Hartford Business Journal

HARTFORDBUSINESS.COM | MARCH 10, 2025 7 Politics & Policy Learn More Financing for business success made Simple. $2,100,000 Land Acquisition Loan Multifamily New Haven County, CT $9,500,000 Construction Loan Multifamily Hartford County, CT $4,000,000 Equipment and Working Capital Lines of Credit Transportation Company Hampden County, MA $10,900,000 Construction Loan Multifamily Essex County, MA $3,300,000 Working Capital Line of Credit and Mortgage Commercial Contractor Hampden County, MA $750,000 Equipment Term Loan Packaging Design Company Hampden County, MA Shaun Dwyer Senior Vice President Commercial Banking sdwyer@bankatpeoples.com David Ference First Vice President Commercial Banking dference@bankatpeoples.com Matthew Krokov First Vice President Commercial Banking mkrokov@bankatpeoples.com 877.888.1388 | bankatpeoples.com/PBbusiness Member FDIC With accounting profession facing staffing 'crisis,' lawmakers debate creating new pathways to earn CPA certification By David Krechevsky davidk@hartfordbusiness.com T he state legislature's General Law Committee is consid- ering a bill that would offer more flexibility for state residents to become a certified public accountant. House bill 7020, "An Act Concerning Certified Public Accountants," proposes three different "pathways" to certification. Brian Reilly, a CPA and chairman of the Connecticut Society of CPAs' pipeline task force, is in favor of the changes. He said the task force is composed of accounting professionals, business leaders, educators and accounting students. "The CPA profession is facing a crisis," Reilly states in testimony supporting the bill. "There is a deluge of Baby Boomer retirements expected in the next several years, combined with continuously lower accounting major enrollments in our colleges and universities." He continued, "At the same time, the demand for CPA services is increasing, driven by the growing complexity of tax laws, financial regulations, and business operations. Inaction will be detrimental to our state and lead to large repercussions for the economy." Reilly said the task force believes the existing state CPA licensure framework "no longer supports the profession's current and future work- force needs, given the ongoing talent shortage and growing need for CPAs to serve the business community and protect public interests." The bill offers three pathways to CPA licensure: • Earning a bachelor's degree, passing the state CPA exam, and two years of general experience; • 150 credit hours, passing the CPA exam, and one year of general experience; or • Earning a master's degree, passing the CPA, and one year of general experience. Broadening access According to the state Depart- ment of Consumer Protection's website, the current CPA certification requirements in Connecticut include passing the CPA exam, completing 150 semester hours of postsec- ondary education, and working for a minimum of two years. The bill also allows the state licensing board to deny certification in Connecticut for any accountant licensed in another state if the board determines, in its discretion, that the standards of the other state do not meet those required in Connecticut. John H. Schuyler, chairman of the Connecticut State Board of Accountancy, said he supports the legislative changes. "The members of the State Board of Accountancy — the state's regulatory agency for CPAs — are in favor of the proposals in the bill and feel it would have a meaningful and positive impact on the state's CPA profession and business community," Schuyler wrote in public testimony. He adds that similar licensing pathways and mobility proposals "are active in more than 30 states across the country, making it imperative that our state acts now to ensure we remain relevant and competitive with our neighbors and the rest of the country." Bonnie Stewart, CEO of the Connecticut Society of CPAs, said the new licensure pathways would accommodate different educational and professional backgrounds, while also broadening access to the CPA profession, encouraging diversity and inclusion. Bonnie Stewart, CEO of the Connecticut Society of CPAs, speaks at a press conference in Hartford. CONTRIBUTED PHOTO

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