Minnesota CPA Requirements
Exam and License Requirements To Become a CPA
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Are you looking to become a Certified Public Accountant (CPA) in Minnesota? Great! Minnesota is one of the most accommodating states regarding CPA requirements. Plus, becoming a CPA in Minnesota will open opportunities for you globally and make for a promising career. However, there are state-specific exam and license requirements that you must fulfill to obtain the CPA license in Minnesota. Keep reading to learn more about these requirements.
Minnesota CPA Requirements
To secure your Minnesota CPA license, fulfill requirements by passing all exam sections, meeting educational and experience criteria, and completing the ethics exam.
| Social Security Requirement | Yes |
| Age, Citizenship, and Residency Requirements |
|
| Good Moral Character | Yes |
| Education Requirements for Licensure | 150 hours (inclusive of the B.A.) |
| Pass the Exam | Score a minimum of 75 in each section |
| Work Experience | 1 year of full-time professional experience (2,000 hours) |
| Ethics Exam Requirements | Must pass the AICPA’s Professional Ethics course with minimum a score of 90. |
| International CPA Examination Program | Minnesota participates in the International CPA Exam Program. |
Educational Requirements
The Minnesota Board of Accountancy has set specific educational and semester-hour requirements for candidates sitting for the CPA Exam and applying for CPA licensure. Candidates have a few paths to consider depending on their degree level and school’s accreditation:
- Option 1: National or Regional Accreditation
- Option 2: AACSB or ACBSP Accreditation (Business School or COB)
- Option 3: AACSB or ACBSP Accreditation (Accounting Program or Department)
To sit for the CPA Exam applicants must have a bachelor’s degree or higher with 24 semester hours in accounting (above the introductory level), including courses in auditing, financial accounting, management accounting, and taxation.
To become licensed in Minnesota applicants must have completed 150 semester hours with 24 hours in business-related subjects (undergraduate or graduate level) or an additional 24 hours in accounting courses (above the introductory level).
To sit for the CPA Exam applicants must have a bachelor’s degree and have completed 24 semester hours in accounting (undergraduate or graduate level), including courses in auditing, financial accounting, management accounting, and taxation. An additional 24 semester hours in business-related or accounting courses (undergraduate or graduate level) are required.
Note that your education requirement is slightly different if you have a graduate degree from an AACSB or ACBSP business school or college of business. In this scenario, you must have completed 24 semester hours in accounting at the undergraduate level or 15 semester hours in accounting at the graduate level (or equivalent combination). Required courses include auditing, financial accounting, management accounting, and taxation.
To become licensed in Minnesota applicants must have completed a total of 150 semester hours with no additional requirements if the candidate is eligible to sit for the CPA Exam.
To sit for the CPA Exam applicants must have obtained a graduate degree with an accounting focus.
To become licensed in Minnesota applicants must have completed a total of 150 semester hours with no additional requirements if the candidate is eligible to sit for the CPA Exam.
Up to 6 internship credits can be applied to your 48 credit hours in accounting or business courses. Any additional internship credits within these concentrations can be applied to your 150 total hours.
As per Minnesota CPA requirements, gaining work experience is essential to obtaining a CPA license. Candidates must complete one year of work experience (2,000 hours) in a period longer than one year and less than three years. You can gain experience working in public accounting, industry, education, or in government.
Experience gained through paid internships can be counted, provided the internships are not used to fulfill the educational requirements. One of the benefits in Minnesota is that work hours earned while sitting for the CPA Exam can be counted toward the experience requirement. However, a licensed CPA from the state, where you gained the experience (and who is not related to you), must verify the experience.
Minnesota CPA Exam & Licensing - Cost and Fees
Becoming a CPA is an investment for the future. The education evaluation application fee for the CPA Exam in Minnesota is $90 and the fee for each exam section is $344.80. The Minnesota Board of Accountancy issues the initial CPA license to candidates who successfully meet the CPA licensure requirements of the state. The initial licensing fee is $150.
| Minnesota CPA Exam Fees | |
|---|---|
| Education Evaluation Application | $90.00 |
| Auditing and Attestation (AUD) | $344.80 |
| Financial Accounting and Reporting (FAR) | $344.80 |
| Regulation (REG) | $344.80 |
| ISC/BAR/ TCP | $344.80 |
| Total: | $1,469.20 |
[Information Systems and Controls (ISC), Business Analysis and Reporting (BAR), Tax Compliance and Planning (TCP)]
Minnesota CPA License Renewal Requirements
All CPA license holders must renew their licenses annually before December 31, regardless of when the certificate was issued. The renewal fee for active CPA licenses is $100 and $25 for inactive CPA licenses.
To qualify for license renewal, you must meet the Continuing Professional Education (CPE) requirements for the year, which differ based on when you were issued your license.
- Licensed Between January 1 - June 30: In this case, your first CPE cycle starts on July 1, and you will need a minimum of 20 CPE credits by June 30 of the following year.
- Licensed Between July 1 - December 31: In this case, your first CPE cycle starts on July 1 of the following year, and you will need a minimum of 20 CPE credits by June 30 (of the next year).
Minnesota CPA Continuing Education Requirements
Continuing Professional Education is a way to ensure CPA license holders are adept in the latest accounting practices. Minnesota CPA requirements mandate that license holders obtain 120 CPE credits per three-year reporting period (with a minimum of 20 CPE credits per year). These credits must include 60 technical credits and 8 ethics credits.
Minnesota CPA Exam: Dates, Score Release, and Scheduling
Uncover essential information regarding the Minnesota CPA Exam dates and score release timelines to efficient scheduling strategies for your convenience.
Exam Dates & Score Release
The AICPA is responsible for announcing the testing windows and CPA Exam score release dates. We suggest that you refer to these dates when scheduling your exams so that you can plan accordingly. Here is a brief, step-by-step guide to the application process.
Exam Section Scheduling
Commence your application process by creating an Okta account. It will grant you the access to CPA Portal. Opt for either “New candidate” or “Existing candidate” as applicable You can choose accordingly. This portal facilitates the entire CPA Exam process, allowing you to handle details, make payments, and access documents like payment receipts and NTS.
Next, apply for an educational evaluation to determine eligibility for the Minnesota CPA Exam. Ensure that your educational transcripts are directly submitted from your institution to CPA Exam Services. For individuals who completed their education internationally, an evaluation from recognized services such as NIES and Educational Records Evaluation Service, Inc. (ERES) or Foreign Academic Credential Service, Inc. (FACS).
If eligible for the Minnesota CPA Exam, initiate the exam section application process, applying for one section per application. You’ll receive a Notice to Schedule (NTS) and a Candidate Exam Section ID (CES ID) on your portal homepage. Note that you’ll need a separate NTS for each subsequent exam section after completing that section’s application procedure.
Schedule your exam dates as soon as you receive the NTS by using the NTS number and CES ID on the Prometric website. To ensure a smooth process, choose a convenient date well in advance. Exam section status can be found on the home page of your CPA portal. Remember to bring a physical copy of your NTS to the test center on the day of the exam.
You only have 30 months to pass all the CPA Exam sections. You must score at least 75 in each section to pass.
