(1) An applicant who has examination scores for an examination administered prior to or in May 1996, or an applicant who wishes to transfer grades for an examination taken prior to or in May 1996, must, prior to certification or licensure, have graduated from a college or university accredited then (or at the time of the applicant's graduation) to offer:

(a) a baccalaureate degree, with a concentration in accounting; or

(b) a baccalaureate degree, with a concentration other than accounting, if supplemented by experience which the board considers to be an equivalent education; or

(c) a baccalaureate degree, with a concentration other than accounting, if supplemented by related courses in other areas of business administration which the board considers to be an equivalent education;

(d) a concentration in accounting will be interpreted by the board to include 24 semester hours (36 quarter hours) of accounting, auditing, and tax courses, and 18 semester hours (27 quarter hours) in other areas of business such as business law, management, marketing, economics, and finance. The 18 semester hours (27 quarter hours) shall include no more than six semester hours (nine quarter hours) in one area;

(e) supplemental experience will be interpreted by the board to be five years of employment by a public accounting firm, or five years of employment in industry or government in a responsible financial position;

(f) a concentration other than accounting, if supplemented by related courses in other areas of business, will be interpreted by the board to include 12 semester hours (18 quarter hours) of accounting, auditing, and tax courses and nine semester hours (14 quarter hours) in other areas of business such as business law, management, marketing, economics, and finance. The nine semester hours (14 quarter hours) shall include no more than three semester hours (five quarter hours) in one area.

(2) An applicant who has examination scores for an examination administered in November 1996 or May 1997, or an applicant who wishes to transfer grades obtained for November 1996 or May 1997 examinations, must have completed 24 semester hours (36 quarter hours) of accounting, auditing, and tax courses, and 18 semester hours (27 quarter hours) in other areas of business such as business law, management, marketing, economics, and finance. The 18 semester hours (27 quarter hours) shall include no more than six semester hours (nine quarter hours) in one area.

(a) Subsequent to successful passage of the exam, the applicant, to be certified or licensed as a public accountant, must have graduated from a college or university then accredited to offer a baccalaureate degree.

(3) An applicant submitting examination scores for an examination administered in November 1997 or thereafter, or an applicant whose approved application for examination has expired and is making reapplication for an examination after November 1997, or an applicant who applies by transfer of grades after the November 1997 examination, must have completed at least 24 semester hours of upper division (an upper division course is normally defined as a course taken at the junior or senior level and would exclude introductory courses in accounting and economics) or graduate level accounting courses including at least one course in each of the following subject areas to be approved to sit for the examination:

(a) financial accounting;

(b) auditing;

(c) taxation;

(d) management accounting;

(e) at least 24 semester hours in business related courses. Examples of business related courses include information systems, business law, finance, economics, marketing, ethics, organizational behavior, quantitative applications in business, and communication skills;

(f) subsequent to successful passage of the examination, the candidate, to be certified or licensed as a public accountant, must have graduated from a college or university accredited to offer a baccalaureate degree:

(i) with an accounting concentration or its equivalent as determined by the board; and

(ii) with at least 150 semester hours of credit, including those earned toward the baccalaureate degree or its equivalent.

(4) An accredited school is one that is accredited by the American assembly of collegiate schools of business, or one of the following regional accrediting agencies:

(a) Middle States Association of Colleges and Secondary Schools;

(b) New England Association of Schools and Colleges;

(c) North Central Association of Colleges and Secondary Schools;

(d) Northwest Commission of Colleges and Universities;

(e) Southern Association of Schools and Colleges; or

(f) Western Association of Schools and Colleges.

(5) Graduates of foreign schools shall have their education evaluated by an advisory evaluation service specified by the board or the Foreign Academic Credentials Service, Inc. (FACS).

(6) One quarter unit or hour of credit is equivalent to two-thirds of a semester unit or hour.