AICPA) after you take the exam. The results are then forwarded to National Association of State Boards of Accountancy (NASBA) before they finally make their way to the Accountancy
Board of Ohio. That process takes approximately 30 days, at which time; you are made aware of your score.
In addition to the examinations of accounting principles, prospective CPAs in Ohio are required to have completed a Board-approved ethics class.
The Ohio Society of CPAs offers free affiliate membership to Accounting students. They also provide a twenty percent discount on CPA review exams and additional professional training. You can also download a free copy of the CPA Review e-book at OSCPA’s website.
Ohio has two designated CPA licenses. One is an Ohio permit required by anyone practicing public accounting. And they offer an Ohio registration to anyone not employed in public accounting. Persons with an Ohio registration are required to user “inactive” after their CPA title.
The Ohio license renewal process for both types of licenses takes place from October to December 31 of each year. Licensees must have 120 hours of continuing education over a period of three years to renew. And, new CPAs are required to complete 40 hours of continuing education during their first two years. Accountants who work in taxation must complete 24 hours of continuing education for license renewal and those that work in financial reporting must complete 24 hours of accounting or auditing.