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CPA Exam Study Guide

5 Steps to becoming a CPA in Wisconsin

  1. Get your Education in Wisconsin
  2. Take the Uniform CPA Exam in Wisconsin
  3. Gain the Necessary Experience in Wisconsin
  4. Get your Wisconsin CPA License
  5. Continuing Education in Wisconsin

1. Get Your Education

a. Get information from Wisconsin schools offing programs in accounting. The Wisconsin State Department of Regulation and Licensing requires that every certified public accountant in the state earn 150 semester hours of college credit and have a minimum of a bachelor’s degree.

b. If you are still attending school or have recently graduated, make certain that the Wisconsin State Board of Accountancy will accept your credits.

All courses completed must be through programs accredited by one of these six regional accrediting bodies:

If you attended school in another country, your credits must be assessed by a member agency of the National Association of Credential Evaluation Services (NACES). The Wisconsin Department of Regulation and Licensing also requires that you complete courses in business law and income taxation, in addition to any courses recommended by the evaluation. These courses must also be through an accredited US four-year bachelor degree granting institution. Official transcripts proving successful completion of the required courses must be sent with your application to the Wisconsin Department of Regulation and Licensing.

c. Ensure that you are enrolled for the correct courses. The 150 semester hour requirement must include one of the following conditions (Options 1 and 2 apply to master’s degrees and options 3 and 4 are applicable to bachelor’s degrees):

  1. A graduate degree in accounting from an accounting program or department accredited by an accrediting agency recognized by the board (listed above).

  2. Any other graduate degree from a business school or college of business that is accredited by an accrediting agency recognized by the board including completion of:

    • 24 semester hours in accounting at the undergraduate level including courses covering financial accounting, auditing, taxation, and management accounting

    Or

    • 15 semester hours in accounting at the graduate level including courses covering financial accounting, auditing, taxation, and management accounting

    Or

    • A combination of both the undergraduate and graduate requirements
  3. A baccalaureate degree with a major in accounting from an accredited business school or college of business and completion of the following course requirements:

    • 24 semester hours in accounting at the undergraduate level including courses covering financial accounting, auditing, taxation, and management accounting

    And

    • 24 semester hours in business courses, other than accounting at the undergraduate level or the graduate level
  4. Any other bachelor degree with a reasonable equivalent of an accounting concentration from an accredited school and completion of all course requirements:

    • 2 college level course in math
    • Any 4 of these 5 courses (statistics, marketing, business finance, management, or organization behavior, computer science or computers in business)
    • 2 courses in principles of economics
    • At least one course in introductory or principles of accounting, intermediate accounting or accounting theory, advanced accounting, cost accounting, auditing, income taxation, and business law.

The following applies to any of the 150 credit hour completion options:

  • Online courses are acceptable if credit received is thru a regionally accredited college or university
  • CLEP and correspondence and CPA review courses are acceptable if they have been accepted for credit by an accredited college
  • Commercial review courses are not acceptable for the 150-hour requirement.

2. Take The Uniform CPA Exam

Once you have completed the education requirements defined by the Wisconsin Department of Regulation and Licensing, you can apply to take the Uniform CPA Examination.

Courses that include study guides and practice exams designed to help you prepare for the Uniform CPA Exam are available online through Fast Forward Academy.

a. Apply through CPA Examination Services (CPAES). Register online or download application forms here. If applying by mail, send the completed application and requested documents (shown below) to:

CPA Examination Services,
Attention: Wisconsin Coordinator
P.O. Box 198469 Nashville, TN 37219-8469

b. Complete and send all required documents with your Uniform CPA Exam application.

  • Have the college you attended submit your transcript directly to CPAES (or you may submit it, if it is an official, sealed transcript)
  • Complete and send any requests needed for American with Disabilities Act Modification (form).
  • Send the signed application form (if submitting by mail)
  • If applying by mail, include examination and application fees by check or money order payable to CPA Examination Services or you can complete the credit card payment authorization on the application
  • If applying online, you must pay examination and application fees by credit card when you submit your application

c. Wait for your Notification to Schedule (NTS) letter to arrive. It can take up to 6 weeks for a first-time application to be processed by mail, or 4 weeks for applications submitted online. The NTS will be issued to you by the National Association of State Boards of Accountancy (NASBA) in the manner you selected while applying (mail, fax or email).

d. Schedule your CPA Exam here through Prometric. In Wisconsin testing sites include Brookfield, and Madison. Note that changing the date, time, or location of the scheduled test may result in fees being assessed.

e. On your exam day be on time and ready to test at your selected Prometric testing site.

f. Scores will be made available online for Wisconsin candidates. The NASBA site is updated as the scores are received so if you do not see your scores yet, then they have not been received. When available, your score can be seen here.

