State-led movement to address national shortage of accountants gains momentum with Ohio and Virginia bill passages

The recent passage of Ohio HB 238, Virginia HB 2042/SB 1042 gives CPAs a new path to licensure and further expands interstate mobility

Columbus, Ohio (March 7, 2025) - The Ohio Society of CPAs (OSCPA) celebrates the recent passage of Virginia House Bill 2042 and Senate Bill 1042, which mirrors Ohio’s new law (HB 238) that modernizes the educational pathways to the CPA licensure.

“Ohio may have been the first to change the law to modernize the license, but this was just the start of a collaborative effort among the states,” said OSCPA President and CEO Laura Hay, CPA. “There is a growing national movement to address the talent shortage we face head-on and evolve CPA licensure rules to the realities of a dynamic market, while maintaining the rigor of the credential.

The law changes provide an expanded, experienced-based, educational route to licensure that will balance the need to maintain the high standards of the CPA profession with the urgency to attract and matriculate new talent to accounting. The two new pathways include:

• A bachelor’s degree, completing the required accounting concentration of coursework, two years of experience and passing the CPA Exam; or

• A master’s degree, completing the required accounting concentration of coursework, one year of experience and passing the CPA Exam

Effective in both Virginia and Ohio on January 1, 2026, and advocated by both state societies of CPAs, the new pathways would still require the challenging CPA exam to be the capstone to licensure. However, in response to growing concerns that the existing route of completing 150 college credits – effectively five years of college – is impeding access to the profession, states are prioritizing more “real life” experience in the profession following a degree in accounting rather than an additional 30 hours of unspecified education. A bachelor’s degree typically requires 120 college credits.

More than a dozen states including California, Texas, Illinois, Minnesota and Florida are also in the process of pursuing similar legislation to Ohio and Virginia. The state law changes include improvements to interstate mobility laws by evaluating candidates on their individual professional status rather than what state they are licensed in.

“This state-driven model is drawing bipartisan support across the country because it is a commonsense approach aimed at workforce development as well as making college more affordable and the accounting profession more accessible,” said Virginia Society of CPAs President and CEO Stephanie Peters. “CPAs understand the specialized needs of business and government to keep the economy thriving. Consistency across the states is key since automatic mobility future-proofs the profession’s ability to evolve its licensure model today and tomorrow.”

The CPA profession is facing a retirement cliff, with the American Institute of Certified Public Accountants (AICPA) reporting that approximately 75% of today’s public accounting CPAs are expected to retire within the next 15 years. The demand for CPA services is increasing, driven by the growing complexity of tax laws, financial regulations, and business operation. Inaction will be detrimental to the economic engine in most states and lead to large repercussions to the economy and capital markets.

About OSCPA
The Ohio Society of CPAs is recognized as one of the nation’s leading accounting associations, representing Ohio’s CPAs, accountants, and related business professionals who are the strategic financial advisers to Ohio’s top businesses. Driven by our values in professionalism, integrity, excellence, and diversity, OSCPA advances the interests of its members through strong advocacy and a multi-faceted continuing education program to keep CPAs prepared to meet the challenges of an increasingly complex business and regulatory environment.

About VSCPA 
The Virginia Society of Certified Public Accountants (VSCPA) is the leading professional association in the Commonwealth dedicated to empowering the CPA profession to thrive. Founded in 1909, the VSCPA has nearly 12,000 members who work in public accounting, corporate finance, government, and education. For more information about the VSCPA, visit vscpa.com. Connect with us on Facebook: Facebook.com/VSCPA; X: @VSCPANews; and Instagram: @VSCPA. 

Media Contacts

• Amber Epling-Skinner | Vice President of External Affairs | 614.321.2227 | [email protected]
• Emily Walker | Vice President, Advocacy and Pipeline | 804.612.9428 | [email protected]