Are you considering a career in accounting? If so, there’s never been a better time, especially in Indiana. Right now, the accounting world is facing a unique situation that could be a golden opportunity for you.
Let’s look at the facts:
According to the AICPA’s 2021 Trends Report, a large number of accountants are changing careers, leaving a gap in the industry. This isn’t just a small shift; it’s a major change that’s affecting companies nationwide. What’s more, the number of students becoming CPAs is dropping. In 2021, only about 32,000 graduates took the CPA exam, down from nearly 50,000 in 2010. This decline, coupled with the retirement of many experienced CPAs, is creating a perfect storm in the accounting field.
But here’s where it gets interesting.
This accounting shortage means that qualified CPAs are in high demand. By stepping into this gap, you can find a wealth of opportunities waiting for you. And it’s not just about crunching numbers; today’s CPAs are involved in everything from strategic planning and finance to technology and human capital management.
So, what are you waiting for? This isn’t just a crisis in accounting; it’s your chance to step into a vital, evolving profession where you can really make a difference. The time to act is now. Dive into the accounting world and discover a rewarding, diverse, and absolutely essential career.
Steps to Get a CPA License in Indiana
- Educational Requirements: Fulfill the necessary educational qualifications, including a bachelor’s degree with a specific number of accounting and business-related credits.
- CPA Exam: Successfully pass all sections of the Uniform CPA Examination. Consider enrolling in a CPA review course for better preparation.
- Experience Verification: Accumulate the required amount of verified work experience in a relevant field.
- Application Process: Complete and submit all necessary CPA license application forms.
- Application Fee: Pay the applicable CPA license application fee.
“In Indiana, picking the right CPA review course is like choosing the best gear for a tough hike. The CPA exam is a steep climb, and many don’t make it to the top on their first try. A good review course is your trusty backpack – it fits just right, has what you need, and doesn’t break the bank. It’s all about finding that perfect match to help you conquer the exam trail.”
Bryce Welker – CPA Expert
CPA Licensure Requirements in Indiana
General Requirements
- Application Submission: Applications can be submitted online at MyLicense.IN.gov.
- Application Fee: No fee for first-time applicants. Reciprocity or Transfer of Grades applicants pay $75.00.
To be eligible to sit for the CPA exam, students must first fulfill these qualifications and requirements:
- Minimum age: None
- U.S. Residency NOT Required
- Social Security Number (SSN) Required
- State Residency NOT Required
Education Requirements
- 150 Semester Hours: Including a bachelor’s degree. As this Reddit Thread explains, the NASBA recently upheld the 150 hour rule even after push back and calls for change.
- Accounting Courses: 24 semester hours at the undergraduate level or 15 at the graduate level, including specific courses.
- Business Courses: 24 semester hours, may include up to 6 hours of business/tax law and computer science courses.
Work Experience
- 2 Years of Experience: Either in public or non-public accounting.
- Verification: Must be verified by an active CPA.
Ethics Exam
In Indiana, aspiring CPAs will find one less hurdle in their path to licensure compared to many other states: the absence of an ethics exam requirement. Unlike several states that mandate the completion of an ethics exam, typically offered by the AICPA, Indiana does not require this additional step.
This means that once candidates have met the educational, examination, and work experience requirements, they can proceed directly to the application process for licensure without the need to prepare for and pass a separate ethics examination.
Indiana CPA Licensure and Exam Fees
Education Evaluation Application
Before embarking on the journey to become a Certified Public Accountant (CPA) in Indiana, the first step is to ensure that you meet the educational requirements for the CPA Exam. This is determined through the Education Evaluation Application, a crucial process that evaluates whether your academic qualifications align with the standards set for CPA candidates in Indiana.
- Education Evaluation Application Fee: The fee for this application is $90.00. This fee is necessary to process your application and assess your educational background, ensuring that it meets the specific requirements for CPA eligibility in Indiana.
Exam Section Application
Once your educational credentials are evaluated and you are deemed eligible for the CPA Exam, the next step is to apply for specific sections of the exam. It’s important to note that you can apply for only one exam section per application. This approach allows you to focus on preparing for each section thoroughly before moving on to the next.
- Exam Section Application Fee: The fee for applying for each exam section is $344.80. This fee covers the cost of administering and processing the specific section of the CPA Exam for which you are applying. It’s advised to apply for an exam section only when you are ready to take it, as the Notice to Schedule (NTS) issued to you will have a limited validity period. You must take the exam within this timeframe; otherwise, the fees paid will be forfeited if the exam is not taken within the validity period of the NTS.
