Maine CPA Exam Requirements 2024: 3 Simplified Steps

Maine CPA Exam Requirements

If you want to become a CPA in Maine, we’ve summarized the Maine CPA exam requirements so that you’ll know the exact steps to become a licensed CPA in Pine Tree State.

Every firm relies on accountants to balance the books, calculate taxes, and audit the corporation to ensure optimal efficiency. Accountants are essential in mergers and acquisitions, as well as in completing quarterly and annual SEC filings.

CPAs are well-respected members of their communities as well as corporate leaders. With a CPA certificate, you demonstrate strategic planning and dedication, which results in high credibility. CPAs operate in a wide range of fields, including entertainment, technology, criminal investigation, environmental work, tourism, food and fashion, sports, and so much more.

For Maine CPA exam requirements, we have three ‘E’s, which stand for education, examination, and experience. Each differs and varies from state to state, which means that the state of Maine has its own set of standards and requirements to complete in order to be eligible to take the CPA exam.

Each state or area in the United States has its own set of criteria for taking the CPA test. So, while considering Maine for the CPA test, you must assess if you meet all of the qualifying prerequisites, including education, residency, and age restrictions. The criteria for the Maine CPA exam are shown below.

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Summary of Maine CPA Requirements

Credit Hours to sit for CPA Exams	120
Good Moral Character	Yes
Credit Hours in Accounting and Auditing combined	15
Credit Hours in Accounting and Attestation	3
Bachelor’s Required to sit for CPA Exams?	Yes
Credit Hours to receive a CPA License	150
Work Experience Required	2 Years
Required CPE Hours Annually	40

Minimum Education for Maine CPA Exam Requirements

For the first ‘E’ we have Maine’s CPA educational requirements to meet and as for the Maine Board of Accountancy, the aspiring CPAs are required to hold a baccalaureate degree with a concentration in business or accounting that meets a specific set of coursework requirements. For licensure, the state requires a total of 150 semester credit hours, however, you can take the CPA exam after completing 120 hours, or nearly the equivalent of a bachelor’s degree.

Accounting programs including all business and accounting credits acquired at colleges and universities across the country that have standard regional accreditation are accepted by the Maine Board of Accountancy.

If your college is not Board-approved or regionally accredited, the Board must evaluate your college credits before you take the Uniform CPA Exam. To request a Board evaluation of your college credits, call the Maine Board of Accountancy at (207) 624-8672. Foreign Academic Credentials Service, Inc. or NASBA International Evaluation Services, Inc. are required to evaluate international school transcripts.

To be eligible for the exam, you must:

• Have a good character and a good reputation; and
• Have a baccalaureate or higher degree from a regionally accredited college or university acceptable to the Board, as well as completed at least 120 semester hours of college level coursework; and
• Have completed 15 semester hours in one or more of the following topics. Auditing and attestation services must be completed in at least three semester hours.
  • financial accounting and reporting for business organizations
  • financial accounting and reporting for government 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

The baccalaureate degree and 120 semester hours must be completed within 120 days of the date you took your first test section, otherwise your scores will be withheld and credit for any completed portion of the examination will be denied. Accounting and auditing fundamentals must be completed at the time of application. All educational transcripts, Certificates of Enrollment, and/or international evaluations must be provided to CPA Examination Services. Official school transcripts, Certificate of Enrollment, and/or international evaluations may be submitted individually or as part of the first application.

It should be noted that the Board will not accept credits from CLEPs, commercial CPA prep courses, or non-accredited institutions. Credits from community colleges, online institutions, or any other accredited entity that meets curriculum criteria may, however, be used.

Maine’s criteria are significantly less strict and demanding than those of numerous other states. As a result, it will be your responsibility to enroll in classes that will prepare you to pass the CPA exam. Discuss this with your adviser when you are a student, and make sure that you choose courses that will best prepare you for an accounting job rather than just the CPA exam section themes. It is vital to highlight that the CPA exam is one of the most challenging professional exams in the country, with many failing on the first try.

While you are still a student, you may want to work as an intern for a CPA. When you select a professional mentor, you might obtain further insights about the industry and how to prosper once you have passed the CPA exam. Internships can also help you network, locate your first career, and meet the experience requirements for licensure.

Maine does not have a residence requirement or an age requirement.

Maine CPA Examination Process

For the second ‘E’, we have the examination. To become a CPA, you may apply to take the Uniform CPA Examination in Maine once you have completed 120 hours of the overall requirement of 150 hours. Before proceeding with the uniform CPA exam, there are required documents that you must submit as part of the application process. Apply to sit for the Uniform CPA Examination online through the National Association of State Boards of Accountancy’s (NASBA) CPA Examination Services (CPAES).

