Maine - Become a CPA

The practice of accounting is an important one with varied requirements for certification and expectations depending upon which state you live in. Maine is no exception, and has their own set of standards for reaching the highest level of accounting licensure, the CPA.

Maine Education Requirements

1. Find and enroll in an accredited university

First, you’ll need to find and enroll in an accounting program at an accredited college or university. The Maine Board of Accountancy only accepts degrees from schools that are accredited by an accrediting agency in good standing with the Council of Postsecondary Accreditation. If you’ve already enrolled in a program, confirm that it’s accredited by one of these agencies.

If your educational institute is outside of the United States, you will need to send your transcripts to the Foreign Academic Credential Service FACS). The Maine Board of Accountancy will then evaluate the results and determine if you meet the state education requirements.

Other important information to note when selecting an institution:

CPA review courses are not acceptable. Credits earned at a regionally accredited community college or two-year degree granting institutions are acceptable. Correspondence and online degrees are acceptable, as long as the university is accredited.Credits by examination are acceptable.

If you have questions regarding the standing of your current institution or one you’re considering applying to, contact the board.

2. Complete your course requirements

CPA applicants must earn, at a minimum, a 4-year baccalaureate or higher degree in accounting. The program must consist of at least 150 semester hours, 3 hours of which must be in auditing and attestation services. Additionally, 15 hours must consist of one or more of the following topic areas:

Financial accounting and reporting for business organizations; Financial accounting and reporting for governmental and not-for-profit entities; Auditing and attestation services - Managerial or cost accounting; Taxation; Fraud examination; Internal controls and risk assessment; Financial statement analysis; Accounting research and analysis; Tax research and analysis; Accounting information systems; Ethics relevant to the practice of public accounting.

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Maine Exam Requirements

1. Complete your exam requirements

In order to qualify to sit for the Uniform CPA Examination, you must complete at least 120 semester hours of the 150 hour requirement, including the basic courses in accounting and auditing, as well as 15 semester hours in one or more of the topic areas mentioned above. You’ll also be required to attain your 4-year baccalaureate or higher degree within 120 days following your first examination. Failing to graduate within this time period will mean no credit will be given for the examination and you’ll be unable to request your exam scores.

2. Apply to take the Uniform CPA Examination

You can apply to take the Uniform CPA Examination online via the National Association of State Boards of Accountancy (NASBA) CPA Examination Services (CPAES). Application requirements include:

• • Application fee of $150.

  • Examination fee of $208.40 for each section you intend to take: Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and/or Regulation. You can apply for as many examination sections as you want.

  • Official school transcripts from all schools listed on your application. These must be sent directly from your school to CPAES.

  • Three reference letters submitted by you or your references, which may not include anyone related to you. Additionally, only one letter may be written by an employer or educator who knows you solely through work or school.

  • Notarization form.

  • Photo form.

  • Certification of Enrollment, if still enrolled, submitted by you or your institution. This may not be necessary if courses in progress are listed on your official transcript(s). Final transcripts signifying the completion of your program must be submitted to CPAES within 120 days of your first examination.

  • International Evaluation, if education was received outside of the United States. This must be sent directly from your evaluation agency.

  • Testing Accommodation Request Form, if applicable, submitted by you.

  • Supporting legal documents (if applicable for background check purposes).

Keep in mind that application and/or examination fees are not refundable. Under extreme circumstances, however, you may request a testing extension or a partial refund for examination fees using an Exception to Policy Form.

You should receive an email once your materials have been received. If you fail to submit any required documentation with 45 days, your application will be marked incomplete. On average, it will take between two and four weeks for your application to be processed from that point.

3. Schedule and take your Uniform CPA Examination

Once the NASBA determines you’re eligible, you’ll receive a Notice to Schedule (NTS). Your NTS will instruct you on how to schedule your exam date via Prometric. Be advised that Prometric does charge exam service fees.

Your exam responses will be sent to AICPA to be tabulated. You should then receive the results via postal mail.

Maine Work Experience Requirements

1. Complete your work experience requirements

To qualify for a CPA license in Maine, you are required to work professionally under the direct supervision of a certified public accountant for two years. The CPA can be licensed in any state or territory, as well as board-approved countries. Employment must be at a licensed public accounting firm, unless a nonpublic accounting position is deemed equivalent by the Maine Board of Accountancy. During this time, you should gain experience in accounting or auditing skills, including the issuance of reports and, at minimum, one of the following:

• • The provision of management advisory

  • Financial advisory or consulting services

  • Preparation of tax returns

  • The furnishing of advice on tax matters

2. Submit proof of work experience

Your work experience must be confirmed by a licensed CPA. Make sure you use the appropriate verification form for either CPAs licensed in Maine or CPAs licensed in another location.

Applying for Your Maine CPA License

1. Check that you have met all requirements

In order to apply for a CPA license, you must meet the following requirements:

• • Score of at least 75% within an 18 month rolling period on all four parts of the Uniform CPA Examination

  • Successful completion of the 150 semester hours including,

  • at minimum, a baccalaureate or higher degree from an accredited institution

  • Two years of professional work experience,

  • verified by a licensed CPA

2. Submit the CPA license application

You can apply for your initial CPA license online or by downloading the application and sending it to the following address:

Maine Board of Accountancy

35 State House Station

Augusta, ME 04333

A total fee of $76 must also be included. This can be paid online, via check made payable to “Maine State Treasurer,” or by including your credit card information on your printed application.

