Maine CPA Experience Requirements 2024

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To meet the Maine CPA experience requirements and become a CPA, candidates must complete at least two years of experience under the direction of a CPA licensed by any state or territory of the U.S. or equivalent direction, or by a licensed professional CPA in another country. Work experience must be earned in the employment of a licensed public accounting firm.

This article will help you to become a CPA in Maine and is a requirement for you to take the Maine CPA exam.

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Table of Contents

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

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, Maine CPA education requirements require 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.

Pass the Uniform CPA Examination

The “Uniform CPA Examination”, which is a 4-part exam, is developed by the AICPA – the American Institute of Certified Public Accountants and administered by NASBA – the National Association of State Boards of Accountancy.

The Three Core Exam Sections

Auditing and Attestation (AUD)

The Auditing and Attestation (AUD) section of the Uniform CPA Examination (the Exam) tests the essential knowledge and skills a newly licensed CPA must demonstrate when performing audit engagements, attestation engagements or accounting and review service engagements.

Newly licensed CPAs are required to:

Demonstrate knowledge and skills related to professional responsibilities, including ethics, independence, and professional skepticism. Professional skepticism reflects an iterative process that includes a questioning mind and a critical assessment of audit evidence.
Understand the entity including its operations, information systems (including the use of third-party systems), and its underlying business processes, risks, and related internal controls.
Understand the flow of transactions and underlying data through a business process and its related information systems.

Financial Accounting and Reporting (FAR)

The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and nonpublic), not-for-profit entities and state and local government entities.

The financial accounting and reporting frameworks that are eligible for assessment within the FAR section of the Exam include the standards and regulations issued by the:

Financial Accounting Standards Board (FASB)
U.S. Securities and Exchange Commission (U.S. SEC)
American Institute of Certified Public Accountants (AICPA)
Governmental Accounting Standards Board (GASB)

Regulation (REG)

The Regulation (REG) section of the Uniform CPA Examination (the Exam) tests the knowledge and skills that a newly licensed CPA must demonstrate with respect to:

U.S. federal taxation
U.S. ethics and professional responsibilities related to tax practice
U.S. business law

The Three Disciplines

The three new disciplines in the 2024 CPA Exam, part of the CPA Evolution initiative, are designed to allow candidates to specialize in areas that align with their career interests and the demands of the modern business environment. Here’s a more detailed look at each discipline:

Business Analysis and Reporting (BAR)

Objective: This discipline focuses on higher-order skills needed in financial statement analysis, business reporting, and the strategic role of the CPA in business decision-making.

Key Topics:

Financial Statement Analysis: Understanding and interpreting financial statements to assess an entity’s financial health and performance.
Performance Management: Developing and using key performance indicators (KPIs) to measure, manage, and improve business performance.
Data Analytics and Visualization: Utilizing data analytics tools to analyze business data, and effectively presenting data to support business decisions.
Strategic Planning and Risk Management: Involvement in the strategic planning process and identifying, assessing, and managing business risks.
Business Processes and Controls: Understanding and evaluating business processes and internal controls to improve efficiency and effectiveness.

Information Systems and Controls (ISC)

Objective: This discipline is tailored for those interested in information technology, data security, and controls. It addresses the increasing role of technology in accounting and auditing.

Key Topics:

IT Governance and Risk: Understanding the frameworks for managing and governing enterprise IT; identifying and managing IT-related risks.
Information Security and Cybersecurity: Knowledge of cybersecurity principles, data protection laws, and the steps necessary to protect information assets.
System and Organization Controls (SOC) Reporting: Understanding the requirements for SOC reports and the role of CPAs in assessing controls at a service organization.
Data Management and Privacy: Managing data effectively and understanding privacy regulations.
Business Continuity and Disaster Recovery: Planning and strategies to ensure business operations can continue and recover from disruptive events.

Tax Compliance and Planning (TCP)

Objective: This discipline focuses on tax compliance, tax planning, and tax strategy, suitable for those who aim to specialize in taxation.

Key Topics:

Individual Tax Planning and Compliance: Understanding tax laws affecting individual taxpayers, including income, deductions, credits, and tax planning strategies.
Business Tax Planning and Compliance: Knowledge of tax considerations for different business entities, including corporations, partnerships, and S-corporations.
Estate, Gift, and Trust Taxation: Understanding the tax implications and planning strategies for estates, gifts, and trusts.
International Taxation: Knowledge of taxation issues related to cross-border transactions and multinational enterprises.
State and Local Taxation (SALT): Understanding the complexities of state and local tax laws and their impact on business and individual tax planning.

Tips for Passing the CPA Exam

The CPA exam covers so many topics that you will need to study specifically for each section, usually for 6-8 weeks per section. Even a master’s degree in accounting doesn’t adequately prepare you to just walk in and pass the 4 CPA exams.

You will need a full review course such as Becker, Wiley CPA, Gleim, Roger, etc, and you will need to dedicate several hours a day over the course of months to even have a chance at getting passing scores.

Maine CPA Exam Cost Breakdown

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 CPA Ethics Exam Requirements

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.

Maine 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.