To meet the New Mexico CPA experience requirements and become a CPA, candidates require 12 months or 2,000 hours of paid or volunteer public accounting experience which includes attest, accounting, management advisory, financial advisory, preparing financial reports and statements, consulting, preparing tax returns and consulting, designing, and implementing computer software programs that involve auditing and accounting.
Experience should 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 and 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.
This article will help you to become a CPA in New Mexico and is a requirement for you to take the New Mexico CPA exam.
Table of Contents
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 |
New Mexico Education Requirements
New Mexico’s academic criteria are essential. To meet the New Mexico CPA education requirements for 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 Exam
Candidates who have obtained a Notice to Schedule are qualified to schedule and take the Uniform CPA Exam.
To qualify for a license, all four sections of the Uniform CPA Exam must be taken and passed with a score of 75 or better within 18 months. Candidates who need to retake any unit (s) of the exam must apply to the Board for re-examination.
The Four CPA 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.
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 CPAexcel, 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 $238.15 per CPA exam section totaling $952.60 for all four sections, an initial license fee that costs $175 and the annual renewal fee of $130.
| Initial Exam Application | $180.00 |
| Registration Fee | $95.00 |
| Examination Fees | |
| Auditing and Attestation (AUD) | $238.15 |
| Business Environment and Concepts (BEC) | $238.15 |
| Financial Accounting and Reporting (FAR) | $238.15 |
| Regulation (REG) | $238.15 |
| Total for all 4 CPA Exam Sections | $952.60 |
| Initial License Fee | $175.00 |
| Annual Renewal Fee | $130.00 |
| Penalty for Late Renewal | $100.00 |
All first-time applicants are required to pay both an application fee and an examination fee upon submission of the first-time application. All re-examination applicants are required to pay both a registration fee and an examination fee at the time of re-exam registration.
New Mexico CPA Ethics Exam Requirements
To meet the New Mexico CPA ethics exam requirements, candidates will have to complete the American Institute of Certified Public Accountants (AICPA) course titled Professional Ethics: The AICPA’s Comprehensive Course (For Licensure). The course is on the AIPCA website and an exam will be given after where the passing score is 90% or higher.
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.
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…
