Maine CPA requirements
Wondering how to become a CPA in Maine? The first thing you'll want to do on the road to becoming a CPA is check the Maine CPA requirements, because the state will ultimately license you. This page serves as a resource for taking the CPA Exam and earning CPA licensure and is current as of July 2021. Always consult with Maine's Board of Accountancy for the most current information.
Maine CPA Exam requirements
Getting a CPA in each state mandates different requirements for taking the CPA Exam and becoming a licensed CPA. In order to be eligible to take the CPA Exam in Maine, the state requires candidates to meet certain education requirements.
Maine CPA education requirements
Before taking the CPA in Maine, you must meet a set of Maine CPA education requirements. First, you need to have a bachelor's degree or higher from a regionally accredited college or university. Candidates must also have 150 semester hours in various course subjects including 15 semester hours in one or more of the topics below:
- Financial accounting and reporting for business organizations
- Financial accounting and reporting for government and not-for-profit entities
- At least 3 semester hours of auditing and attestation services
- Managerial or cost accounting
- Fraud examination
- Internal controls and risk assessment
- Financial statement analysis
- Accounting research and analysis
- Tax research and analysis
- Accounting information systems
- Ethics relevant to the practice of public accounting
Maine CPA license requirements
In order to be eligible to apply for CPA licensure in Maine, applicants must meet the following requirements:
- Pass all four sections of the CPA Exam
- Complete two years of experience under the direction of a certified public accountant, which must include the use of accounting or auditing skills, including the issuance of reports, and at least one of the following:
- The provision of management advisory services
- Financial advisory or consulting services
- The preparation of tax returns
- The furnishing of advice on tax matters
- Equivalent activities defined by the board
Maine CPA license renewals
Maine CPAs must have their license renewed annually. All individual CPA licenses expire on September 30th of each year. Here is more information on CPA license renewals in Maine.
Maine CPA CPE requirements
Maine CPA CPE requirements mandate 40 hours of continuing professional education (CPE) every year. CPE hours must meet the following requirements to be accepted:
- No more than 20 hours of excess CPE can be rolled over into the next year.
- A CPA whose initial license is issued between August 1 and March 31 shall complete 20 hours of CPE during the licensee’s initial license term ending on September 30.
- A CPA whose initial license is issued between April 1 and July 31 need not complete any CPE during the licensee’s initial license term ending on September 30.
- All licensees shall obtain at least 4 hours of CPE in professional ethics every three years, beginning with the date of the first renewal. Acceptable CPE in ethics may include a program of study of the accountancy laws and rules of the State of Maine.
Acceptable CPE programs:
- Professional development programs of state and national professional accounting societies or institutes
- Accredited university or college credit or non-credit courses
- Formal correspondence or other individual study programs. Such programs must require registration and provide evidence of satisfactory completion.
- Formal organized in-firm education programs
- Meetings of the National Association of State Boards of Accountancy (NASBA)
- Other formal, organized educational programs
Programs that do not qualify:
- CPA prep courses
- Committee service of professional organizations
Standards for CPE program development:
- The program must contribute to the professional competence of participants.
- The program must be developed by persons qualified in the subject matter and in instructional design.
- The program content must be current.
- The program must be reviewed by a qualified person other than the preparer to ensure compliance with the above standards.
Acceptable subject matter:
- Accounting, auditing and ethics
- Specialized accounting areas of industry
- Administrative practices
- Management services
Credit for the following subject matters may not exceed 50% of the required hours:
- Communication arts
- Mathematics, statistics, probability and quantitative applications in business
- Business, securities and administrative law
- Human resources policies
- Computer software applications