[ThisBetterBeIt]

So how long did it take others in Colorado to receive their license from initial application? I submitted my application on December 16 and am still waiting. I did receive an email today so that my application had been approved and that it was being prepared for transmission to the Board. Hopefully soon, but it seems like it’s taking much longer than anticipated

[Anonymous]

Holy cow…congratulations that you're almost there! With the deadline looming a bunch of us are losing our minds as to how long it will take to process the license. I have to say @ThisBetterBelt, your post really isn't helping my nerves.

I really have no answer to your question. Just wanted to say congratulations.

[ThisBetterBeIt]

brooks… you shouldn't worry too much. Another CO candidate that I work with received an email today stating that applications had to be submitted by June 15 to qualify under the current rules. It seems that they may have backed off the fully licensed by June 30 statement that was issued earlier.

[Anonymous]

That's good to hear. I have a friend who has some inside and she said something similar (but more like June 1). But you know what, it won't matter because I will pass this test the first time!!! Rarw.

And if not, well, fingers crossed that April 1 will be OK.

[Anonymous]

I am so happy that Colorado is finally closing that stupid loophole. It may sound harsh, but IMO, someone who didn't go through the work experience requirement should not have a full reporting CPA license.

I'm all for Massachusetts non-reporting license as an alternative to those who just can't get the experience…

If I ever meet someone with a pre-2015 CO CPA license you can be sure I will be asking them if they did the “education in liu of experience” route…

[ThisBetterBeIt]

What would it matter if they did education in lieu of experience? That's silly. I don't go around asking whether you got your CPA after 1 year of testing cash and receivables as an audit associate.

[Anonymous]

It matters because the experience component is an essential part of the credential. This is why Colorado currently is not a substantially equivalent state, and that is why the loophole is being closed.

I don't mean to offend, but as someone who did their time in Big 4 audit in order to get the experience, I find the fact that there is a shortcut/loophole that allows un-experienced people to hold themselves out as full CPA's quite ridiculous. In addition, do we really want people who have absolutely no audit experience having the ability to sign audit reports? I really don't think that is in the public interest. Also, clearly the other states agree, that's why Colorado is not substantially equivalent.

I understand that some people are just unable to get that experience, or they don't care about signing audit reports. That's why I am all for the Massachusetts non-reporting license.

And FYI, although 1 year is the MINIMUM, it is not the standard. I do not know anyone who stayed for less than 2 years. At the 2 year mark you are an audit senior, conducting most of the actual fieldwork with your staff, not merely “testing cash and receivables” as you put it…

Just my 2 cents…No offense intended…

[Anonymous]

Hola,

I submitted my application on December 12th 2014, and received my license on January 9th 2015.

It sounds like you are right around the time I did mine, so hopefully next Friday (I received an e-mail that NASBA forwards the info to the state board on Friday's).

Congratulations!!

[ThisBetterBeIt]

Awesome! Sounds like I should have my license shortly then!

But wouldn't you agree that Colorado isn't substantially equivalent on two fronts? 1) experience only and 2) education only. All other states recognize that education and experience are both integral parts to obtaining the necessary skills to obtain the CPA. It's not simply an experience measure in all other states.

[Anonymous]

@Charlie, let me tell you something that is ridiculous:

1) I have 151 credit hours

2) I have three years experience of working under a CPA

3) I have 10 years of experience working in a professional office environment

You know what I don't have? A business undergrad (such as finance). With the new Colorado rules I will be short 6 business courses such as, you know, marketing.

I have an accounting masters, I am in my damn 30s, I have been working since I was 15. I have been an auditor, I am currently a senior accountant.

So what's ridiculous is that on July 1, I wouldn't be able to get my CPA license because I didn't take enough business classes in college. How's that for your education in lieu of experience? Maybe you shouldn't be so quick to judge.

[Anonymous]

@ThisBetterBelt, most states have an experience only option. Here in NY if you work for a CPA firm for 15 years you are eligible to be a CPA. You don't even need a Bachelor degree.

@brooks303, I'm not being quick to judge, I'm merely pointing out an obvious loophole that is being closed for the very reasons I have stated. Obviously you have to appropriate training and experience, but this is not the case for the throngs of people who have taken advantage of this loophole.

Let's not forget that these rules are not in place merely to serve our personal career goals, but are in place to ensure that individuals who practice a profession that the public rely upon have the necessary training and expertise. Hence, this is why the 3 E's exist, not only in our profession, but across many other professions.

IMO, we should welcome the fact that we are part of a profession that places a high level of importance on ensuring that it's licensees adhere to stringent professional criteria.

If the individual does not satisfy the requirements of the profession, then I don't see how that is the responsibility

of anyone but the individual.

I would personally like to see a return of the 2 year experience requirement. More experience = a better equipped CPA IMO.

[Anonymous]

[Martin]

Do any of you know if there is another state besides Colorado where you dont need the 150hrs? I have 10 years of private accounting experience,and Im also under Colorado,but I dont think I will be able to pass all 4 parts by 5/31/15.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[ThisBetterBeIt]

I received my license information today! So I submitted initial application on December 6 and received my license January 26. I don't think that timeline is typical though… there was Christmas in there that added a few days. At least it's finally done though 😉

Martin – There is only one other jurisdiction that I know of without the 150 hr rule and that's Virgin Islands. However, you have to be a resident so it's pretty much impossible to obtain your license there.

Charlie – There are more ways to gain knowledge and experience than simply auditing for the Big 4. There's also tax professionals and those in industry that gain the knowledge necessary to “protect the public”. Anyways, I'm not sure that even a Senior Associate would have sufficient knowledge to protect the public… and I think the firms agree, as its the Partner that signs the audit opinion.

[Anonymous]

@Charlie, I am sorry I got so grumpy about it. You do bring up the solid point that it's a loophole that needs to be closed. I just simply get upset because the new rules would create a “silly” barrier for me. But I am just one person and I am not the standard. Ultimately though, I agree. We should be proud that our industry holds people to higher standards.

[LostCreditLooper_DE]

So did they lift the June 30th deadline or no? I applied May 29th and just got an e-mail saying that they will be sending it through the final stage of their Quality Assurance and sending it off to the board on the next available Friday. Does anyone know how long it takes from that point?

[Author]

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