Educational Requirements
Becoming a CPA in Iowa requires fulfilling requirements to sit for the uniform CPA exam, passage of the four-part CPA exam, and an accepted application for licensure through Iowa’s State Board of Accountancy. In order to sit for the CPA exam and gain licensure in Iowa, the state requires that all applicants have, at minimum, an undergraduate degree from an accredited college or university recognized by the Board. Bachelor’s degrees must be in business or accounting, with at least 24 semester hours in accounting. Courses must include: financial accounting, taxation, auditing, and management accounting.
If an applicant’s undergraduate degree is not in business or accounting, 24 additional semester hours must be completed in business-related courses. (These applicants must also complete the 24 hours of specialized accounting courses listed above.) Though a graduate degree isn’t required, applicants with a graduate coursework and completed degrees must also complete at least 24 semester hours in accounting, with at least one course in the specialized accounting fields listed above. All degrees must be conferred by accredited universities or colleges recognized by the Board. Transcripts will be reviewed at the time of the exam.
Salary
According to the Bureau of Labor Statistics, average annual salary for accountants in the state is $61,550. Most accountants employed in major businesses, government, or industries, should enjoy a competitive salary and have the opportunity for a good quality of life. Accountancy is a constant need throughout many industries, and for firms both large and small. Iowa’s accountants can expect to make an average salary nearly identical to the 2010 national median pay for accountants, which is $61,690 per year.
CPA Licensing in Iowa
To apply for licensure as a CPA in Iowa, applicants must satisfy the educational requirements (listed above) to take the CPA exam. Requirements for licensure in Iowa include:
- A bachelor’s degree or higher with a concentration in business or accounting from an accredited, Board recognized college or university. At least 24 semester hours must be completed in accounting courses, including courses in each of the following: financial accounting, managerial accounting, auditing, and taxation. Click here for further information about educational requirements.
- Transcripts, available for review upon examination.
- Pass the four-part CPA exam.
- Pay the appropriate application fee. Click here for a fee schedule.
- Note: While Iowa has educational requirements, there is no residency requirement to become a public accountant in the state.
Continuing Education Requirements
As with most states, in order to maintain and renew your CPA license in Iowa, all certified accountants must complete continuing professional education hours. CPA certificates must be renewed on an annual basis in Iowa; there is no required annual registration fee. All Iowa CPAs must complete 120 hours of continuing education credits during a three year period. Specific requirements for hours can be found here; in general, accountants should expect to complete at least 24 hours of continuing professional education credits per year. Registration can be renewed electronically. Inactive CPAs have the ability to reinstate their licensure, upon completing continuing education hours, paying a renewal fee, and submitting the appropriate documents.
Frequently asked questions by licensed Iowa CPAs regarding specific requirements for license renewal can be found here. These rules are also described here. Another resource for those seeking licensure renewal can be found here.
Accounting Jobs in Iowa
The BLS reports that almost 10,000 individuals were employed as accountants in Iowa in 2011. Almost all major industries require some accountancy practices, and licensed accountants will enjoy better occupational opportunities than unlicensed workers. Government, large agricultural firms, municipalities, and energy companies are just a few of the industries that employ accountants in Iowa. The Iowa Society of Certified Public Accountants keeps practicing accountants in the state informed through its webpage and Facebook page.