Colorado - Become a CPA

Before applying to become a CPA in the state of Colorado, there are very specific education and licensure requirements. Then, once you hold a CPA license, Colorado has detailed continuing education guidelines that you must follow to maintain your license. Take a look at our step-by-step guide on CPA requirements in Colorado to get the information you need to further your career.

Colorado Educational Requirements for Licensure

Colorado has very specific educational requirements you'll need to fulfill in order to qualify to sit for the state CPA exam. First of all, you'll need to hold a bachelor’s degree in accounting with 150 semester hours at the undergraduate or graduate level. Of those courses you'll need to take 33 credit hours in accounting-specific subjects as well as 27 hours in business classes and pass with a minimum 2.0 grade. No classes can be "Introductory" and all coursework must be from an accredited institution as recognized by the Colorado Board of Regulatory Agency Board of Accountancy (BOA). The state of Colorado has authorized the National Association of State Boards of Accountancy (NASBA) division called CPA Examination Services (CPAES) to process all applications for exams and licensure. On your journey to become a CPA one of your first goals should be to get an Associate's Degree in Accounting online or on-campus. Here's a look at each section of the education requirements:

1. Accounting Coursework

Accounting coursework must be designated under the accounting program code. Of the 33 required hours 27 must be in specific accounting courses in the following subjects:

• • Accounting Information Systems

  • Accounting Research and Analysis

  • Accounting Ethics (minimum three hours)

  • Accounting Theory

  • Auditing and Attestation Services (minimum six hours including three hours of U.S. Generally Accepted Auditing Standards (GAAS))

  • Financial Accounting and Reporting for Government and Not-for-Profit Entities

  • Financial Accounting and Reporting of Business Organizations

  • Financial Statement Analysis

  • Internal Controls and Risk Assessment

  • Fraud Examination

  • Taxation

  • Tax Research and Analysis

  • Managerial or Cost Accounting

2. Business Coursework

Business coursework must total a minimum of 27 hours, 18 of which must be in the following business administration subjects:

• • Business Communications

  • Business Ethics

  • Behavior of Organizations, Groups, and Persons

  • Business Law

  • Computer Information Systems

  • Finance

  • Economics

  • Legal and Social Environment of Business

  • Management

  • Quantitative Applications in Business

  • Marketing

  • Statistics

  • Other areas as approved by the Board

Professional training is not accepted in lieu of coursework; all course credits must be through an accredited institution.

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Examination Requirements in Colorado

The Colorado CPA exam is overseen by NASBA and is the Uniform CPA Examination. This exam consists of four sections with each section being four hours in length for a total of 16 examination hours. Each of the exam sections is composed of five “testlets” or groups of test questions.

• • Auditing and Attestation (AUD)

  • Business Environment and Concepts (BEC)

  • Financial Accounting and Reporting (FAR)

  • Regulation (REG)

In Colorado you will apply for the exam online through NASBA’s CPA Examination (CPAES) Online Application System and the test is given by Prometric at the following locations:

• • Grand Junction

  • Colorado Springs

  • Longmont

  • Greenwood Village

Each time you wish to take one or more test sections you'll use this application system so it is vital that your name and address are correct and updated in a timely manner. All documents and fees must be submitted at the time you apply. Here are the steps you'll need to take in order to sit for the exam:

• • Have your college send an official transcript directly to CPAES. Note that most schools take two to six months after end of class until transcripts are finalized and another 10 to 15 days to process a transcript request.

  • Sign and submit a Colorado First-Time Application for the Uniform CPA Examination.

  • Sign and submit an Affidavit of Eligibility.

  • Provide a copy of your photo identification.

  • Complete, sign, and submit a notarized Attestation Form

  • Submit the proper payment via credit card, money order, or certified check

The above items should be sent by mail directly to CPA Examination Services.

