California regulators are prepared to walk away from strict licensing rules that require accountants to earn the equivalent of five years of college to qualify.

The California Board of Accountancy has proposed reforms that would grant the certified public accountant license to candidates with a traditional bachelor’s degree plus two years of work experience in addition to passing the CPA exam. The proposal would unwind current rules that call for 150 hours of college credits to qualify—a requirement that is seen as a barrier to entering the profession.

Instead, the board's draft legislation would strip the specific number of college credits from its rulebook to focus on the degree earned or the candidate’s coursework. State lawmakers would have to approve any changes.

Bloomberg Tax senior reporter Amanda Iacone spoke with Dominic Franzella, the executive officer of the state accountancy board, about how California's proposal matches up against related reforms the American Institute of CPAs introduced in September and whether the state’s plans could help address the shrinking pipeline of future accountants.

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