Submission of Transcripts

Each school you attended must provide you with an authentic transcript. Transfer credits are not accepted; instead, a transcript from each institution must be submitted. Official transcripts are those that have been issued by the Registrar’s Office of the institution and bear the official seal of the Registrar. Your official transcript must include your degree.

If the transcripts are official, they may be sent electronically. This service is not available at all schools. For more information, contact your local Registrar’s office. If an email address is required for electronic distribution, please send it to etranscript@nasba.org. Transcripts must be submitted directly from the institution if they are delivered electronically (s).

Transcript photocopies are not authentic and will not be accepted.

Please keep in mind that if you haven’t applied yet when you submit your transcripts, your educational records will be kept on file for a year. After that time, the documents will be destroyed, and you will be required to resubmit new educational documents when you apply.

If you took classes at a campus outside the United States for a school in the United States, the official transcript must be provided by the registrar at the United States campus. Transcripts issued by the registrar of a campus outside the United States will not be accepted.

After you have completed all of your educational prerequisites, you must:

• Request that the academic institution(s) send an official transcript to CPAES to validate degree conferral and satisfactory completion of courses.
• The final official transcript must show satisfactory completion of all courses as well as the degree graduation date.
• You may submit an official transcript.

Furthermore, you are advised:

• Exam results will not be disseminated, and you will be unable to take subsequent exams until CPAES receives the final certified transcript.
• Failure to successfully complete the courses and/or degree requirements as specified on the Certificate of Enrollment will result in the examination score(s) being annulled.
• If the required final official transcript is not received, the application will be considered incomplete, and you will not receive examination score(s), will not receive credit for any Uniform CPA Examination section taken, will not be permitted to take any future examinations, and will be required to reapply as a First-time applicant.

At the time of application, CPAES must acquire complete original evaluations directly from the evaluation service. No photocopies will be accepted. For each individual evaluation from the evaluation service, a copy of the foreign transcript must be included in the report delivered to NASBA. Without these documents, the application will be regarded as incomplete, and the processing of the application would be halted until transcripts are produced.

CPA Examination Fees

CPA Examination Services will send your Authorization to Test (ATT) to the National Association of State Boards of Accountancy once we have received all of the necessary information (NASBA). You will be given a Notice to Schedule (NTS) that is valid for six months; however, because every third month is non-testing, the NTS only covers four months of testing.

Upon submission of the first-time application, all first-time applicants must pay both an application fee and an examination fee. At the time of registration, all re-examination applicants must pay both the registration fee and the examination fee.

You may apply for one or more sections of the test at the same time; however, it is recommended that you only apply for a section of the examination if you are prepared to take it within the next six months.

The Maine CPA exam cost consists of five main fees: the education evaluation application of $90, $344.20 per CPA exam section totaling $1,379.20 for all four sections, the CPA license application fee of $35, a criminal background check fee of $21, and the renewal fee of $35.

Education Evaluation Application Fee	$90.00
Auditing and Attestation (AUD)	$344.80
Financial Accounting and Reporting (FAR)	$344.80
Regulation (REG)	$344.80
Disciplines (ISC, TCP, or BAR)	$344.80
Total for all 4 CPA Exam Sections	$1,379.20
CPA License Application Fee	$35.00
Criminal Background Check Fee	$21.00
CPA License Annual Renewal Fee	$35.00
CPA License Late Renewal Fee	$50.00

Maine Uniform CPA Examination

You can begin scheduling exams using your NTS. You can take the exam components in any order, so you can plan your reviews around your exam schedule. The most efficient method is to take two parts in each exam window; however, exam costs paid for portions not taken are non-refundable. Exam dates and times are determined with Prometric and can be reserved online at www.prometric.com/cpa. You can take the exam at a Prometric center in Bangor, South Portland, or any other place that is convenient for you.

The CPA exam consists of the three core sections and candidates would need to select one of the three discipline to demonstrate deeper skills and knowledge, allowing candidates to choose a specialization. There is no set order in which the exam portions must be completed. The components of the CPA test are as follows:

• Auditing and Attestation. This exam section covers the basics of financial and attest services, such as audits, reviews, compilations, and preparing agreements.
• Financial Accounting and Reporting. This exam section covers financial accounting topics for all business entities, including the government and nonprofits.
• Regulation. This exam section covers federal taxation, tax services, professional ethics, and business law for individuals and business entities.
• Disciplines
  • Business Analysis and Reporting (BAR): Focused on financial reporting, data analytics, and performance management. This area is suitable for those who are interested in financial analysis and reporting. An extension of FAR core.
  • Information Systems and Controls (ISC): Concentrates on IT governance, data security, and system controls. Ideal for individuals who wish to specialize in IT audits and information security. An extension of AUD core.
  • Tax Compliance and Planning (TCP): Centers on personal financial planning and tax compliance for individuals, businesses, and other entities. Suitable for those with a strong interest in taxation and financial planning. An extension of REG core.

