Minnesota CPA Ethics Exam Requirements 2025

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Minnesota CPA Ethics Exam Requirements

To meet the Minnesota CPA ethics exam requirements and become a CPA, candidates must take and pass the self-study ethics course and exam within two years before the licensure application date. The exam the Minnesota Board currently accepts is the AICPA Professional Ethics Comprehensive Course (For Licensure) which can be found on the American Institute of Certified Public Accountants (AICPA) website. Candidates will have to pass the exam with a score of 90% or better.

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

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Summary of Minnesota CPA Requirements

Credit Hours to sit for CPA Exams	120
Residency, Schooling or Working in Minnesota Required to sir for CPA Exams?	Yes
Credit Hours in Accounting courses to sit for CPA Exams	24
Credit Hours in Business-related courses for the CPA license	24
Bachelor’s Required to Sit for CPA Exams?	Yes
Credit Hours for CPA License	150
Ethics Exam Required?	Yes
Work Experience Required	1 – 3 Years
Required CPE Hours Every Three Years	120

Education Requirements

Before applicants can sit for the CPA exam, the first important process is for applicants to meet the educational requirements.

The board only accommodates those that have a baccalaureate or higher degree, with a major in accounting or a major in business with accounting emphasis or equivalent education, from a college or university that is fully accredited by a recognized accrediting agency listed with the United States Department of Education or an equivalent accrediting association.

To meet the Minnesota CPA education requirements, applicants must also have accomplished 150 semester (225 quarter) hours that includes a total of 48 hours in business-related subjects and intermediate or higher accounting coursework (counting the 24 originally earned to sit for the exam).

Applicants are considered to have met any of these requirements if they:

a.) Earned a graduate degree with a concentration in accounting from an accounting program or department within an Association to Advance Collegiate Schools of Business (AACSB) or Accreditation Council for Business Schools and Programs (ACBSP) accredited business school.

b.) Earned a graduate degree from a business school or college of business that is accredited by the AACSB or ACBSP. Completing at least 24 semester hours in accounting at the undergraduate level or 15 semester hours at the graduate level, or an equivalent combination following the required courses:

Financial Accounting
Auditing
Taxation
Management Accounting

c.) Earned a baccalaureate degree from a business school or college of business that is accredited by the AACSB or ACBSP. Completing at least 24 semester hours in accounting at the undergraduate or graduate level, including the following required courses

Financial Accounting
Auditing
Taxation
Management Accounting

And completed an additional 24 semester hours in business-related or accounting courses at the undergraduate or graduate level.

d.) Earned a baccalaureate or higher degree from an educational institution accredited by one or more of the national or regional accrediting agencies that include or are supplemented by at least 24 semester hours of accounting at the intermediate or advanced level, including courses dedicated to each of the following subjects:

Financial Accounting
Auditing
Taxation
Management Accounting

Note that intermediate or advanced level coursework includes courses taken beyond the introductory level.

International Education Evaluation Requirements

Applicants who earned their education outside the U.S. will need to have their education evaluated prior to sitting for the exam. The Minnesota Board requires the evaluation be done by either one of these two authorized services:

Early Examination Admission Option

For applicants who wish to submit their early admissions to NASBA before they graduate, the student must meet the Minnesota board requirements which can be read in MN Statute 326A.03, Subd. 3a and MN Rules 1105.1650.

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.

Minnesota CPA Exam Cost Breakdown

The Minnesota CPA exam cost consists of four main fees: the education evaluation application of $93, $355.64 per CPA exam section totaling $1,422.56 for all four sections, the CPA license application fee of $150, and the renewal fee of $100.

Education Evaluation Application Fee	$93.00
Auditing and Attestation (AUD)	$355.64
Financial Accounting and Reporting (FAR)	$355.64
Regulation (REG)	$355.64
Disciplines (ISC, TCP, or BAR)	$355.64
Total for all 4 CPA Exam Sections	$1,422.56
CPA License Application Fee	$150.00
CPA License Renewal Fee	$100.00
CPA License Late Renewal Fee	$150.00

Minnesota CPA Experience Requirements

To meet the Minnesota CPA experience requirements, candidates will have to have one year of experience that consists of full or part-time employment that extends over a period of no less than one year and no more than three years that includes no fewer than 2,000 hours of performance of services or advice using accounting, attest, compilation, management advisory, financial advisory, tax, or consulting skills. An acceptable experience includes employment in industry, government, academia or public practice and must be verified by an Active status CPA with a valid certificate or an unexpired Inactive CPA.

Get the Minnesota CPA License

When an applicant has successfully passed all these requirements, the next step is to finally apply for the CPA license. Application is done online and will be as follows:

Sign in to Minnesota Board of Accountancy website.
Submit payment for the $150 application fee through the online system.
Download, print and mail the Personal Reference forms to references. Instruct these reference to complete the bottom portion and send the form directly to the board office by mail or email. References must not be related to the applicant.
Submit to the board any transcripts needed to document all 150 semester (225 quarter) hours of qualifying education required for licensure. Except official transcripts already sent to NASBA, those will be forwarded to the board. Send transcripts as sealed by the institution or have it mailed directly to the board. Transcripts may also be emailed from the institution to boa@state.mn.us.
Download, print and mail the Experience Verification form(s) and have Part 2 completed by the verifying CPA(s) and sent by them directly to the board office by mail or email.
Continuing Professional Education: If it has been more than three years since the applicant first received notice that they passed the CPA exam, they must complete the CPE Reporting Form for Status Change to Active under “Forms” on the board’s website showing 120 hours of CPE in the three years preceding the date the application was submitted.

All required documentation must be received prior to the application being reviewed by the board. Once all of the required documentation is received, the application will be reviewed at the board’s regularly scheduled meeting.