Navigating CPA Certification in New Mexico: Your Essential Guide
New Mexico, with its economic incentives for businesses, presents lucrative opportunities for Certified Public Accountants (CPAs). Understanding the requirements set by the New Mexico Public Accountancy Board is crucial for aspiring CPAs. This guide will walk you through the application process, licensure, and renewal requirements to become a CPA in New Mexico.
Educational Requirements
To be eligible for CPA licensure in New Mexico, candidates must meet specific educational criteria:
Bachelor’s Degree: A baccalaureate degree or its equivalent is required.
Credit Hours: A total of 150 semester hours, including 30 hours in accounting. No more than 3 of these hours can be in business law.
Work Experience Requirements
In New Mexico, CPA candidates need to complete at least one year of work experience in fields like accounting, attest, management advisory, financial advisory, tax, or consulting skills. This experience must be verified by a licensed CPA.
Ethics Exam
Candidates must pass the AICPA's Professional Ethics Course with a score of 90% or higher within one year of purchase.
International CPA Examination Program
New Mexico participates in this program, helping non-U.S. citizens become CPAs. International candidates must have their educational credentials evaluated by NASBA International Evaluation Services (NIES) or a member of the National Association of Credential Evaluation Services (NACES).
CPA Exam and Licensing Fees
The cost associated with the CPA examination and licensing in New Mexico includes:
Initial Application Fee: $180.00
Examination Fees (per section):
AUD: $238.15
BEC: $238.15
FAR: $238.15
REG: $238.15
Total for all sections: $1,132.60
Re-application Fee: $95
Licensure Application Fee: $175
License Renewal
New Mexico CPA licenses must be renewed annually. The renewal involves:
Fee: $130
Renewal Cycle: Starts the first day of the month after your birth month and ends on the last day of your birth month.
Cancellation: Licenses not renewed within 90 days of expiration are canceled.
Continuing Professional Education (CPE) Requirements
CPAs in New Mexico must meet the following CPE requirements:
Total Hours: 120 CPE hours every three-year cycle.
Annual Requirement: A minimum of 20 CPE hours annually.
Specific Requirements:
4 hours in ethics.
96 hours in technical courses.
24 hours must not be sponsored by your firm or employer.
Conclusion
Becoming a CPA in New Mexico involves completing the required educational coursework, passing the CPA Exam and the ethics exam, gaining relevant work experience, and committing to ongoing professional education. The state offers a conducive environment for CPAs, and meeting these requirements ensures that you are well-prepared to take advantage of the opportunities available in New Mexico's dynamic economic landscape. Continuous learning and adherence to professional standards are key to maintaining your CPA license and excelling in the accounting field in New Mexico.