From the CEO: 150 hours: To change or not to change?

The 150-hour educational requirement for CPA licensure went into effect in Virginia in 2006. Since then, we’ve heard from VSCPA members — CPA leaders across organizations of all sizes — questioning if the 150-hour requirement is a barrier to entry in the profession.

At a time when we’re actively investigating ways to reduce barriers to entry and increase the CPA pipeline, we took these concerns seriously.

Last summer, the VSCPA Board of Directors convened a special 150-Hour Task Force comprising Board representatives, Diversity, Equity & Inclusion Advisory Council members, as well as other members, educators, and a representative from the Virginia Board of Accountancy. The Task Force was charged with making a recommendation to the Board on if the VSCPA should change its standing position supporting the 150-hour requirement for licensure.

The process was no small task, and many Task Force participants admitted to being surprised at what they learned about the requirement and its history. The group evaluated historical data, reviewed relevant statistics, surveyed VSCPA members, and spoke with students and experts.

Ultimately, the Task Force developed a draft position to present to the Board at its January meeting. After in-depth conversation and work, members reiterated that maintaining substantial equivalency in Virginia is a top priority.

However, the Task Force believes it’s also clear the requirement does not meet the profession’s expectations overall, and it needs to be redefined.

The final position will be voted on at the Board’s April meeting, and we’ll provide you with more information. We understand many members have questions about the 150-hour requirement and how the Task Force arrived at its decision.  The spring issue of Disclosures will have an in-depth feature explaining the requirement, its criticisms, and the members’ ultimate decision.

The 150-Hour Task Force demonstrates how the Board is listening to members’ concerns and formulating ways to address them. The Board’s Capacity Task Force is currently reviewing ways to help alleviate your recruitment and retention issues, for example.

Watch further communications for more information on the 150-Hour Task Force’s work.