Introduction

One of the smallest and least populous states in the country, Vermont represents an equivalently small economy, and its GDP of $31.1 billion is the lowest in the U.S. Despite its size, Vermont is home to a strong economy based around government, real estate, manufacturing, healthcare, and retail trade. While Vermont employs just 5,000 accountants, the state’s small population means this number proportionately represents a much higher concentration than the national average—a rate of 10 accountants per every 1,000 employees in the state. Vermont is home to around 140 licensed CPA firms, including an office of KPMG, one of the “Big Four” financial firms, and Gallagher Flynn & Co., one of the largest firms in the region.

Vermont at a glance

Population 623,657
Per Capita Income $29,178
Unemployment Rate 2.9%
Fortune 500 Companies 0
Licensed CPA Firms 143

Accounting Programs in Vermont

Search our comprehensive school directory to explore the accounting programs in Vermont, including campus-based, online and hybrid programs.

Accounting Salaries and Employment

The Department of Labor’s Bureau of Labor Statistics (BLS) estimates that the number of accounting and auditing positions in Vermont will increase by 9.3% by the year 2022. This increase is smaller than the projected national growth rate of 13.1%.

The state’s 3,300 accountants and auditors earn an average salary of $70,420 per year, a figure comparable to national averages. Vermont’s accountants do, however, outearn the average worker in the state by nearly $25,000 per year.

Projected Job Growth for Accountants

3,120 Employees2012
3,920 Employees2022
Vermont 20.4% increase
1,397,700 Employees2012
1,537,600 Employees2022
United States 9.1% increase
Source: Bureau of Labor Statistics OES - State Employment Survey

Accounting Salaries by Specialty

Vermont Avg. Annual Wage United States Avg. Annual Wage

Associate Degree Recommended

Bookkeeping and Auditing Clerks

\ $41,140
$41,110

Payroll Clerks

\ $43,690
$44,950

Bachelor's Degree Recommended

Cost Estimators

\ $65,290
$68,420

Tax Examiners and Collectors

\ $58,030
$59,140

Master's Degree Recommended

Accountants and Auditors

\ $75,470
$77,920

Budget Analysts

\ $64,800
$77,170

Personal Financial Advisors

\ $76,050
$109,949

Financial Managers

\ $122,610
$143,530
Source: BLS OES - Industry Profile

Top-paying cities for accountants

  1. Burlington-South Burlington
    $79,600
  2. Southern Vermont nonmetropolitan area
    $73,080
  3. Northern Vermont nonmetropolitan area
    $70,610
Source: Bureau of Labor Statistics OES - State Employment Survey

Major firms headquartered in Vermont

Count Firm Location 2014 Revenue (in millions)
1Gallagher Flynn & Co.South Burlington, VT$10

Accounting Today named these firms among the highest performing in a multi-state region. Rankings as based upon reported net revenues from 2014. Source: Accounting Today, "Top 100 Firms and Regional Leaders"

Becoming a certified public accountant (CPA) in Vermont

CPA candidates in Vermont must sit for and pass the Uniform CPA Exam. The test is administered by the National Association of State Boards of Accountancy (NASBA) and consists of four sections:

  • 1. Auditing and attestation
  • 2. Financial accounting and reporting
  • 3. Regulation
  • 4. Business environment and concepts

Many candidates do not pass all four sections on their initial attempt and are permitted to apply for re-examination of unpassed sections within 18 month of their first attempt.

CPAs from other states who wish to relocate to Vermont may apply to have their license transferred. The state participates in NASBA’s CPA Mobility program which allows CPAs to transfer their active out-of-state licenses to Vermont without having to conform to current state requirements.

Eligibility for CPA Licensure in Vermont

Individuals that would like to become a licensed Vermont CPA must first pass the Uniform CPA Exam. Qualifications to sit for the exam include:

  • 150 Hours of post secondary education including 36 hours of accounting
  • A minimum of a bachelor’s degree
  • One year of work experience (2,080 hours)verified by an actively licensed CPA
  • Attain 18 years of age

It is not uncommon for candidates to require more than one attempt to pass all four sections of the Uniform CPA Exam. Prospective CPAs who apply for re-examination with 18 months of their first attempt are subject to exam registration fees which are based on the number of sections being re-taken:

  • 4 examination section – $110
  • 3 examination sections – $95
  • 2 examination sections – $80
  • 1 examination section – $65

CPA candidates in Vermont are also required to take an AICPA ethics course within 2 years of applying for licensure. The course must include the AICPA code of professional conduct and Vermont accountancy statutes and rules.

Age RequirementN/A
Citizenship RequirementNo
Residency RequirementNo
Social Security # RequirementYes
Education Requirement for LicensureBachelor's degree (150 hours)
International ProgramsYes
Hours in Accounting30 semester hours
Exam Sitting Requirements120 hours
Experience Requirements1 year of accounting experience
Ethics ExamState board course

Vermont CPA eligibility and licensing requirements are available online through the Vermont State Board of Accountancy. The revised administrative rules for the Board of Public Accountancy became effective on June 1, 2014 and are available online.

Source: The American Institute of CPAs

CPA exam fees in Vermont

Total:$982
  • Application Fee $150
  • Auditing & Attestation $208
  • Financial Accounting & Reporting $208
  • Regulation $208
  • Business Environment & Concepts $208

Certifying and Professional Organizations

The Vermont Society of Certified Public Accountants (VTCPA) is a professional membership organization that provides members with continuing education opportunities, technology and leadership training and legislative advocacy and outreach. The Vermont Board of Public Accountancy licenses and regulates Certified Public Accountants in the State of Vermont.

Vermont Board of Accountancy

Address

128 State Street
Montpelier, VT 05633

Phone Number

(800) 439-8683

Vermont Society of CPAs

Address

100 State Street Suite 500
Montpelier, VT 05602

Phone Number

800-229-4939