CPA Requirements Overview for New Mexico
Mastering the New Mexico CPA Requirements involves a detailed understanding of the steps to becoming a licensed CPA in the state. New Mexico candidates must meet specific education, exam, and experience requirements. Here’s a comprehensive guide:
- Earn a bachelor’s or master’s degree from an accredited college.
- Complete 150 semester hours, including accounting courses.
- Courses must be from institutions like senior colleges the association or schools in the N. Central Association.
Next, pass the CPA exam at a metric testing center with a minimum score as set by the state.
- Meet experience requirements, typically involving work in financial accounting.
- Complete an ethics exam from the American Institute of Certified Public Accountants.
Submit an interstate notification if licensed in another state.
Following these steps ensures compliance with New Mexico CPA licensure standards.
Understanding the New Mexico CPA Exam Requirements
| CPA Exam Requirements New Mexico – Overview | |
| Educational Hours Required for Exam | 150 Semester Hours |
| Educational Hours Required for Licensure | 150 Semester Hours |
| Residency Required | Not required |
| Degree Required | Bachelor’s or Master’s |
| Minimum Age | 18 |
| Application Fee | $180.00 |
| Additional Requirements | New Mexico Board of Accountancy Site |
Overview of the Mexico Public Accountancy Board
The New Mexico Public Accountancy Board regulates licensed accountants and oversees the process for becoming a CPA in the state. They set and enforce New Mexico CPA requirements.
Key responsibilities include:
- Regulating New Mexico CPA licensees.
- Overseeing the CPA exam process.
To meet Mexico CPA requirements, candidates must complete a minimum of 150 semester hours, including a bachelor’s degree with related courses such as business law and financial accounting.
The Mexico Board ensures compliance with standards from the National Association and the Business Accreditation Council.
The Mexico CPA exam includes business law and financial accounting sections, and successful candidates receive a Certified Public Accountant Certificate.
Meeting these requirements ensures professional standards for New Mexico CPA licensees.
Meeting the Educational Requirements
To meet the education requirements for becoming a CPA in New Mexico, applicants must hold a bachelor’s degree with 150 semester hours, including 30 hours in accounting and related courses. The state requires these 150 hours for full licensure, which may include master’s-level education.
Accredited programs must be recognized by entities such as:
- The Advanced Collegiate Schools of Business (AACSB)
- The Association to Advance Collegiate Schools of Business (AACSB)
- The Accreditation Council for Business Schools and Programs (ACBSP)
Other recognized accrediting bodies include:
- The Middle States Association of Colleges and Schools
- The New England Association of Schools and Colleges
- The N. Central Association of Colleges and Schools
- The Northwest Association of Schools and Colleges
- The Southern Association of Colleges and Schools
- The Western Association of Schools and Colleges
Meeting these education requirements prepares candidates for the CPA exam and ensures they have a strong foundation in areas like financial advisory and management advisory.
Understanding the CPA Exam
The Uniform CPA Examination is a 4-part exam developed by the American Institute of Certified Public Accountants (AICPA) and administered by the National Association of State Boards of Accountancy (NASBA). The CPA exam is essential for obtaining a CPA license and covers a wide range of topics.
New Mexico candidates must meet specific education requirements before sitting for the exam. This typically includes coursework from accredited business schools and other financial reports education.
The CPA exam consists of:
- Auditing and Attestation
- Business Environment and Concepts
- Financial Accounting and Reporting
- Regulation
After passing the uniform CPA exam and fulfilling the necessary work experience, CPAs in New Mexico must also pass an ethics examination to obtain their license.
Maintaining a CPA license involves continuing education to stay updated on industry standards. New Mexico CPAs must keep up with uniform CPA exam scores and comply with state regulations to begin practicing.
This comprehensive process ensures that CPAs are well-prepared to handle various financial responsibilities.
Required Courses and Specializations
To obtain a CPA license in New Mexico, candidates must complete specific accounting coursework and business-related courses. A bachelor’s degree or higher from accredited collegiate business schools or independent colleges is required.
Key requirements include:
- 150 semester hours of college education
- 30 hours in accounting courses
- Courses such as financial accounting, managerial accounting, taxation, and auditing
Additionally, business-related courses may include:
- Business law
- Economics
- Finance
Candidates must ensure their education meets the standards set by accredited bodies like the Higher Education Northwest Commission and Universities Western Association. Institutions should be recognized by the Colleges Accrediting Council.
Applicants must also undergo a fingerprint background check and submit a work experience verification form to document their practical experience.
