esota CPA requirements

Minnesota’s diverse landscape is a great place to live and work. It has both a rugged wilderness and cosmopolitan cities. The state’s leading industries include advanced manufacturing and renewable energy. Retail, insurance, financial services, and technology are also important.

Accounting professionals are needed to keep businesses in these areas and others compliant and maintain financial health. You must meet Minnesota’s licensing requirements to become a Certified Professional Accountant. Minnesota’s CPA requirements include education and work experience .

This guide will help you with your research for academics and jobs as you study to become a CPA.

Minnesota CPA Education Requirements

Minnesota has two separate sets of educational standards that CPAs must meet in order to become licensed. The first set of standards relates to eligibility for the Unified CPA Examination and the second sets relates license eligibility.

Minnesota CPA exams can be taken with either a master’s or bachelor’s degree. Your education must include extensive coursework in accounting.

You must have 150 semester hours to qualify for licensing. Because most bachelor’s programs cover only about 120 semester hours, CPA candidates sometimes pursue bachelor’s-to-master’s accounting degrees to meet the additional education requirements.

Acceptance of courses, credits, and concentrations

Minnesota standards allow candidates with a bachelor’s degree or a master’s degree to take the CPA examination. This has been in effect since July 1, 2006. If you have a bachelor’s, your degree must include 24 semester hours in accounting covering the following topics.

• Auditing
• Financial accounting
• Management Accounting
• Taxation

Your educational institution must hold level one accreditation to be eligible for this path.

You can also be eligible if you have a Bachelor’s Degree from a business school or college accredited at level two within a larger university. You must take an additional 24 semester-hours of accounting or business courses if you choose this option.

Candidates can also sit for the Minnesota CPA exam with a graduate accounting degree from an accredited institution. If you have a graduate degree from another field, then:

• Your degree was earned at a business school or college accredited by the American Association of Business Schools and Colleges.
• The 24 semester-hours of accounting courses listed above are included in your undergraduate course work.
• You must have completed at least 15 semester-hours of graduate level accounting coursework in auditing, financial, management, and tax accounting.
• The institution has level two accreditation.

Minnesota Experience Requirements

Minnesota does not require any prior accounting experience for you to take the CPA examination. You must have at least one-year of experience in accounting to qualify for CPA licensing.

Minnesota CPA work experience requirements include:

• A CPA must supervise at least 2,000 hours in accounting.
• The duties must include accounting, attestation and compilation services, tax consulting, and/or other related services
• Experience of at least three years but not more than one year

Candidates can gain work experience by working in the public accounting field, academia, government or private industry. You can also use the experience you gained from a paid internship, unless that experience was used to satisfy Minnesota’s CPA requirements.

CPA Exam Requirements

Minnesota, like all states, requires passing scores in all four sections of Uniform CPA Exam. CPA eligibility guidelines and technical details about scheduling and applying for your exam session are state-specific.

Below are the subsections that explain Minnesota’s CPA examination process.

Exam Eligibility

As soon as you have completed the educational requirements, you can apply to take the Minnesota CPA Exam. Students who are nearing the completion of a program that meets Minnesota’s academic requirements can apply for the Minnesota CPA exam.

You must apply for the exception no later than 180 calendar days after your anticipated program completion date. You must also take one or more sections of the Uniform CPA Examination not more than 90 calendar days before your planned completion date. You must also complete your education requirements within 120 days of taking the first CPA section.

The American Institute of Certified Public Accountants issues a Exam on Professional Ethics. Minnesota requires that first-time CPA license holders pass this exam.

Minnesota CPA requirements also stipulates that candidates must be “of good moral character.” No minimum age is required, nor does U.S. Citizenship. You must, however, have a Minnesota residence and a Social Security Number.

You may be eligible to take Minnesota’s CPA Exam even if you do not live in the state.

• Work in Minnesota, but live elsewhere
• Working in Minnesota with the express purpose of obtaining CPA experience
• You must have moved to Minnesota 90 days prior to taking your first CPA section.
• Plan to move to Minnesota no later than 90 days after taking your first CPA section.

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Exam Schedule and Application

Directly on the website, you can apply to take the Uniform CPA Exam in Minnesota. You are requesting permission to sit for the CPA examination by submitting an application.

