What is the purpose of requiring a standard of 150 hours of education in this state?

In today's technology-driven marketplace, there is a growing demand for a more educated workforce. To better serve the public, a higher educational requirement is needed for those entering the profession.

The New York State Board of Regents adopted a regulation establishing the 150-hour curriculum effective for persons sitting for the CPA examination after August 1, 2009. The proposed legislation merely accelerates that effective date to 2007, the earliest date that would not affect currently matriculated students.

Forty-eight U.S. jurisdictions, including New Jersey and Connecticut, have adopted the 150-hour curriculum (The curriculum became effective in most of those before January 1, 2001). New York needs the 150-hour curriculum to stay abreast of these other jurisdictions.

New York City and state continue to be the financial center of the United States and one of the world's great financial centers. CPAs' clients in New York range from corner stores to multinational corporations. The users of CPA services in New York need the best trained, best qualified CPAs in the world.

The proposed legislation also embraces the concept of "substantial equivalency" to permit CPAs to more easily practice across state lines. To be substantially equivalent with other jurisdictions, New York needs the 150-hour curriculum. Without it, New York CPAs would face an unfair imbalance. Other states' CPAs could practice in New York while New York CPAs would be unable to practice in the other states.

Currently, accounting students who sit for the CPA examination take on average 140 hours of college credit. Thirty percent of first-time examination candidates have taken 150 hours or more, and 60 percent have 130 hours or more.

Most comparable professions, such as law and medicine, require additional graduate education ranging from three to four years. It is in the public interest to require a higher educational achievement for the profession of public accountancy.

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