(1) An applicant who has examination scores for an examination administered prior to or in May 1996 have:

(a) graduated from a college or university accredited at the time of the applicant's graduation with:

(i) a baccalaureate degree, with a concentration in accounting, including 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 other areas of business shall include no more than six semester hours (nine quarter hours) in one area; or

(ii) a baccalaureate degree, with a concentration other than accounting and five years of employment experience at a public accounting firm, or in industry or government in a responsible financial position; or

(iii) a baccalaureate degree, with a concentration other than accounting and related courses in other areas of business administration which the board considers to be an equivalent education, including 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 must have:

(a) 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; and

(b) graduated from a college or university then accredited to offer a baccalaureate degree subsequent to passing the exam.

(3) An applicant who has examination scores for an examination administered in November 1997 or thereafter:

(a) must have completed the following education from an accredited four-year institution at the time of applying to sit for the exam:

(i) at least 24 semester hours (36 quarter hours) of accounting courses above the introductory level, to include one course in each of the following:

(A) financial accounting;

(B) auditing;

(C) taxation;

(D) management accounting; and

(ii) 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; and

(iii) practical experience may not be used to fulfill any part of the academic requirement.

(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) Any foreign-obtained education must be evaluated by NASBA International Evaluation Services and be determined equivalent to Montana's education requirements. That evaluation must be provided to CPAES.

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

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