If you need further information or need to request special accommodations the Wisconsin coordinator can be reached at 800-CPA-EXAM. For detailed information on the Uniform CPA Exam, click here.


3. Gain The Necessary Experience

The Wisconsin Department of Regulation and Licensing will not issue a state license until the education requirement is met, the CPA exam passed, and the necessary experience requirement is fulfilled.

a. After meeting the education requirements, applicants must complete one year of paid public accounting experience or equivalent determined by the board. When applying for the CPA license you are required to submit your experience information and employment verification statements including the Verification of Employment and Experience Evaluation form to the board for evaluation. A verifying CPA with an active license in good standing must validate all experience through this form.

Qualified experience should meet the following criteria:

  • Accounting positions in industry and government with high levels of knowledge, competence and judgment are considered
  • Most positions in titled accounting, auditing, financial analyst, and work with comptrollers or anyone working to prepare taxes beyond individual returns will qualify
  • Part time work can count proportionately, but generally is given little weight
  • Bookkeeping and elementary individual tax returns are not considered as qualifying experience
  • Self-employment must be fully documented and presented in person to the board for review to be considered as qualifying experience

Experience equivalents include:

  • Experience teaching advanced specialized accounting courses
  • Experience in law when it involves responsibility for independent accounting decisions and requires a high level of accounting knowledge, competence, and judgment.

4. Get Your Wisconsin CPA License

Upon passing the Uniform CPA Examination and fulfilling the Wisconsin Department of Regulation and Licensing’s work experience requirement, you are eligible to apply for your state CPA Credential and license. Wisconsin will not grant CPA credentials until all requirements for licensure are met. Licenses are required to practice, and advertise as a CPA in Wisconsin and granted upon payment of licensing fees and a thorough review of your application packet. Use the following steps to determine your readiness to apply:

a. Checklist

  • Completed 150 semester hours of college education and received at least a bachelor’s degree through an accredited program.
  • Passed the Uniform CPA Exam. Examination scores are sent directly to the applicant by NASBA. The Department of Regulation and Licensing receives the scores from NASBA after the applicant has been notified
  • Completed one year of public accounting experience or the equivalent
b. Submit the Application for Certified Public Accountant Credential Form with all supporting documentation. Your completed application packet should include the following:
  • Application for Certified Public Accountant Credential form (Form found here).
  • Convictions and Pending Charges disclosure form as applicable (Form found here)
  • Personal Chronological Resume of Accounting Experience form (Form found here)
  • Verification of Employment and Experience Evaluation form (Form found here)
  • Fees that total $150 ($75 for application and $75 for ethics test)

Candidates who sat for exam in Wisconsin starting May 1996 are prequalified and your transcripts are on file. Do not remit them again. If you are applying by endorsement or transfer of examination credit from another jurisdiction than you are required to submit an official transcript showing courses taken and degrees received. The college or university must send transcripts.

Mail all required documentation to: Wisconsin Department of Regulation & Licensing P.O. Box 8935 Madison, WI 53708-8935

c. Pass the Wisconsin Online ethics exam
  • After receipt of your completed application and all supporting documents, you will be emailed or mailed a checklist with your authorized pass code and instructions on how to take the on-line ethics exam
  • Exam is not timed, consists of 50 questions on the Wisconsin Statutes and Administrative Code governing the profession
  • To see Code book click here
  • Exam cannot be taken on a Macintosh computer, passing score for exam is 80%
  • Once you’ve completed the exam your score is immediately calculated and will automatically be sent to the Department. Your score is available to check online in about 5 business days.
  • If you fail the test you will need to complete the retake application and submit it with the retake fees to the Department. You will then be assigned another test.

Additional technical or exam content related questions can be directed to: aaron.knautz@wisconsin.gov.

d. Wait Through the Review Process

Applications will be evaluated when all required documents and ethics examination are received. Check the Instruction Packet for Certified Public Accountant Credentials to find review dates for the current year.

Biennial license renewal is due by December 14th of the odd number year

Practice Privileges for Out of State CPA’s

If you are a CPA that doesn’t resided in Wisconsin and the primary office is not located in Wisconsin, then under the Wisconsin practice privilege statute generally you have the same rights as a Wisconsin licensee. Residents of and primary offices located in Wisconsin must obtain a Wisconsin CPA license in order to practice.