Fees: There is an initial application fee of $150.00 as well as a fee for each exam section you plan to take:

• • Auditing and Attestation (AUD) $195.35

  • Business Environment and Concepts (BEC) $176.25

  • Financial Accounting and Reporting (FAR) $195.35

  • Regulation (REG) $176.25

Once you've submitted all relevant paperwork and fees you'll wait for a Notice to Schedule (NTS) from NASBA. Once you have your NTS you may go to the Prometric website and schedule your exam at the nearest testing site. Note that you'll need your NTS document in order to be admitted to the exam so keep it in a safe place.

When you arrive for your tests you'll need to provide your NTS as well as two forms of valid and current identification, one of which is required to include a photo. You will not be allowed to bring anything else into the examination room; a locker will be provided for your personal items. You should plan to arrive one hour before the testing is scheduled to begin.

After you've taken the exam you can access test scores online after about 20 days. You'll need to have at least a 75 percent score in order to pass, and you'll need to pass all four test sections within an 18 month time frame in order to be eligible for licensure.

1. Ethics Exam

Before you apply for licensure you'll also need to pass an ethics exam. Colorado uses the Association of International Certified Professional Accountants (AICPA) Ethics Exam and you'll need to pass with a 90 percent or better score within two years immediately preceding the date of application for licensure. The AICPA Ethics Exam for CPAs is a home test that includes a workbook and is taken online.

Required Experience for CPA Licensure

Colorado has two options for the experience requirement. If you have a Bachelor's degree with a minimum of 150 semester hours that includes 45 hours of accounting and 36 hours of business administration you may choose the Education in Lieu of Experience. Otherwise you must complete 1800 hours (one year) of supervised work in the accounting field. Internships do qualify, and the work may be full or part time but must be completed within a five year span prior to your application for licensure. Your experience must be verified by a Colorado licensed CPA or a CPA licensed in another state. Your experience can be in public accounting, private industry, government, or academia. Here are some examples of acceptable experience:

• • Attestation

  • Accounting

  • Consulting

  • Internal auditing

  • External audit

  • Issuing reports on financial statements

  • Installing internal control systems

  • Management advisory

  • Preparing financial statements

  • Preparing tax returns

  • Providing tax advice

Teaching accounting at an accredited university or college (12 semester hours will equal one year of experience)

• • Teaching at least two different upper-division accounting classes

How to get Your CPA License in Colorado

Once you've met the educational, examination, and experience requirements you'll be eligible to apply for your CPA license from the state of Colorado. Here are the basic steps you'll take to become a licensed Colorado CPA:

Log in or create an account on the NASBA website.

Sign and submit the required documentation to show you meet the requirements:

• • Affidavit of Eligibility

  • Sealed Certificates of Experience from all employers verifying work experience

  • Sealed transcripts from colleges

  • AICPA Ethics Exam Certificate of Completion

  • Application fee via credit card, certified check or money order payable to NASBA Licensing Services: Initial Applicant Fee of $110.00

It will take approximately two weeks to receive your Colorado CPA Certificate in the mail.

Renewal and Continuing Education

Your CPA license expires on November 30 of odd-numbered years. Before you can renew your license you must show proof that you've completed continuing professional education (CPE) requirement, which are 80 hours for the two year period you were licensed; there is a maximum of 16 hours in Personal Development classes allowed. Of these hours you must have a minimum of four hours in Ethics, two of which may be in Regulatory or Behavioral Ethics. To find current CPE courses and requirements you should check the AICPA or NASBA websites or other professional organization to find current CPE available once you have your license. Here are some examples of the types of CPE courses you'll need to take:

• • Accounting practice

  • Governmental accounting

  • Auditing

  • Governmental auditing

  • Behavioral ethics

  • Business management and organization

  • Communications

  • Finance

  • Economics

  • Management advisory services

  • Personal development

  • Mathematics

  • Human resources/personnel

  • Regulatory ethics

  • Specialized applications and knowledge

  • Social environment of business

  • Statistics

Many people that seek a job in accounting have at the very least a basic expertise of what bookkeeping is. You have to be aware of what accounts are, what they are made use of for, as well as the procedure for reporting as well as settlement of money.