These fees are an integral part of the CPA licensure process in Indiana, covering various administrative and processing costs associated with evaluating your eligibility and administering the exam sections. It’s crucial to plan your application and exam schedule carefully, considering these fees and the associated timelines, to ensure a smooth path towards achieving your CPA licensure.
| Fee Per Exam Section | $344.80 |
| Application Fee | $50 |
| Education Evaluation Application Fee: | $90 |
CPA Evolution and Exam Changes in 2024
The CPA profession is undergoing a significant transformation with the CPA Evolution, a joint initiative by the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA). This initiative aims to ensure that CPAs continue to meet the rapidly changing demands of the business world.
General Changes in the CPA Evolution
1. Updated CPA Exam Structure: The CPA Exam will be revised to reflect a more flexible, competency-based structure. It will focus on core competencies in accounting, auditing, tax, and technology, along with deeper skills in one of three disciplines: Business Analysis & Reporting (BAR), Information Systems & Controls (ISC), or Tax Compliance & Planning (TCP).
2. Emphasis on Technology and Analytics: Recognizing the growing importance of technology in accounting, the new exam will place a greater emphasis on skills related to data analytics and information technology.
3. Adaptive Licensure Model: The CPA Evolution adopts an adaptive licensure model that allows candidates to demonstrate deeper skills in areas of their choice, aligning with their career goals and market demands.
Specifics for the State of Indiana
1. Alignment with National Standards: Indiana will align with the national changes in the CPA Exam structure and content, ensuring that CPAs in Indiana are equipped with skills relevant to current and future market needs.
2. Educational Requirements: Indiana’s educational requirements for CPA candidates are expected to evolve to meet the new competencies outlined in the CPA Evolution. This may include more coursework or training in areas like technology and data analytics.
3. Continued Professional Education (CPE): With the CPA Evolution, there might be a shift in the focus of CPE for Indiana CPAs to include more topics on emerging technologies and practices in the accounting profession.
4. State Board Adaptations: The Indiana Board of Accountancy may update its rules and regulations to accommodate the changes brought by the CPA Evolution, ensuring that the licensure process remains relevant and effective.
For Indiana CPA candidates and licensees, it’s important to stay informed about these changes. The Indiana Board of Accountancy and NASBA will be key sources of information as the 2024 implementation date approaches. These changes reflect a proactive approach to keeping the CPA profession at the forefront of business relevance and technological advancement.
Local Organizations in Indiana for CPAs
In Indiana, several local CPA organizations offer support, resources, and networking opportunities for accounting professionals:
- Indiana CPA Society (INCPAS): As the primary state-wide professional organization for CPAs in Indiana, INCPAS offers services including continuing education, professional development, networking events, and advocacy.
- Indianapolis Chapter of the Indiana CPA Society: This chapter focuses on the Indianapolis area, providing local networking events, educational opportunities, and community involvement initiatives for CPAs.
- National Association of Black Accountants (NABA) – Indianapolis Chapter: NABA addresses the professional needs of African-American accountants and those in related fields, with the Indianapolis chapter offering local programs and events.
- American Society of Women Accountants (ASWA) – Indianapolis Chapter: ASWA serves women in all fields of accounting and finance and has a presence in Indianapolis, though it’s not exclusively for CPAs.
Indiana Exam Information and Resources
- Indiana CPA Candidates
- Indiana CPA License Application
- Indiana CPA Exam Application
- Indiana Professional License Agency
For more details, please contact:
Indiana Accountancy Board
402 West Washington St., Room W072
Indianapolis, IN 46204
Email: [email protected], [email protected]
Phone: 317-234-3040
Fax: 317-233-5559
FAQs
To be eligible for CPA licensure in Indiana, you need a bachelor’s degree or higher with 150 semester hours of education. This must include 24 semester hours of accounting courses and 24 semester hours of business courses.
Yes, you must have 2 years of public or non-public accounting work experience, which must be verified by an active CPA.
No, Indiana does not require candidates to pass an ethics exam for CPA licensure.
You can apply for the CPA exam through the Indiana Board of Accountancy’s website or NASBA after meeting the educational requirements.
The fee for the Education Evaluation Application in Indiana is $90.00.
The fee for applying for a single section of the CPA exam in Indiana is $344.80.
If you don’t take the CPA exam within the validity period of the Notice to Schedule, you will forfeit the fees paid for that section.
Yes, a social security number is required for CPA licensure in Indiana, but U.S. residency is not a requirement.
You need to provide documentation of your legal name change, such as a marriage certificate or divorce decree, when applying for CPA licensure in Indiana.
Bryce Welker is a regular contributor to Forbes, Inc.com, YEC and Business Insider. After graduating from San Diego State University he went on to earn his Certified Public Accountant license and created CrushTheCPAexam.com to share his knowledge and experience to help other accountants become CPAs too. Bryce was named one of Accounting Today’s “Accountants To Watch” among other accolades. As Seen On Forbes
