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New Mexico CPA Exam Requirements
If you’re wondering about the New Mexico CPA exam requirements to become a certified CPA in New Mexico, keep reading below because this article will detail what you’ll need.
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Summary of New Mexico CPA Requirements
|Credit hours to sit for the CPA exam||120|
|Bachelor’s required to sit for the CPA exam||Yes|
|Credit hours in accounting subjects to sit for the CPA exam||30|
|Semester hours needed in business law||3|
|Total credit hours to receive a CPA license||150|
|Work experience required to receive a CPA license||1 Year|
|Ethics exam required to get a CPA license||Yes|
The New Mexico Public Accountancy Board has its technical standards for CPAs, so you must take the time to research what is required before beginning your route to completion. There are no criteria for U.S. citizenship, state residency, or even age on the board. You must have at least 150 semester hours, including a bachelor’s degree. These hours must also meet specific requirements. You will also need to pass an ethics exam and work for a year under the supervision of a registered CPA.
Education Requirement for the CPA Exam in New Mexico
Credit Requirements for New Meico CPA License
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.
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
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.
New Mexico Uniform CPA Examination
Applying for the CPA Exam
Under New Mexico Public Accountancy Board regulations, once you meet the minimum CPA credit requirements and bachelor’s degree and complete at least 30 semester hours of accounting, you may sit for the Uniform CPA Exam.
1. To get an application form Go to CPA Examination Services (CPAES) to register online or download application forms.
2. Submit the appropriate documentation with your application
- Have your college or university send your official transcript directly to CPAES
- Pay application fees by credit card online.
- All supporting documentation and fees should be mailed to CPA Examination Services, New Mexico Coordinator, P.O. Box 198469, Nashville, TN 37219-8469. CPAES may be contacted by phone at 800-CPA-EXAM.
As needed, also include:
- An ADA Modification Form if disability testing accommodations are required
- Have your foreign evaluation agency send a Foreign Evaluation of your academic credentials, if applicable, directly to CPAES
3. Receive your Notice to Schedule (NTS) for the Uniform CPA Exam, which will be sent to you by the National Association of State Boards of Accountancy (NASBA).
4. To schedule your exam, go to Prometric’s website. Sites in New Mexico include:
- Las Cruces
- Santa Fe
5. Arrive at the appropriate Prometric testing facility on your chosen day, prepared to take the test.
6. Wait for NASBA to send you your results. The results of your test will be mailed to you after it has been scored.
Studying for the CPA Exam
The exam consists of four distinct components that require 16 testing hours. Each exam section can be taken anytime as long as all test sections are completed within 18 months of passing the first component.
Business Environment and Concepts (BEC) – 4 hours – This component necessitates the demonstration of general business principles, such as the global business environment and individual business plans. Written examples and scenarios are used to show knowledge. Candidates’ understanding of financial reporting, tax preparation, auditing, and attestation is tested in this component. Communication abilities are essential in this segment.
Financial Accounting and Reporting (FAR) – 4 hours – This section puts to the test the financial reporting framework issued by numerous standard-setters, including the FASB, IASB, US SEC, and GASB. Task-based skill assessment is carried out, with the ability to demonstrate knowledge of various standards by comparing separate financial statements.
Regulation (REG) – 4 hours – CPAs’ professional and legal responsibilities are tested related to business law, federal taxation, and ethics. Task-based testing requires demonstrating knowledge of federal and widely-accepted uniform state laws and the AICPA Code of Professional Conduct.
Auditing and Attestation (AUD) – 4 hours – This section assesses knowledge of International Standards on Auditing (ISAs) and auditing standards in the United States. Candidates must demonstrate knowledge of auditing requirements for issuers (public corporations), non-issuers (organizations other than public firms), governmental agencies, and nonprofit organizations. Accounting ethical norms and regulations must be demonstrated in various of assessment circumstances.
Choose a CPA Review Course
Many CPA exam candidates choose to purchase a CPA review course to help them prepare for the content on the exams. Most of the time, the concepts on the exam were spread out over multiple different accounting courses, meaning you are unlikely to remember everything from your undergraduate degree. These courses can be costly, making it important to thoroughly evaluate each one, however, some of the popular CPA review courses are:
- Becker CPA Review
- Surgent CPA Review
- Gleim CPA Review
- UWorld Roger CPA Review
- Wiley CPAexcel
These review courses mimic the content and layout of the exam through multiple choice questions and simulations, which is important to boost confidence and success going into each exam.
