Minnesota CPA Requirements: Comprehensive Overview
Social Security, Age, Citizenship, and Residency Requirements
Social Security Requirement: Yes, a Social Security number is needed.
Age Requirement: Minimum 18 years old.
Citizenship: U.S. citizenship is not mandatory.
Residency: Requirement to be a resident of Minnesota.
Education Requirements for Licensure
Credit Hours: 150 semester hours, including a Bachelor’s degree.
Undergraduate Requirements:
At least 24 semester hours in accounting at the undergraduate level, including auditing, financial accounting, management accounting, and taxation.
Graduate Level Options:
If you have a graduate degree from an AACSB or ACBSP accredited business school or college, the requirements may vary slightly. Generally, this includes 24 semester hours in accounting at the undergraduate level or 15 semester hours at the graduate level.
Business Coursework: In addition to accounting courses, candidates must also complete certain business-related courses.
Work Experience Requirements
Duration: 2,000 hours of work experience.
Timeframe: Experience must be gained in a period longer than one year but less than three years.
Fields of Work: Experience can be in public accounting, industry, education, or government and must be verified by a licensed CPA.
CPA Ethical Exam Requirements
AICPA Ethics Exam: Yes, candidates must pass the AICPA’s Professional Ethics exam with a minimum score of 90. The ethics exam can be taken at any point during the licensure process, as long as it's completed within two years preceding the initial license application.09
International CPA Examination Program
Minnesota participates in this program, allowing international candidates to become CPA license holders in the state. If education was completed outside the U.S., credentials must be evaluated by NASBA International Evaluation Services or the Educational Credential Evaluators.
CPA Exam & Licensing - Cost and Fees
Initial Application Fee: $170.00.
Exam Section Fees: $238.15 per section (AUD, BEC, FAR, REG).
Re-Examination Fees: $85.00 application fee, plus $238.15 per section.
Licensing Fee: $150 for the initial CPA license.
CPA License Renewal Requirements
Renewal Deadline: Annually before December 31.
Renewal Fee: $100 for active licenses, $25 for inactive licenses.
First CPE Cycle: Varies based on the issuance date of the license.
Continuing Education Requirements
CPE Credits: 120 CPE credits required per three-year reporting period, with a minimum of 20 credits per year.
Credit Breakdown: At least 60 credits must be in technical subjects, and 8 credits in ethics.
License Issuance Dates and CPE Cycle:
If licensed between January 1 - June 30: The first CPE cycle starts on July 1, requiring at least 20 CPE credits by the following June 30.
If licensed between July 1 - December 31: The first CPE cycle starts the following July 1, requiring at least 20 CPE credits by June 30 of the next year.
These requirements ensure that CPAs in Minnesota maintain a high level of expertise and adhere to ethical standards, contributing to the profession's integrity and public trust.