Maine Continuing Education Requirements (CPE)

1. Complete your CPE requirements

Your CPA license in Maine will expire on September 30 of each year. In order to maintain your license, you need to meet the state’s CPE requirements, which consist of 40 hours of continuing education annually. Qualifying programs include:

Acceptable subject matter includes:

• • Accounting, Auditing, and Ethics

  • Specialized Accounting Areas of Industry

  • Administration Practices

  • Taxation

  • Management Services

The following subjects are acceptable, but must not exceed 50% of your total hours:

• • Communication Arts

  • Mathematics, Statistics, Probability, and Quantitative Applications in Business

  • Economics

  • Business, Securities, and Administration Law

  • Human Resources Policies

  • Computer Software Applications

What do you need to be a CPA? When it pertains to becoming a Certified Public Accountant, credentials are the most crucial factor in qualifying. Now, there are numerous programs readily available to come to be a Certified Public Accountant and also each has its very own specific set of needs. When you are seeking those demands, you will want to know just what is required to come to be a CPA.

First, when it involves coming to be a Certified Public Accountant, the most vital point that you should do is pass the Certified Public Accountant Exam. This assessment is required for every single state to accept a CPA as a member of their accounting profession. It is not called for, however, in all states. The following thing you must do is find an ideal accounting program to study to be a CPA. There are several various ways to tackle this.

One way is to have a certain academic history and also training. You might select to take a CPA examination in order to satisfy state certification demands. Doing so will certainly not eliminate any other exams you may have to take due to the fact that it will just make them harder. If you choose to take a program, you will certainly have to have actually completed your accounting level at the neighborhood community college or a few other accredited organizations and completed a specific variety of credits in the direction of your accounting degree. This will be required for you to come to be a CPA.

One more option would be to select the state's needs and after that go from there. For instance, if you stay in Florida, you will need to have actually completed a particular quantity of CPA research study hours before you can be accredited. If you strive to come to be a CPA, nevertheless, you can get an excellent education and after that go on to qualify as a Certified Public Accountant. When you certify, you can still continue with your education and learning to gain extra CPA training hours before you are permitted to sit for the CPA exam.

When it pertains to what do you require to be a CPA, how do you research? This is something you require to recognize because you can not just discover the CPA program in one resting. It requires time and you will certainly need to know what the general needs are for CPA education and learning. Among the first things you need to recognize is that every state requires you to finish a particular number of CPA training hours before you can sit for the CPA exam. Normally, these are equal to the number of CPA hours you have finished in your accounting program.

The following thing you require to understand is that, essentially, accountants must have made a bachelor's level from an accredited college prior to they can end up being a CPA. Those who have actually accomplished a Master's degree in accounting, however, can make CPA accreditation after they have attained a certain amount of CPAs. What do you require to be a CPA? Most notably, you need to have actually gained a particular quantity of accounting education as well as hrs prior to you can take the CPA exam.

Such specialists are provided particular duties by legislation, such as the ability to license a company's monetary declarations, and also may be held accountable for specialist misbehavior. Non-qualified accounting specialists might be used by a certified accountant, or could function independently without legal benefits and also obligations. Cahan & Sun (2015) took advantage of archival research to find that accounting experts' personal characteristics might place a really significant influence throughout the audit treatment and even more influence audit charges as well as audit high quality.

Nonetheless, most accounting specialists are utilized in the service, market, and also the public market. In the Republic of Nations, that consist of the UK, Canada, Australia, New Zealand, Hong Kong pre-1997, as well as numerous other states, generally identified audit qualifications are Chartered Qualified Accountant (ACCA), Chartered Accounting specialist (CA or ACA), Chartered Administration Accountant (ACMA) as well as additionally International Accounting Professional (AAIA).

The Institute of Chartered Accountants of Scotland (ICAS) obtained its Royal Charter in 1854 as well as likewise is the world's initial professional body of accountants. Excepting the Organization of Licensed Public Accountants, each of the above bodies confess just after passing exams and experiencing a period of pertinent work experience. As soon as confessed, individuals are expected to abide by ethical standards and gain ideal professional experience.

Cpas are accountants that have been recognized by a state's Board of Book-keeping. According to the American Institute of Certified Public Accountants (AICPA), to become a Certified Public Accountant, prospects must gain a bachelor's level at a minimum, and afterwards satisfy licensure demands in their state. Permit demands normally consist of education and also knowing, experience, as well as likewise passing examinations.

To reach the 150 hours, potential CPAs require to complete a bachelor's level with a suitable range of audit programs, as well as later on think of graduate programs. A graduate level is not asked for to come to be a Certified Public Accountant, however it might assist you reach the credit rating hour demand. Lots of boards enable a prospect to sit for the license exam before they have actually finished the education and learning needs.