New Mexico CPA Education Requirements [2022]

New Mexico CPA Education Requirements

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New Mexico CPA Education Requirements

To meet the New Mexico CPA education requirements and become a CPA, applicants must hold a bachelor’s degree with 150 semester hours that include 30 hours in accounting and other related courses where 3 of the 30 accounting hours may be in business law.

Summary of New Mexico CPA Requirements

Credit hours to sit for the CPA exam120
Bachelor’s required to sit for the CPA examYes
Credit hours in accounting subjects to sit for the CPA exam30
Semester hours needed in business law3
Total credit hours to receive a CPA license150
Work experience required to receive a CPA license1 Year
Ethics exam required to get a CPA licenseYes

New Mexico Education Requirements

New Mexico’s academic criteria are essential. To take the CPA exam, you must have a bachelor’s degree with at least 120 semester hours. The state demands 150 hours for your full licensure, which may include master’s-level education. You must ensure that an entity recognized by the board completely accredits your program.

There are also specialized five-year CPA track programs that offer a hybrid bachelor’s and master’s curriculum tailored to provide you with the 150 semester hours required to achieve New Mexico CPA standards.

Inquire with New Mexico schools and institutions that offer accounting programs for further information. According to the New Mexico Public Accountancy Board, all certified public accountants operating in the state must have a bachelor’s degree.

Accepted Educational Institutions

The New Mexico Public Accountancy Board of Directors recognizes three levels of accreditation agencies:

Level 1 – Graduate from a four-year college or university that is accredited by one of the following agencies:

  • Middle States Association of Colleges and Schools
  • North Central Association of Colleges and Schools–Higher Learning Commission
  • New England Association of Schools and Colleges–Commission on Institutions of Higher Education
  • Northwest Commission on Colleges and Universities
  • Western Association of Schools and Colleges–Commission for Senior Colleges
  • Southern Association of Colleges and Schools–Commission on Colleges
  • Accrediting Council for Independent Colleges and Schools

Level 2 – Graduate from a four-year college or university whose business school or college of business is accredited by one of the following:

  • Association to Advance Collegiate Schools of Business
  • Association of Collegiate Business Schools and Programs

Level 3 – Graduate from a four-year college or university whose accounting program or accounting department is accredited by one of the following:

  • Association to Advance Collegiate Schools of Business
  • Accreditation Council for Business Schools and Programs

Make sure you have 30 hours of accounting coursework before choosing your courses. Discuss this with your advisor to ensure that you stay on track to meet your goal. While business-related courses can help fill out your education, they are not required by the New Mexico Board of Education.

Required Courses

Meet the New Mexico Public Accountancy Board’s CPA degree and curriculum requirements. A bachelor’s degree or higher is required, and 150 semester hour credits, 30 of which must be in accounting or auditing courses. Other items to consider:

  • Both graduate and undergraduate courses can contribute to meeting the 150 semester hour requirement.
  • No more than three semester hours may be taken in business law.
  • Finance courses may not be taken instead of accounting courses.
  • At least 15 semester hours must be taken by attending class in person on campus.
  • Transcripts that are stamped “issued to student” will not be accepted.
  • Correspondence, pass/fail grade courses, and CLEP will be accepted if you receive credit for them when transferring them into the college that grants your bachelor’s
  • Community college courses from accredited community colleges are acceptable.
  • Commercial CPA review courses will not be accepted

Foreign Education

If you attended a foreign institution or university, your academic credentials must be reviewed by a National Association of Credential Evaluation Service member organization (NACES). Evaluations and foreign school transcripts must be sent directly from the evaluation agency to CPA Examination Services.

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 Four CPA Exam Sections are:

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.

Business Environment and Concepts (BEC)

The Business Environment and Concepts (BEC) section of the Uniform CPA Examination (the Exam) tests knowledge and skills that a newly licensed CPA must demonstrate when performing:

  • Audit, attest, accounting and review services
  • Financial reporting
  • Tax preparation
  • Other professional services

The content areas tested under the BEC section of the Exam encompass five diverse subject areas. These content areas are enterprise risk management, internal controls and business processes, economics, financial management, information technology and operations management.

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

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.

How to Save Yourself MONTHS of Time and Frustration
Keep in mind that the CPA exam is the one part of getting your CPA license that you can control how long it takes. The education and experience requirements take as long as they take, but the CPA exams can take you as little as 6 months, or as long as multiple years… depending on how effective your study process is from the beginning.
Learn how to study strategically so you can save yourself tons of time and retake fees with this free training…

New Mexico CPA Exam Cost Breakdown

The New Mexico CPA exam cost consists of five main fees: an initial exam application fee of $180, an exam registration fee of $95, the $226.15 per CPA exam section totaling $905 for all four sections, an initial license fee that costs $175 and the annual renewal fee of $130.

Initial Exam Application$180.00
Re-Examination Registration Fee$95.00
Examination Fees
Auditing and Attestation (AUD)$226.15
Business Environment and Concepts (BEC)$226.15
Financial Accounting and Reporting (FAR)$226.15
Regulation (REG)$226.15
Total for all 4 CPA Exam Sections$905.00
Registration Fees
4 Examination Sections$95.00
3 Examination Sections$95.00
2 Examination Sections$95.00
1 Examination Section$95.00
Initial License Fee$175.00
Annual Renewal Fee$130.00
Penalty for Late Renewal$100.00

Ethics Exam

New Mexico CPA candidates are required to pass the AICPA Ethics Exam and must gain a minimum of 90 points.

How to Save Yourself MONTHS of Time and Frustration
Keep in mind that the CPA exam is the one part of getting your CPA license that you can control how long it takes. The education and experience requirements take as long as they take, but the CPA exams can take you as little as 6 months, or as long as multiple years… depending on how effective your study process is from the beginning.
Learn how to study strategically so you can save yourself tons of time and retake fees with this free training…

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