(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 who has 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 who has examination scores for an examination administered in November 1997 or thereafter, must have completed at the time of applying, to sit for the exam:

(a) at least 24 semester hours (36 quarter hours) of accounting courses taken from a four-year institution and above the introductory level, to include one course in each of the following:

(i) financial accounting;

(ii) auditing;

(iii) taxation;

(iv) management accounting; and

(b) at least 24 semester hours (36 quarter hours) in nonaccounting, general business courses. Examples of business courses include information systems, business law, finance, economics, marketing, ethics, organizational behavior, quantitative applications in business, and communication skills.

(4) Subsequent to successful passage of the examination, the applicant, to be certified or licensed as a public accountant, must have:

(a) graduated from an accredited college or university with a baccalaureate degree; and

(b) successfully completed at least 150 semester hours (225 quarter hours) of credit.

(5) 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.

(6) Any foreign-obtained education must be evaluated by the Foreign Academic Credentials Service, Inc. (FACS) in reference to Montana's education requirements.

(7) Applicants who did not sit for the exam as a Montana candidate must submit official transcripts for all education to NASBA's CPA Examination Services (CPAES) for evaluation in reference to Montana's education requirements.

(8) Montana exam candidates should be aware that the requirements outlined in (3) do not meet the requirements to obtain initial licensure in several U.S. jurisdictions and may inhibit the individual from seeking initial licensure in other U.S. jurisdictions if not licensed in Montana first.

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