Reinstatement of Licensure

If you have failed to renew the credential within 5 years of the renewal date, you must contact the Board office for the required fee due, forms required, and authorization to take the ethics exam. The Application for Certified Accountant Credential (form #130) is not accepted for reinstatement.

  • Request Reinstatement Packet by calling or sending an email to the Department with your name (prior names if changed), license number, and current address to:

    DRL@wisconsin.gov or call (877) 617-1565.

  • Additionally 1 hour of continuing education credit for each month the credential was not renewed must be completed. Not to exceed 80 credits, the board will allow renewal upon verification of 40 hours of continuing education and allow completion of the remainder over the next two years. Any course hours completed during the 24 months prior to date of renewal are counted toward the initial 40 hours needed.
  • Continuing education information must include course title, course content description, name of sponsoring organization, number of credit hours, and date taken.
  • Acceptable coursework is offered by AICPA, NASBA, WICPA, and the IRS.
  • Retain copies of all records so they are available upon request by the Accounting Examining Board.

5. Continuing Professional Education in Wisconsin

The Wisconsin Department of Regulation and licensing does not require continued professional education (CPE) in order to maintain CPA licensure. Many CPAs; however, elect to join the Wisconsin Institute of Certified Public Accountants (WICPA), which does have CPE requirements. Requirements set by WICPA are as follows:

Courses designed to satisfy CPE requirements related to tax preparation are available online through Fast Forward Academy.

  • New Member CPAs – New members of WICPA have no CPE requirement the year they joined. The are; however, required to meet the minimum CPE requirement for the two years that remain in the three-year block
  • Member CPAs Actively Practicing– Within each three-year period, member CPAs are required to complete 120 hours of CPE with no fewer than 20 hours each year
  • Members Not in Active Public Practice – In each three year reporting period, 90 hours must be completed with a minimum of 15 hours each year (AICPA membership has changed to 120 for members in industry, WICPA has yet to change the requirement)
  • Reinstatement – If you are applying for reinstatement memberships you are required to complete the annual minimums (20 credits public accounting, and 15 credits not in public accounting) and complete the three-year requirements

a. Enroll in the correct courses. CPE credits must be earned through formal programs. The definition of this is outlined in AICPA’s Statement on Standards for Continuing Professional Education (CPE) Programs.

CPE credits must contribute to overall professional competence. Course can be taken for but are not limited to:

  • Accounting, auditing, taxation, and advisory services
  • Management advisory services (MAS), finance, information systems, behavioral and regulatory ethics, marketing, math, production, and economics
  • Courses that contribute to the development and maintenance of other professional skills are also accepted
  • Teaching CPE courses are accepted when they are determined to increases the instructor’s professional competence

CPE credits are measured in 50-minute contact hours that must be claimed in whole hours. WICPA will not accept claims of anything less than 50-minute units, for example claiming 25 minutes isn’t accepted. Credit hours can be achieved by attending:

  • University or Colleges
  • Workshops
  • Seminars
  • Conferences
  • Self-study courses
  • Internet-based programs
  • Independent study (under the direction of a CPE program sponsor)

You can find qualifying CPE programs in Wisconsin via:

b. Maintain records of CPE completed. CPE course credit claimed is your responsibility. Maintain CPE records for at least 5 years. Include attendance records, course outline, date and title of the course, location and instructor, and number of CPE hours earned. WICPA’s Professional Conduct Committee verifies compliance with CPE requirements through random audits. If you are not compliant with the CPE requirements the WICPA grants a two-month grace period to comply.

Now that you're a CPA in Wisconsin

Great job and well done! You are now a certified, licensed CPA in Wisconsin! You might want to consider becoming a member of the American Institute of CPAs (AICPA) and join the local professional accounting organization, Wisconsin Institute of Certified Public Accountants. Both of these organizations present members with opportunities for professional development, continuing professional education programs, networking and professional guidance. Both also require CPAs in Wisconsin to complete a certain number of hours of continuing professional education (CPE) to maintain membership. Wisconsin doesn’t require CPE credits to maintain a CPA license unless the license has been expired for more than five years.

Think about specialization! Possibilities for specializing within the discipline of accounting in Wisconsin include forensic accounting, tax accounting, fraud examination, financial accounting and managerial accounting.
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