(A) An applicant making application for examination shall submit evidence satisfactory to the board that the applicant:
(1) is at least eighteen years of age;
(2) does not have a history of dishonest or felonious acts;
(3) has the following educational background:
(a) Before July 1, 1997, each applicant must have a baccalaureate degree from a college or university recognized by the board including a minimum of twenty-four hours or the equivalent in accounting hours.
(b) After June 30, 1997, each applicant must have at least one hundred fifty semester hours of college education including a baccalaureate or higher degree conferred by a college or university acceptable to the board, the total educational program to include an accounting concentration or equivalent as determined by board rule to be appropriate.
(B) The educational requirements are waived for a candidate who is a South Carolina public accountant licensed and in good standing under this article or who, on July 1, 1965, was practicing as a public accountant or who then was employed as a staff accountant in this State by anyone practicing public accounting.