Aspiring CPAs in Maine must go through the Maine Board of Accountancy’s requirements to get their CPA license. As with other states, the steps to getting a CPA license are similar.
However, the specific requirements for each phase differ according to the state accountancy board’s requirements. The Maine Board of Accountancy has requirements for education, exam and experience that prospective CPAs must satisfy.
How to become a CPA in Maine?
Aspiring CPAs in Maine have to start their licensure journey by obtaining formal education. The education can come from within the state or outside of it. However, it must meet a specific standard set by the board and other national agencies. Once they do so, prospective CPAs must sit for the Maine Uniform CPA Exam.
The next step in the process for these prospective CPAs is to work in a practical work environment. During the above three steps, they must meet some requirements set by the Maine Board of Accountancy. This process may be lengthy. However, all of these are mandatory before applying for the CPA license in Maine.
Prospective CPAs in Maine have to obtain formal education at the beginning of their CPA license journey. This process requires them to acquire knowledge of fundamental accounting topics and subjects. Similarly, it requires them to obtain a bachelor’s degree and go through 150 semester hours of a college education. This education must meet the following requirements.
- It must include 3 semester hours in auditing and attestation services. These 3 hours is a part of 15 hours, the rest of which must consist of one or more of the following subjects.
- Accounting information systems
- Accounting research and analysis
- Ethics related to public accounting
- Financial accounting and reporting for business entities
- Financial accounting and reporting for non-profit and government entities
- Financial statement analysis
- Fraud examination
- Internal controls and risk assessment
- Managerial or cost accounting
- Tax research and analysis
The education must come from an accredited college or university inside the US. Candidates must ensure the college or university that they enrol in is accredited by one of the state’s approved bodies. Similarly, students who have gotten their education from outside the US can also apply. However, they must get their credentials evaluated by the Foreign Academic Credentials Service or NASBA International Evaluation Services.
Uniform CPA Exam
The next step for aspiring CPAs is to sit for their Maine Uniform CPA Exam. This exam tests their knowledge of the crucial accounting topics that they must know from their educational period. Those who meet the educational requirements can sit for the exam. However, students who have completed at least 12 hours of the total 150 required can also sit for the exam. They must plan to fulfil the bachelor’s degree requirement within 120 days of taking the exam first, though.
Aspiring CPAs must go through the process below to take their Maine Uniform CPA Exam.
- They must apply online through the CPA Examination Services (CPAES) either online or offline. Their application must include the following.
- Their college transcript, submitted by them or directly from their college to the CPAES.
- Their application and examination fees.
- For applicants planning to sit for the exam before obtaining their bachelor’s degree, it also includes the following.
- Their Certificate of Enrollment Form signed by a college official and the applicant.
- Their final transcript submitted to the CPAES after completing their college courses.
- Aspiring CPAs must then schedule their exam through Prometric’s website after receiving their Notification to Schedule. They can choose from one of three exam sites.
The final phase for aspiring CPAs is to complete their experience requirements in a practical work environment. The Maine Board of Accountancy requires aspiring CPAs to complete at least two years (or 2,080 hours x 2) in paid public accounting experience. The experience must meet the following criteria.
- It must include a minimum of 400 hours in auditing, compilation and review.
- It must include a minimum of 200 hours in advisory services.
- It must be supervised by a licensed CPA in Maine or other states.
- It must incorporate the following competencies.
- Audit procedures
- Compilation procedures
- Consulting services
- Financial advisory services
- Preparation of tax returns
- Preparing audited financial statements
- Provision of advice on tax matters
- Provision of management advisory
- Review procedures
- Applicants must also ask their supervising CPA to complete the Verification of Work Experience Form.
Given below is a summary of how to become a CPA in Maine.
- Aspiring CPAs must educate themselves through an accredited college or university in an accounting program. Their education must meet the requirements set by the Maine Board of Accountancy.
- They must sit for the Maine Uniform CPA Exam and pass it.
- They must complete work experience and meet the Maine Board of Accountancy’s experience requirements.
- They must then apply for their Maine CPA license.
- “Board of Accountancy” – https://www.maine.gov/pfr/professionallicensing/professions/accountancy
- “Accountancy – Licensing – Public Accountant and Certified Public Accountant” – https://www.maine.gov/pfr/professionallicensing/professions/accountancy/licensing/public-accountant-and-certified-public-accountant
- “Accountancy – Applications & Forms” – https://www.maine.gov/pfr/professionallicensing/professions/accountancy/applications-forms
- “Maine | NASBA” – https://nasba.org/exams/cpaexam/maine/