You may take the required test sections in any order, but you must pass all four sections of the Uniform CPA Examination within an 18-month period beginning on the date the first examination section completed was taken. All components must be passed within the 18-month term. Any exam taken outside of the 18-month timeframe will result in a loss of credit.

Credit for any passed portion will be valid for 18 months from the date the examination sections were taken. Exam credit expires in sections. You will lose credit for any sections completed after the 18-month time has expired, and you will have to retake those sections.

Maine CPA Experience Requirements

For the third and final ‘E,’ we will discuss Maine’s CPA experience requirement for the Maine CPA Exam. After passing the Uniform CPA Exam, you must complete the practical work experience requirement of the Maine Board of Accountancy:

According to the Maine Board of Accountancy, all state CPA candidates must have at least two years of full-time paid public accounting experience (2080 hours of work experience equals one year). For assistance in locating work experience that satisfies the criteria, contact your school’s career department. This employment experience must consist of the following elements:

• A total of 400 hours must be spent on review, compilation, and auditing.
• A total of 200 hours in advisory services is required.
• Must be overseen by a registered CPA in Maine or another state.

The following competencies should be incorporated into your work experience:

• Preparing audited financial statements
• Audit procedures
• Review procedures
• Compilation procedures
• Provision of management advisory
• Financial advisory services
• Consulting services
• Preparation of tax returns
• Provision of advice on tax matters

Choose a Maine-licensed, certified public accountant to fill out the Verification of Work Experience form if feasible.

If your supervisor is not a licensed Maine CPA, you must complete Section A of the Verification of Licensure for CPA Supervisor or Licensed Supervisor Professional form (included within the Individual License Application) and return it to the CPA’s State Board of Accountancy to have Section B completed. Provide an addressed envelope for the completed form to be sent to the State Board of Accountancy at: Maine Board of Accountancy, 35 State House Station, Augusta, Maine 04333-0035.

Mail to the Maine Board of Accountancy the completed Verification of Work Experience form signed by your supervising CPA.

Main CPA License Requirements

You are now eligible to apply for Maine CPA license after passing the Uniform CPA Exam and completing Maine’s practical work experience requirement. Check that the following steps have been completed:

• Take and pass the Uniform CPA Exam.
• Maine’s 150 semester hour education requirement can be met with a master’s degree in accounting or other post-baccalaureate courses. Regardless of whether you pass the Uniform CPA Exam, you are not eligible for Maine CPA licensing until you have met this criteria. Send your authentic college transcripts to the Maine Board of Accountancy at 35 State House Station, Augusta, Maine 04333-0035.
• Complete Maine’s practical work requirement of two years of full-time public accounting employment and have your supervising CPA confirm this on the Verification of Work Experience form.

Use the Individual License Application to apply for your Maine CPA license. Enclose the fees made payable to the Maine State Treasurer, or pay using a credit card. Check that you and your Verifying CPA have completed the Verification of CPA Licensure and Verification of Work Experience Forms, which are included in the application packet. Everything should be mailed to the Maine Board of Accountancy, 35 State House Station, Augusta, Maine 04333-0035.

While most states require ethics before licensing, Maine candidates can become a CPA without it as there are no Maine CPA ethics exam requirements. However, part of the Continuing Professional Education (CPE) requirement is to attend 4 hours of board-approved ethics.

Continuing Professional Education in Maine

All CPAs in Maine are expected to meet annual continuing professional education (CPE) requirements, according to the Maine Board of Accountancy.

Every year, you must complete 40 hours of continuing professional education (CPE) to keep your Maine CPA license active.

• CPE hours of up to 20 hours may be carried over to the next annual license period.
• During your initial licensure period, you are simply required to complete 20 hours of CPE.
• Every three years, four hours of professional ethics must be completed.

CPE programs in Maine can be found at the following websites:

• Maine Society of Certified Public Accountants
• American Institute of CPAs
• Maine colleges and universities

In the event of an audit, you should preserve evidence of your CPE for at least 5 years, including the dates, course title and description, school or organization where the course happened, and amount of CPE hours per course.

Summary

Congratulations! You are now a licensed CPS in the state of Maine.

Excellent work. In Maine, you’re a certified public accountant. Consider joining the American Institute of CPAs (AICPA), a national organization that offers members ongoing professional education opportunities, professional counseling, and discounts on items you’ll need every day in the workplace. The Maine Society of Certified Public Accountants and the Maine Association of Professional Accountants are two professional accounting organizations in Maine that you should think about joining.

Consider concentrating your efforts! Auditors, management accountants, personal financial specialists, financial analysts, financial controllers, senior wealth managers, and municipal accountants are popular specializations within the accounting discipline in Maine.

Maine CPA Exam F.A.Q.s

Here are some commonly asked questions regarding Maine’s CPA exam and CPA licensure requirements.