Bookkeeping is a system that works by recording every one of the monetary tasks of a business, such as payroll, car loans, and also tax obligations. A person that works in this field, known as an accounting professional, collects, makes a note of, as well as confirms every one of the info. These are necessary work that need to be done right.

Prior to you go into this area, it is important to have some general knowledge of business. You will certainly additionally like to know about the sorts of organisations, the sorts of financial products that are offered, and also the sorts of investments that they make. Therefore, lots of people select to visit institutions before getting in the field.

The education requirements to become a Certified Public Accountant differ by state. In order to end up being a CPA, a person needs to finish an undergraduate degree, a master's degree, or a doctorate level. Other demands might differ from state to state.

If you are considering being an accountant, you will discover that there are a great deal of schools that you can attend to get a degree. It will certainly help if you consider what type of degree you want to study and also how much time you expect to be in this line of work. Some people might require to be a Certified Public Accountant for only 2 years while others might need to be certified for numerous years prior to they start working.

After you recognize the sort of level you wish to obtain, you ought to consider the course job required. You will certainly need to study economics, bookkeeping, stats, organisation monitoring, and business law. Once you obtain a job, you will be required to stay on top of your training courses.

Some individuals have actually always intended to come to be a CPA however did not know where to begin. Others may have a background in business, yet not have actually ever thought about coming to be an accounting professional. Either way, below are the requirements to come to be a Certified Public Accountant.

The initial need to end up being a Certified Public Accountant is a bachelor's level. This suggests that you need to have actually enrolled in college or senior high school for 2 years, if you wish to get into the area. After you obtain your degree, you will certainly be thought about for your first job.

The 2nd requirement to come to be a CPA is a master's level. To be eligible to take the Certified Public Accountant examination, you will require to have passed your bachelor's level. You will certainly need to take the examination 3 times to become licensed as an accountant.

The third demand to come to be a Certified Public Accountant is a doctorate degree. If you pass this test as well as come to be accredited, you will certainly have the possibility to come to be a companion at a firm. There are a variety of monetary firms that hire accounting professionals, but some pick to employ accountants based upon their specialties.

The certification that you obtain will certainly allow you to go into the accountancy field. When you prepare to obtain work, you will be informed whether you will certainly need a certificate or qualification. Before you begin your job, you will certainly be asked to submit some monetary info, in addition to evidence of some sort of education or training. These details can be in the form of a resume, calling card, or a letter from a college.

Prior to you looking for any positions, you ought to inspect the rules about what you need to do to end up being a Certified Public Accountant. This is the same for any setting in any kind of area of audit. If you do not understand what is required, there are plenty of sources available online to assist you start.

You could be asking yourself specifically how much you can pick an accountancy level. Or the distinction between an accounting professional along with a Cpa. Obtain genuine, reasonable remedy to the most frequently asked questions. Accounting is typically called the "language of firm" as a result of the truth that it deals with evaluating and likewise attaching info concerning a company's procedures and also funds.

Financial events are measured along with explanations by audit. Everyone manages and also utilizes bookkeeping principles, whether they're dealing with a service, spending cash, or simply deciding just how to spend their earnings. In service, accounting web links the past with the future. It provides decision-makers information worrying recent economic jobs, in addition to details as well as also suggestions valuable for predicting future occasions.

All CPAs are accounting specialists, yet not all accounting professionals are Certified Public Accountants (Certified Public Accountants). The primary differences between bookkeeping specialists and also CPAs are education and learning, experience, and also opportunity. Ending up being a State-licensed Accountant is a challenging purpose, however one really a great deal within your reach. In order to become a Certified Public Accountant, there are education and likewise experience needs you'll require to satisfy, and an Attire Certified Public Accountant Test that you need to pass.