License Information
Certified Public Accountant (CPA)
The license information below is specific to the state of Minnesota.
Description
License Requirements:
Computer Based Test
Information regarding the Uniform CPA Examination is at www.cpa-exam.org.
Certificate of CPA issued when uniform CPA exam and Ethics Exam are passed and experience obtained.
Qualifying Public Accounting Experience Requirements for CPA Licensure
Education / Experience
Masters in Accounting(1) / 1 year experience
Baccalaureate Degree with Accounting Major (or equivalent)(2) / 2 years experience
Baccalaureate Degree without Accounting Major(1) / 2 years experience
2 years post-secondary education(3) / 5 years experience
(1)Credits must be from a college or university that is fully accredited by the North Central Association of Colleges and Universities or its equivalent or whose credits are acceptable to the University of Minnesota for admission to graduate study.
(2)24 semester credits or 36 credit hours in accounting and business law AND 24 semester credits or 36 quarter credit hours in business and economics. The accounting an business law credits must include a minimum of 18 semester credits or 27 quarter credits in accounting. Applicants shall have successfully completed the following types of courses: elementary financial accounting, elementary managerial accounting, intermediate accounting, cost and managerial accounting, and auditing. Credit is not permitted for duplicate courses.
(3)Two or more years of full-time study with a passing grade average or above from a college or university that is full accredited by the North Central Association of Colleges and Universities or its equivalent OR whose credits are acceptable to the University of Minnesota for admission to graduate study OR an area vocational technical school or a Minnesota licensed private vocational school which fulfills the requirements of Minnesota Stats 141.21 .36.
Experience recognized by the Board will ordinarily be measured on the basis of calendar months and days worked by the applicant: (a) as a staff employee of a certified public accountant or public accountant, a firm of certified public accountants or public accountants, or a corporation formed for the practice of public accounting; or (b) as an auditor in the office of the legislative auditor or state auditor, or as an auditor or examiner with any other agency of government, which experience, in the opinion of the board is equally comprehensive and diversified; or (c) as a self-employed public accountant; or (d) in any combination of the foregoing capacities. Qualifying self-employment experience must include some audit experience or education.
*Education requirements - Requirements change after July 1, 2006 as follows:
To sit for the exam prior to July 1, 2006: You must meet at least one of the following requirements:
-Master's degree with a major in accounting, or
-Bachelor's degree with a major in accounting, or
-Bachelor's degree with an equivalent accounting major, or
-Bachelor's degree (other than accounting) with one year qualifying experience, or
-Two or more years of college with three years of qualifying experience, or
-High school graduate with five years of qualifying experience, or
-Education in a foreign country -Evaluation of transcripts by Education Credential Evaluators (ECE)
To sit for the CPA exam after July 1, 2006:
-Master's degree with a major in accounting, or
-Bachelor's degree with a major in accounting, or
To obtain your CPA certificate:
-150 hours of college credit. The 150 hours are not required to take the exam.
License Fees:
FIRST TIME CANDIDATES
-All applicants are required to pay both an application fee and an examination fee when submitting the initial application.
APPLICATION FEE $175
EXAMINATION FEE FEE
Auditing and Attestation (AUD) $187.00 *$209.33 as of August 1, 2007
Business Environment and Concepts (BEC) $140.78 *$161.63 as of August 1, 2007
Financial Accounting and Reporting (FAR) $175.44 *$197.40 as of August 1, 2007
Regulation (REG) $152.33 *$173.55 as of August 1, 2007
-Applicants are able to apply for one or more section(s) of the examination at a time.
-All fees must be paid at the time of application and must be in US dollars. Certified checks or money orders must be drawn on a U.S. bank and made payable to CPA Examination Services.
-There is no provision for withdrawing from the examination.
RE-EXAM CANDIDATES
-All candidates are required to pay both an registration fee and an examination fee at the time of registration.
REGISTRATION FEE
Sections Fees
4 Sections $145
3 Sections $130
2 Sections $115
1 Section $100
EXAMINATION FEE FEE
Auditing and Attestation (AUD) $187.00 *$209.33 as of August 1, 2007
Business Environment and Concepts (BEC) $140.78 *$161.63 as of August 1, 2007
Financial Accounting and Reporting (FAR) $175.44 *$197.40 as of August 1, 2007
Regulation (REG) $152.33 *$173.55 as of August 1, 2007
-Candidates are able to apply for one or more section(s) of the examination at a time.
-Payment can be made by credit card (Visa or MasterCard only). Candidates who choose to pay by certified check or money order must be invoiced by CPA Examination Services.
-All fees must be in US dollars. Certified checks or money orders must be drawn on a US bank and made payable to CPA Examination Services.
-There is no provision for withdrawing from the examination.
See Minn. Rules 1105.0600 for other fees and renewals.
Additional information regarding the Uniform CPA Examination is at www.cpa-exam.org.
Period:
Annual
Determination:
Varies per national exam schedule.
Other Information:
Active CPA must sign license renewal that they are in compliance with continuing professional education each fiscal year as of June 30th. It must be a minimum of 20 hours annual, but a total of 120 for every 3 year cycle. Original education certificates must be kept for 5 years upon completion for audits.
See Minn. Stat. 326A
See MN Rule 1105
Licensing Authority
Accountancy, Minnesota State Board of Minnesota Board of Accountancy,85 7th Place East, Suite 125,St Paul,MN 55101 2143,6512967938,http://www.boa.state.mn.us/
Phone: (651) 296-7938
http://www.boa.state.mn.us/
Data is collected by the Department of Employment and Economic Development.
