The bill aims to modernize the pathway to becoming a certified public accountant (CPA) by amending existing educational and experience requirements. Specifically, it revises Section 87A1/2 of chapter 112 of the General Laws by deleting the previous subsection (e) and inserting a new one that outlines three distinct pathways for obtaining a CPA certificate. These pathways include obtaining a bachelor's degree with varying additional education and experience requirements, or a master's degree with a reduced experience requirement. Additionally, the bill updates the requirements for individuals seeking to practice public accountancy in the Commonwealth who are licensed in other states, ensuring they meet the new educational standards.

Furthermore, the bill modifies Section 87B by removing certain clauses and inserting new ones that clarify the qualifications for out-of-state CPAs. It allows individuals with valid licenses from other states to practice in the Commonwealth without needing to submit additional notices or fees, provided they meet the updated educational and experience criteria. Notably, individuals who have passed the Uniform Certified Public Accountant Examination and hold a valid certificate from another state prior to December 31, 2024, are exempt from the new educational requirements. The changes are set to take effect on January 1, 2026, for the educational and experience requirements, while the rest of the act will take effect upon passage.