These comprehensive requirements ensure that candidates are well-prepared for a career in accounting.
New Mexico CPA Licensure Requirements
CPA Examination Services
The CPA examination is a requirement for obtaining initial licensure as a certified public accountant. To increase the chances of achieving passing scores, candidates must:
- Enroll in a comprehensive review course.
- Dedicate several hours a day over several months for preparation.
CPA Examination Services oversees the exam and is responsible for sending scores directly to the New Mexico Board.
New Mexico CPA license holders must also fulfill New Mexico CPA requirements, which include federal taxation knowledge and continuing education.
For verification, candidates need to submit the verifying CPA’s license form.
Meeting these requirements ensures that you become a licensed CPA in New Mexico.
AICPA Ethics Course and Exam
To meet the New Mexico CPA ethics testing requirements, candidates must complete the AICPA course titled “Prof. Ethics: The AICPA’s Comprehensive Course (for licensure).” This course is available on the AICPA website, and an exam follows.
- A passing score of 90% or higher is required.
Candidates can schedule their exam at a Prometric testing facility. The course is suitable for those who have completed their education at an accredited college or through accounting programs recognized by the college’s accrediting council.
The course covers various topics, including financial statement analysis and management advisory services.
Completing this requirement is a step toward fulfilling the New Mexico CPA requirements.
Gaining the Required Experience
To meet the New Mexico CPA experience requirements, candidates must have 12 months or 2,000 hours of paid or volunteer public accounting experience. This experience should be obtained in the seven years leading up to taking and passing the Uniform CPA Exam or within seven years of passing the CPA exam.
- Experience can be in various roles, including audit, tax, and consulting.
Candidates must complete a fingerprint background check and adhere to the education requirements set by the schools N. Central Assoc., and senior colleges southern association.
Additionally, candidates should complete all required courses and pay the education evaluation application fee. Continuing education may also be necessary to maintain licensure.
Continuing Education and License Renewal
To meet the New Mexico CPA requirements for license renewal, CPAs must complete 120 hours of continuing professional education (CPE) every three years. This includes:
- 20 hours in professional ethics
- 20 hours in accounting and related topics
The New Mexico Public Accountancy Board enforces these rules to ensure CPAs maintain their knowledge and skills. If a license is not renewed within 90 days of expiration, it is canceled.
CPAs should be aware of the national association guidelines and the uniform CPA examination standards. Participation in business association activities and seminars can help fulfill CPE requirements.
Education programs must be accredited by recognized entities, such as schools North Central Association. Staying compliant with these requirements is crucial for maintaining a CPA license in New Mexico.
New Mexico CPA FAQs
What are the educational requirements for CPA licensure in New Mexico?
To meet the New Mexico Board requirements for CPA licensure, candidates must complete specific educational criteria. First, you need a college education with a bachelor’s degree from an accredited institution. Your degree must include at least 150 semester hours, with 30 hours in accounting programs and other related courses.
Your coursework should cover areas like financial reports, auditing, taxation, and business law. Accreditation from recognized bodies, such as the Schools North Central Association or Independent Colleges, is essential to ensure the quality of your education.
The Certified Public Accountants national association, the AICPA, provides resources and guidelines to help meet these standards. After completing the educational requirements, candidates must pass the CPA exam to qualify for licensure.
Staying informed about the educational requirements is crucial for aspiring CPAs in New Mexico.
How do I apply for the CPA exam in New Mexico?
To apply for the CPA exam in New Mexico, follow these steps:
- Complete Education Requirements: Ensure you have a bachelor’s degree from an accredited college with the required courses in accounting and business.
- Submit Application: Apply through the New Mexico Public Accountancy Board, providing official transcripts to verify your academic requirements.
- Fingerprint Background Check: Complete a fingerprint background check as part of the application process.
- Work Experience Verification Form: Submit a work exp. verification form if applicable.
- Ethics Examination: Pass the ethics exam provided by the American Institute of Cert. Public Accountants (AICPA).
- Prometric Testing Center: Schedule your exam at a Prometric testing center.
Ensure you meet the minimum score requirements and handle any interstate notification if you’ve taken courses or exams in another state.
Additional Information
While we do our best to keep all of this information up to date you are welcome to visit and or contact the New Mexico Board of Accountancy with any other questions you might have.
New Mexico State Board of Public Accountancy
Address: 5500 San Antonio Dr. NE, Suite A Albuquerque, NM 87109
Phone: (505) 222-9850 Fax: (505) 222-9855
Email: [email protected]
Web: www.rld.state.nm.us
Application form: New Mexico CPA Application Form