If a registered barber wishes to become a licensed cosmetologist, he or she shall have successfully completed the one thousand two hundred fifty-hour barber training course or shall possess a current barber license. Upon application to the board he or she shall be given five hundred fifty-five hours of credit for subjects previously covered in the barber training course, which subjects shall be enumerated by joint regulation of the State Board of Barber Examiners and the State Cosmetology Board. Before such person is permitted to take the cosmetology practical and theory State Board examination, he or she shall have successfully passed both the theory and practical portions of the State Barber Board examination.