There are some new rules regarding the educational requirements for becoming a CPA in Maryland, courtesy of the profession, the General Assembly and the Department of Labor, Licensing and Regulation.

Here's the scoop.

Maryland lawmakers have passed a bill that will allow students to sit for the CPA exam after completing the accounting requirements in a 120-hour undergraduate program, then get their CPA license upon completion of 150 credit hours. The bill was introduced by the DLLR on behalf of the State Board of Public Accountancy and supported by the MACPA.

Gov. Martin O'Malley signed the bill into law on May 10. Once approved by the State Board, the regulations will be published in the Maryland Register and open for comment for 60 days.

Here's what the MACPA told accounting educators in a recent letter:

“The proposed regulations will be based on recommendations from the CPA educator community and input from students. Existing regulations for exam qualification will remain, and new regulations will be added to allow candidates to take the exam under the 120-hour provision.

“The proposed regulations will combine Group I (accounting education requirements) with Group III (ethics education requirements) to qualify for the exam at 120 credits. Group II (business-related education requirements) will constitute the remaining 30 credit hours to meet the 150-credit requirement for licensure.

“Here is a link if you wish to review the course requirements under each group.

Here's the important part
The State Board will begin accepting applications under the new requirements by mid-October. Updates will be posted on the State Board's website as they become available.

Applications received under the new requirements prior to the posted acceptance date will be denied, and the applicant's fee will not be returned. Get further details here.