New Mexico CPA Exam Fees
Candidates can take one or more sections of the exam at a time and must pay the following fees to CPA Examination Services at the time of application:
|Initial Exam Application||$180.00|
|Re-Examination Registration Fee||$95.00|
|Auditing and Attestation (AUD)||$226.15|
|Business Environment and Concepts (BEC)||$226.15|
|Financial Accounting and Reporting (FAR)||$226.15|
|Total for all 4 CPA Exam Sections||$905.00|
|4 Examination Sections||$95.00|
|3 Examination Sections||$95.00|
|2 Examination Sections||$95.00|
|1 Examination Section||$95.00|
Passing the CPA Exam
Candidates from New Mexico should apply for the exam through the NASBA website. Examinees who have been approved will receive more information about scheduling and taking the exam. Within an 18-month rolling period, all four exam components must be passed with a score of 75 or higher. CPA Examination Services will send results immediately to the Board.
Candidates can access their exam scores online after finishing each component of the exam, once the information has been posted by NASBA. They can also choose to have their exam results mailed to them.
More Exam Resources and Information
The entire procedure of obtaining documents, applying for the exam, studying, and sitting for the exam is quite involved. I understand. It can be much more difficult if you transfer to many universities during your academic career. The majority of candidates do not consider it. Yes, the state board of education in New Mexico requires documentation of all of your education. Transcripts from each college you’ve attended will be required. Depending on your college, this might be challenging and time-consuming at times.
It is always good to contact the state board during the application procedure. You can learn what they have on file and what they require to approve your application. Nothing is worse than discovering they need assistance after the fact.
New Mexico Work Experience Requirements for the CPA License
How to Meet New Mexico Work Experience Requirements
Your practical work experience is the final prerequisite of the CPA procedure. In New Mexico, you can work for any CPA, regardless of where their license is issued.
The New Mexico Public Accountancy Board requires CPA candidates to have at least one year (2000 hours) of paid or volunteer public accounting experience. Your college’s career center can assist you in locating suitable opportunities. Experience must meet the following criteria:
- You need to be supervised by a licensed CPA (licensed in New Mexico or another state).
- You need to be attained through working in public practice, government, academia, or industry.
- Be a full-time or part-time job that lasts one to three years.
- Involve the use of any of the following skills or a combination thereof:
- Management advisory
- Financial advisory
- Preparing financial reports and statements
- Preparing tax returns
- Consulting, designing, and implementing computer software programs that involve auditing and accounting
- Be obtained in the seven years leading up to taking and passing the Uniform CPA Exam or within seven years of passing the CPA exam.
- Be documented on the Work Experience Verification Form by a registered CPA.
If your supervisor is not licensed in New Mexico, they must remit the Interstate Notification of Verifying CPA’s License form.
AICPA Ethics Exam
The Board has chosen the AICPA self-study ethics course and exam to fulfill the state’s ethics requirements for CPA licensing. A grade of 90% or above is required, and the system must be completed within one year of purchase. All course materials are available for sale through the AICPA website.
New Mexico Background Requirements for CPA Candidates
Before completing an application for a license in New Mexico, prospective CPAs must undergo a criminal background check. Because paper fingerprint forms are no longer allowed, candidates must schedule fingerprint background checks through GEMALTO, which provides online registration for fingerprint background check scheduling.
Apply for Your New Mexico CPA License
Submit Your Application for Issuance
The final step is to submit the Application for a Certified Public Accountant Certificate and pay the cost once all licensing requirements have been satisfied. The application contains a form for verifying employment and a checklist for requesting and submitting supporting paperwork for required tests and education.
Receiving Your New Mexico CPA Certificate
After the Board has approved the application packet, the Uniform CPA Exam scores have been received, and the fingerprint background check has been completed, candidates will be awarded a certificate and license. They will be able to begin practicing as CPAs. All new licensees must attend a swearing-in ceremony held twice a year after receiving a new license.
New MexicoContinuing Education Requirements
Continuing Education Requirements
If you have a New Mexico CPA Certificate, you must meet the New Mexico Public Accountancy Board’s continuing professional education (CPE) requirements.
1. Fulfill 120 hours of CPE every three years
- At least 20 hours of CPE must be completed each year.