You must send academic transcripts for all institutions that you attended after completing your postsecondary education. You must have your school send the transcripts to NASBA’s CPA Exam Services on behalf of you.

If you haven’t graduated yet, you can apply to take a CPA section or sections. You must, however, meet the guidelines for exceptions listed in the previous section. The Certificates of Enrollment must be included with each application.

You will receive an Notice to Schedule (NTS). You will receive instructions in your NTS notification on how to schedule an examination date and time. Minnesota allows CPA examinees to complete CPA sections separately or at the same time. You can take sections individually if you select the individual option.

Credits for passing sections of the CPA test in Minnesota are valid for 18-months. You must therefore pass all four sections of the CPA exam within 18 months after passing the first section.

From April 2023 onwards, the following fees will apply:

• First-time applicants: $170
• Re-examination Fee (for reexamination applicants): $85.
• Examination fees: $238.15 per section

After passing the Exam

Minnesota CPA requirements recognize that a candidate is eligible for licensure if:

• The Uniform CPA Examination: Passing all four sections
• Earning 2,000 hours of paid experience in accounting within 3 calendar years
• Meeting all education requirements

If you pass the four sections of your CPA exam within 18 months, then your results won’t expire.

License applicants must meet different requirements than CPA test candidates. Your education must include the following to obtain a CPA in Minnesota:

• A bachelor’s degree is required.
• Minimum 150 hours of undergraduate or graduate coursework
• You must have completed at least 24 semester-hours of intermediate or higher level accounting coursework.
• The accounting requirement is 24 semester hours.

The AICPA ethics exam must be passed within two years after you apply for your Minnesota CPA license.

CPAs can verify their license status by using the Minnesota Board of Accountancy, or NASBA’s CPA verification service.

Maintaining your Licence

Minnesota CPA licenses must be renewed annually. They expire on December 31. Renewals begin each fall. Licensees who do not renew their licenses on time will not be granted a grace period.

Minnesota, like other states requires CPAs who wish to keep their licenses active to continue professional education (CPE). Minnesota’s CPE guidelines require that CPAs complete 60 hours of CPE technical every three years.

Minnesota Board of Accountancy recognizes the following as technical study areas.

• Accounting and auditing
• Business law
• Economic and financial analysis
• Ethics in Regulation
• Taxation

Minnesota CPAs may also pursue non-technical CPE, including:

• Behavioural ethics
• Business Management
• Computer Applications
• Human Resource Management

CPE that is not technical does not count towards license renewal. Licensees can report CPE through the Minnesota Board of Accountancy website.

It is not necessary to have a CPA’s license in order to own a stake in an accounting firm located in Minnesota. At least two thirds of the owners of a Minnesota accounting firm must be CPAs with a valid license. To market your business or identify it as a CPA, you must obtain a permit.

Minnesota CPAs: Questions and Answers

How can I become a CPA?

You must also have 2,000 hours of work experience and pass all four sections of the Uniform CPA Examination. In addition, you must have 2,000 hours of experience in the accounting field and pass all four sections on the Uniform CPA Examination.

Who is eligible to take the Minnesota CPA exam?

Minnesota CPA exams are available to those who have completed a master’s or bachelor’s degree that includes at least 24 semester-hours of accounting coursework. Depending on where you went to school, additional business education requirements might apply.

How long does it usually take to become a CPA in Minnesota?

Students who are full-time can typically complete the CPA requirements in five years. Then, you must accumulate 2,000 hours in accounting over a period of 1-3 years. The journey to CPA licensing in Minnesota could take up to 6-8 years.

How difficult is it to get a CPA’s license in Minnesota?

Minnesota’s CPA licensing requirements are similar to other states. Minnesota’s CPA licensing standards are no different from those in other states.

How many hours are required to become a CPA?

Minnesota CPA licensing requirements include at least 150 hours of college credit. Also, you will need to complete 24 semester-hours of upper-level courses in accounting. You may also need additional 24 semester-hours of accounting or business courses. You must also have at least 2,000 paid hours of accounting experience to get your license.

The article Minnesota CPA requirements first appeared on Accounting.com.

Author: Emily Kelso