Hartford Business Journal

22 HARTFORDBUSINESS.COM | OCTOBER 6, 2025 FOCUS | Accounting Bonnie Stewart, CEO and executive director of the Connecticut Society of Certified Public Accountants, helped lead the efforts at the state legislature to reform CPA licensing guidelines. HBJ Photo | Steve Laschever Alternative Pathways CT revises CPA requirements for first time in 25 years to address accounting workforce shortage people taking the CPA exam. Between 2016 and 2021, first-time CPA exam candidates fell from about 48,000 to roughly 32,000 — more than a 30% decline, according to The CPA Journal. More recently, 74,165 people sat for the exam in 2024, including 27,994 first-time candidates, down from 84,980 total and 41,415 first- time candidates in 2023, according to the National Association of State Boards of Accountancy (NASBA). That's well below a recent peak of about 102,291 total and 48,004 first- time candidates in 2016. At the same time, the U.S. accoun- tant and auditor workforce declined by about 10% from 2019 to 2024, according to BLS data. The state's 150-hour requirement, enacted in 2000, has been a major reason fewer students have pursued the CPA exam, said Eliot Bassin, a CPA and partner in the tax and advi- sory services practice at Fiondella, Milone & LaSaracina LLP (FML). Bassin — who leads FML's Avon office and co-chairs the Connecticut Society of Certified Public Accoun- tants' advisory council — said it may take a few years for the certification changes to affect his firm, but he's hopeful they will encourage more people to become CPAs. He's also not worried about the new rules producing less capable CPAs, noting that 120 credits was the accepted standard prior to 2000. "A lot of the work that our staff does is really on-the-job training," he said. Bassin said the pandemic compli- cated recruiting as some CPAs sought to relocate and work from home, although that trend has begun to normalize. Still, FML, which has about 40 CPAs, finds it challenging to compete for qual- ified candidates against much larger firms with deeper pockets, Bassin said. The firm focuses on recruiting interns — at career fairs and campus events in Connecticut and Rhode Island — who may become full-time CPAs, he said. It also posts open positions on job boards and encourages staff referrals. "Where we really try to differentiate ourselves is to highlight the benefits of being in a midsized firm," he said. "For us, it's a lot of focusing on that work-life balance, the sense of satis- faction and the impact you have on the clients that you work with." Drew Andrews, CEO and managing partner of Hartford-based accounting firm Whittlesey, said he favors the new CPA guidelines, especially the option to choose more experience over extra schooling. "I think the experience requirement is the key," Andrews said. His firm has about 70 CPAs among roughly 140 accountants and is almost always hiring because it loses about a dozen people a year to retire- ment or departures to other firms and companies, he said. Whittlesey also employs a full-time recruiter to expand its pipeline. "There are more people leaving By Michael Juliano mjuliano@hartfordbusiness.com C onnecticut is creating faster and more flexible routes to becoming a certified public accountant, marking the first major shift in state requirements in 25 years. Accounting firm leaders say the changes could help ease a statewide CPA shortage. A law taking effect Oct. 1 creates three new certification pathways for candidates who pass the CPA exam and hold an accounting concentration from an accredited college. Under the new rules, applicants can qualify for certification with a post-baccalaureate degree and one year of work experi- ence; a bachelor's degree plus 30 addi- tional semester hours and one year of experience; or a bachelor's degree alone with two years of experience. That marks a shift from rules adopted in 2000, which required all applicants to complete 150 semester hours of coursework — roughly a bachelor's degree plus an additional year of study — along with two years of accounting experience. Under the old rules, no amount of on-the-job training could substitute for classroom hours. By comparison, the new law creates faster routes: one year of work experience is enough for those who complete extra schooling, while candidates who want to avoid another year of college can instead qualify with two years of experience. The new requirements should attract a more diverse CPA talent pool by reducing unnecessary barriers to licensure while keeping the CPA exam's rigorous standards, said Bonnie Stewart, CEO and executive director of the Connecticut Society of Certified Public Accountants. The society proposed the changes in summer 2024; the State Board of Accountancy endorsed them that fall, and lawmakers adopted them during the 2025 session. "It ensures that businesses, nonprofits, governmental agencies and the public really have access to the financial expertise they need," Stewart said. Experience requirement is 'key' Connecticut isn't alone in adjusting its CPA requirements. The National Association of State Boards of Accoun- tancy and the American Institute of CPAs have urged similar reforms, and nearly 20 states have adopted compa- rable laws, according to CFO, an online publication for finance executives. The push comes amid a well-doc- umented talent shortfall and fewer EVOLVING CPA STANDARDS IN CT Before 2000 • 120 college credits (standard bachelor's degree) • 46 credits in accounting, business law, economics or related courses • 2 years of accounting experience 2000–2025 • 150 college credits (bachelor's degree plus about one extra year of study) • 2 years of accounting experience • No way to substitute work experience for classroom hours Starting Oct. 1, 2025 • Option 1: Post-baccalaureate degree + 1 year of experience • Option 2: Bachelor's degree + 30 extra credits (150 total) + 1 year of experience • Option 3: Bachelor's degree (120 credits) + 2 years of experience

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