- 96 CPE hours must be in technical subjects, including but not limited to:
- Financial reporting
- Management consulting
- Financial consulting
- Financial advisory
- 4 CPE hours must be in a Board-approved ethics course on topics including, but not limited to:
- The AICPA code of professional conduct
- New Mexico occupational and professional licensing code of professional conduct for certified public accountants
- Treasury Circular 230
- Malpractice avoidance
- Organization ethics
- Moral reasoning
- CPA duties to clients, the public, and colleagues
- At least 24 CPE hours every three years may not be earned at programs sponsored by or hosted by your accounting firm, company, or organization.
- 50 minutes of class time equals one CPE hour
- A complete one-day program equals 8 CPE hours
2. Enroll in the following approved CPE formats:
- Lecturing, leading discussions, and speaking at CPE programs, or instructing university or college courses that contribute to the professional competence of a CPA (may not account for more than 60 CPE hours every three years)
- Publishing articles and books that contribute to a CPA’s professional competence
- Attending professional development programs of national and state accounting organizations or attending technical sessions or meetings of federal and state accounting organizations and their chapters (may not account for more than 4 CPE hours each year)
- University or college level credit courses (1 hour of class time equals 15 CPE hours)
- University or college level non-credit courses (1 hour of class time equals 1 CPE hour)
- Accounting firm peer review participation (may not account for more than 24 CPE hours per year)
- Individual, correspondence, or self-study programs
3. Avoid the following formats, which do not count towards CPE credit:
- CPA Exam review courses
- Community enhancement, industrial development, or political study groups, courses, programs, or seminars
- Courses, seminars, or programs that teach a foreign language
- Shareholder, partner, or member meetings; business meetings; social functions; and committee service (unless structured as formal educational CPE programs)
4. Maintain records of your CPE hours for at least five years. These records must include:
- Course outline prepared by the course sponsor
- Transcript showing course completion for-credit college courses
- Signed statement of hours of attendance for non-credit college courses
- Documentation of completion by the institution of individual, correspondence, or self-study programs
- Complete the Board’s CPE Report Form and submit it every three years at the time of your CPA certificate renewal
5. Find approved CPE programs through:
- New Mexico Society of Certified Public Accountants
- American Institute of CPAs
- NASBA’s National Registry of CPE Sponsors
- New Mexico colleges and universities
CPA License Renewal
CPA licensees in New Mexico must renew their licenses on an annual basis. TO RENEW, a CPA must complete 120 hours of continuing professional education (CPE) for each three-year rolling cycle, beginning on the final day of the licensee’s birth month. The CPA’s employer must not support 24 of the 120 hours, four hours must be relevant to ethics, and 96 hours must be technical. Each 12-month period must have at least 20 hours of CPE. More information is available on the Board’s website.
New Mexico CPA Exam F.A.Q.s
Here are some commonly asked questions regarding New Mexico’s CPA exam and CPA licensure requirements.
Do CPA scores expire in New Mexico?
Credit for any passed portion will be valid for 18 months from when the examination sections were taken. Exam credit expires in sections. You will lose credit for any units completed after the 18-month time has expired, and you will have to retake those sections.
How long does it take to get the CPA license in New Mexico?
To become a CPA, you must complete several requirements, including schooling and related employment experience. When it comes to the length of time it will take to achieve your CPA, you should plan on committing 6 to 7 years of your time.
What are the requirements to sit for the CPA exam in New Mexico?
With a regular bachelor’s degree in accounting consisting of only 120 semester hours, pursuing a post-baccalaureate certificate or master’s degree in accounting is the most tried and established approach to obtain those 30 more credits.
How do I register to take the CPA exam in New Mexico?
To register online or get application forms, go to CPA Examination Services (CPAES). CPA Examination Services, New Mexico Coordinator, P.O. Box 198469, Nashville, TN 37219-8469, shall receive all supporting documentation and fees. CPAES can be reached through phone at 800-CPA-EXAM.
Receive your Notice to Schedule (NTS) for the Uniform CPA Exam from the National Association of State Boards of Accountancy (NASBA). And visit Prometric’s website to arrange your exam.
How many accounting credits do you need to sit for the CPA license in New Mexico?
To obtain a certified public accountant license in New Mexico, applicants must complete 150 credit hours and the prerequisites listed below. At least one year of experience providing service or advice requiring the usage of Accounting is required.
Does New Mexico require an ethics exam for the CPA?
Yes, an ethics examination is required. You must pass the AICPA Ethics Exam with a minimum of 90 points.
How much is the CPA exam in New Mexico?
In New Mexico, the cost of taking all four sections of the CPA test is $743, plus a $155 application fee. The registration price for the re-examination varies according to the number of units you sign up for.