Oklahoma CPA Requirements

How To Become a CPA in Oklahoma: Step By Step Guide

oklahoma-cpa-exam-requirementsLearn How to Become a Licensed Certified Public Accountant In Oklahoma

Oklahoma, often called the Sooner State, is home to the 29th largest economy in the U.S, with a gross state product of more than $190 billion. The main economic activity in the state is agriculture, thanks to wide-open spaces. It is also the fifth-largest state on beef production.

Oklahoma is a great place to start your CPA career because of the state’s booming agriculture and energy industries. The OK financial sector offers numerous opportunities for accountants.

Before you start your accounting career in Oklahoma, you’ll need to complete the minimum qualifications. Let’s look at the OK CPA requirements along with the steps to take the CPA exam and become a licensed CPA in Oklahoma.

Minimum Oklahoma CPA Requirements for Certification

Aspiring CPA candidates must meet these basic requirements to sit for the CPA exam and become a licensed certified public accountant in Oklahoma:

  • Must be an Oklahoma resident
  • Must have a Social security number
  • Complete 150-hour college education leading to a bachelor’s degree
  • Minimum Age: not required
  • US Citizenship: not required

Oklahoma has some strict CPA qualifications. Candidates don’t have to be a US citizen, but they do have to complete all 150 credit hours before they are eligible to sit for the exam.

Oklahoma CPA Education Requirements

Oklahoma has specific education requirements that aspiring CPAs must meet. The OK State Board requires all candidates to complete 150 credit hours of college coursework before they qualify to take the CPA exam.

Accounting Coursework

Of the 150 credit hours, 76 hours must be in upper-level coursework.

Likewise, 30 hours of the accounting courses should focus on:

  • Auditing
  • Assurance
  • Auditing standards

Ineligible courses for accounting include:

  • Graduate Level Financial Accounting
  • Masters Level Managerial Accounting

General Business Coursework

Similarly, 9 hours of the upper-level accounting coursework should cover:

  • Economics, Business communication
  • Statistics Insurance
  • Finance Information systems
  • Management, Risk Management
  • Marketing  Business Law

The education credentials should be from accredited institutions. This is a CPA exam requirement if the Board is to accept transcripts. The Board can also accept CPA exam courses as long as a candidate received credit for the course from an accredited institution.

It’s important to check with the State Board whether your college credits meet the Oklahoma CPA requirements before you fill out your CPA exam application. The last thing you want is a surprise when you are ready to take the exam.

Oklahoma CPA Exam Requirements

Aspiring CPAs who meet the Board’s education requirement can apply to take the Uniform CPA Exam. Remember, you will need to complete the entire 150 college credit hour requirement before you can take the exam.

The Oklahoma Accountancy Board reviews all the applications for the CPA exam. The review process takes between five and seven days, upon which candidates are notified of their eligibility to sit for the exam.

Those who are approved will receive a Notice to Schedule document that allows them to schedule their first testing date at a local Prometric testing center.

CPA Exam in Oklahoma

The CPA exam consists of four sections including:

Financial Accounting and Reporting: This segment of the CPA test examines the candidate’s knowledge of various financial accounting frameworks. The test also examines the ability to compare statements from different reporting standards.

Auditing and Attestation: the segment examines the candidate’s expertise in various auditing processes and standards.

Regulation: The CPA exam’s ethical part evaluates the candidate’s knowledge of professional and legal responsibilities.

Business Environment and Concepts: The exam focuses on general business concepts and international business.

As you can see, the CPA exam is pretty intense. Most candidates study with a CPA review for visual learners or other CPA study that matches their learning style in order to memorize everything that is tested on the exam. There’s no other way to learn and retain all of that information without a real study course.

You will also need to pay the registration and application fees with your CPA exam application.

OK CPA Exam Costs & Fees

The cost of taking the CPA exam in Oklahoma is $743 plus an initial $50 application fee. The re-examination fee varies depending on the number of sections one is taking.

  • Auditing and Attestation (AUD): $195.35 ‹
  • Business Environment and Concepts (BEC): $176.25 ‹
  • Financial Accounting and Reporting (FAR): $195.35 ‹
  • Regulation (REG): $176.25 ‹
  • Application Fee: $50

It is advisable that candidates only apply and schedule CPA examinations they intend to take in the next six months, as the Notice to Schedule expires after six months.

Oklahoma CPA License Requirements

Being a two-tier state, aspiring CPAs must have a CPA certificate and permit to practice in the state as public accountants legally. Before you become a licensed Certified Public Accountant in OK, you’ll need to fulfill the following requirements:

  • Complete a Bachelor’s Degree with at least 150-semester hours
  • Pass the CPA exam
  • Pass the AICPA Ethics exam
  • Complete 1-year work experience program

Those who meet the following requirement can apply for licensure through the Board by filling out the Application for Certification and attaching the necessary documents affirming the above CPA requirements.

AICPA Ethics Exam

In addition to the Uniform CPA exam, CPA candidates who wish to be licensed in the state must pass the AICPA ethics exam. The open-book exam is not as rigorous as the CPA exam. However, candidates must score more than 90% to pass.

Work Experience Requirements

The Oklahoma accountancy board requires aspiring CPA license holders to accrue at least one year of accounting work experience for licensure. The work experience should be completed within a span of four years either in public or private accounting.

Likewise, the work experience should focus on the following areas:

  • Accounting
  • Attestation
  • Taxation

All work experience should be completed under the supervision of a licensed CPA required to fill the Experience Verification Form during the CPA license application process.

Oklahoma CPA License Application & Renewal

Once your become a licensed CPA, you will need to renew you credential annually. The CPA renewal application can be filled out online at the OK State Board of Accountancy website. You will need to fill out the form, submit your CPE credits, and pay the annual CPA license renewal fees.

Oklahoma requires all licensed CPAs to complete at least 120 hours of Continued Professional Education (CPE) every three years for CPA license renewal purposes. The CPE requirement is designed to ensure CPAs remain fresh and up to date with accounting trends.

You will need to keep your CPE certificates, as they must be submitted with your renewal forms.

Oklahoma CPA Salary

The average Oklahoma CPA salary is $78,794 per year according the to OK Department of Labor. Salaries vary depending on the level of professional experience and education as well as where one is working.

Oklahoma State being highly diversified means licensed CPAs can work in various fields as public accountants. Careers as financial analysts and consultants are always in plenty in addition to mortgage accounting tasked with recording lending activities.

Likewise, some pursue management roles as management accountant’s focused on ensuring efficiency in business processes. Likewise, Oklahoma also offers plenty of forensic accounting jobs for CPAs who wish to participate in curbing financial fraud.

Steps to Become a CPA in Oklahoma

Here are the steps to become a CPA in Oklahoma

  • Complete a bachelor’s degree
  • Pass the CPA Exam
  • Pass the Ethics Exam
  • Complete the work experience
  • Apply for the Oklahoma CPA License
  • Complete CPE in the state

Additional Oklahoma CPA Resources

Here are several resources you can use to learn how to take the CPA exam in Oklahoma and become a certified public accountant.