Educational Requirements
Candidates for CPA licensure in the state of Rhode Island must hold at least a baccalaureate degree or graduate degree with 150 credit hours. Candidates can sit for the CPA exam with just 120 credit hours, but need 150 in order to become licensed.
Salary
In May 2011, the Bureau of Labor Statistics (BLS) estimated that 3,420 accountants and auditors were employed in Rhode Island. That number is projected to increase on into 2020 by both the BLS and the Rhode Island Department of Labor and Training. The annual mean wage for accountants and auditors in Rhode Island in 2011 was $69,820.
CPA Licensing in Rhode Island
Rhode Island CPAs are licensed by the Rhode Island Board of Accountancy. To become licensed, a person must take the uniform CPA exam after meeting the following requirements:
- Hold at least a bachelor’s degree from a board-approved accredited institution.
- Completed 150 credit hours with 24 credits in accounting or a graduate degree with a concentration in accounting or a graduate degree accredited in business with 24 credits in undergraduate accounting or 15 semester hours in graduate accounting or a combination thereof.
Requirements to be issued a certificate (license):
- Pass the CPA exam
- Pass the CPA Ethics Exam administered by the American Institute of Certified Public Accountants (AICPA).
- Have one year of work experience in accounting in public practice in government, industry, education or a combination thereof.
Continuing Education Requirements
The Rhode Island Board of Accountancy renews CPA permits to practice public accountancy every three years. Rhode Island CPAs must complete at least 120 continuing professional education (CPE) credit hours in each three-year period. CPE credits in that three-year period must include 24 hours in accounting and auditing and 6 hours in subjects devoted to professional ethics.
CPAs may also take courses in business management and organization, communications, marketing, and personal development to meet their CPE credit requirements. Self-study credits must be approved by the National Association of State Boards of Accountancy’s Quality Assurance Service (QAS) program and are limited to 80 hours for each three-year period.
Accounting Jobs in Rhode Island
Health services, tourism, and manufacturing are Rhode Island’s three largest industries. The state is home to Citizens Financial Group, the 14th-largest bank in the United States, as well as Fortune 500 companies CVS Caremark and Textron. 90 percent of Rhode Island’s employers are small companies employing anywhere from one to 20 workers, while just 558 firms in the state employ almost half of Rhode Island’s private sector employees. CPAs, auditors, and tax preparers are employed in all of the industries mentioned, by companies both large and small, as well as federal and state government agencies.