How to become a CPA in New Mexico?

Each state across the US has specific rules for prospective CPAs to follow. The steps for obtaining a CPA license are similar across all states. However, every state’s specific requirements may differ.

These requirements vary because each state’s accountancy board may will customize the process accordingly. Therefore, aspiring CPAs from each state must follow their local accountancy board’s requirements to become a CPA.

For New Mexico, the New Mexico Public Accountancy Board dictates the requirements that aspiring CPAs must meet. Therefore, candidates who want to get their New Mexico CPA license must meet those requirements. It is a lengthy process to obtaining a CPA license in New Mexico, as with any other state.

How to become a CPA in New Mexico?

Aspiring CPAs in New Mexico must go through three steps to get their CPA license. First, it involves getting a formal education in the accounting field. The New Mexico Public Accountancy Board has specific requirements within this step that candidates must fulfil. Next, candidates must pass each section of the Uniform CPA Exam.

Once candidates pass their Uniform CPA Exam, they must go through a practical work experience period. During this period, they must meet some requirements set by the New Mexico Public Accountancy Board. After fulfilling all of the above requirements, candidates can apply for the New Mexico CPA license.

Educational Requirements

Aspiring CPAs must enrol in an accredited college or university that offers an accounting program. It is crucial for candidates to go through this process to gain accounting education.

This education can help them pass the Uniform CPA Exam. Similarly, it is critical to have relevant knowledge for the later work experience. During their education period, candidates must fulfil the following requirements.

  • Candidates must complete 150 semester hours of college credit. The must also complete at least a bachelor’s degree. During this period, they must complete 30 semester hours in accounting.
  • Candidates must ensure that their college or university meets the accreditation requirements set by the board. There are three levels of accreditation that the board recognizes. These include the following.
    • Level 1 Accreditation: Graduate from a four-year college or university with accreditation from one of the approved agencies.
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    • Level 2 Accreditation: Graduate from a four-year college or university who business school or college of business has an accreditation from one of the approved associations.
    • Level 3 Accreditation: Graduate from a four-year college or university whose accounting program or department is accredited by one of the approved associations.
  • Candidates who have a transcript or degree from a college or university outside the US can also apply. However, they must get their transcript evaluated by a member agency of the National Association of Credential Evaluation Services.

Uniform CPA Exam

The next step for aspiring CPAs in New Mexico after completing formal education is to take the Uniform CPA Exam. They must go through the following process to take their New Mexico Uniform CPA exam.

  • Candidates must register with the CPA Examination Services (CPAES) online or through an application form mailed to them and submit the following with it.
    • Their official college or university transcript.
    • The application fee, which is applicable at the time.
    • An ADA Modification Form if necessary.
  • Candidates must schedule their exam through Prometric in one of the three approved locations after receiving their Notice to Schedule.

Experience Requirements

Candidates must gain relevant experience in a work environment before obtaining their New Mexico CPA license. During this process, they must meet the following requirements.

  • Candidates must take and pass the American Institute of Certified Public Accountants (AICPA) Home Study Course on Professional Ethics.
  • They must have at least one year (or 2,000 hours) of paid or volunteer public accounting experience. Candidates must ensure their experience meets the following requirements.
    • It must be under a licensed CPA’s supervision.
    • It must be full-or part-time employment from one to three years in duration.
    • It must involve the use of any of the following skills or a combination of them:
      • Accounting
      • Attest
      • Consulting
      • Consulting, designing or implementing computer software programs that involve auditing or accounting
      • Financial advisory
      • Management advisory
      • Preparing financial reports and statements
      • Preparing tax returns
    • It must be documented and verified by a licensed CPA on the Work Experience Verification Form.
    • Candidates must attain it through working in academia, industry, government or public practice.
    • Candidates must obtain the experience in 7 years before or after passing the Uniform CPA Exam.
  • Once the supervising CPA completes the Work Experience Verification Form, they must return the signed form in a sealed envelope to the board.

Summary

Given below is a summary of how to become a CPA in New Mexico.

  • Aspiring CPAs must obtain formal education in an accredited college or university. This education must be within one of the three accreditation levels mentioned above. Similarly, it must meet the requirements set by the New Mexico Public Accountancy Board.
  • Candidates must then take and pass their Uniform CPA Exam.
  • Then, they must meet the experience requirements set by the board.
  • Lastly, they must apply for their New Mexico CPA license.

References

  1. “New Mexico Public Accountancy Board” – http://www.rld.state.nm.us/boards/Accountancy.aspx
  2. “Rules and Law” – http://www.rld.state.nm.us/boards/Accountancy_Rules_and_Laws.aspx
  3. “Fees” – http://www.rld.state.nm.us/boards/Accountancy_Fees.aspx
  4. “Requirements and Continuing Education” – http://www.rld.state.nm.us/boards/Accountancy_Requirements_and_Continuing_Education.aspx
  5. “Forms and Applications” – http://www.rld.state.nm.us/boards/Accountancy_Forms_and_Applications.aspx
  6. “New Mexico | NASBA” – https://nasba.org/exams/cpaexam/newmexico/