Accounting Degrees in Vermont

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

Accounting Salaries by Specialty

Top-paying cities for accountants

Major firms headquartered in Vermont

Count	Firm	Location	2014 Revenue (in millions)
1	Gallagher 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 Requirement	N/A
Citizenship Requirement	No
Residency Requirement	No
Social Security # Requirement	Yes
Education Requirement for Licensure	Bachelor's degree (150 hours)
International Programs	Yes
Hours in Accounting	30 semester hours
Exam Sitting Requirements	120 hours
Experience Requirements	1 year of accounting experience
Ethics Exam	State 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

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.