Starting your journey to become a Certified Public Accountant (CPA) in Minnesota is a significant step towards a rewarding career. But did you know? According to the National Association of State Boards of Accountancy (NASBA), the CPA exam pass rate was approximately 50% across the United States in recent years. This statistic, highlighted by NASBA, emphasizes the need for thorough preparation and understanding of Minnesota’s specific CPA exam and licensure requirements.
Now, let’s get down to business. Minnesota has its own set of rules and prerequisites for CPA candidates, including educational and experience requirements.
Are you fully aware of these? If not, this article is your essential guide.
I will cover everything from the educational qualifications needed, the details of the exam process, to the experience requirements for obtaining your CPA license in Minnesota. Plus, I’ll offer valuable tips to help you navigate this journey with confidence.
Steps to Get a CPA License in Minnesota
- Meet education and verified work requirements.
- Pass all sections of the CPA Exam (consider a CPA review course for assistance).
- Complete the AICPA Ethics Exam.
- Fill out and submit all required CPA license application paperwork.
- Pay the CPA license application fee.
CPA License Requirements in Minnesota
- Minimum age: 18 years old
- US residency not required
- State residency required: must be a resident, employee, or have an office in Minnesota
Education Requirements
The educational requirements for CPA licensure in Minnesota are quite specific. Candidates must have:
- A bachelor’s degree or higher from an accredited college or university.
- A minimum of 150 semester hours of college coursework.
- Specific course requirements include:
- 24 semester hours in accounting at the undergraduate level or 15 semester hours at the graduate level, covering topics such as financial accounting, auditing, taxation, and management accounting.
- 24 semester hours in business-related courses at the undergraduate or graduate level. These courses can include subjects like business law, finance, economics, and business ethics.
For detailed information on educational requirements, candidates can refer to the Minnesota Board of Accountancy website.
Work Experience
In addition to education, CPA candidates in Minnesota must complete specific work experience requirements:
- One year (or 2,000 hours) of verified work experience in accounting. This experience must be supervised by a licensed CPA and should involve skills such as accounting, attestation, compilation, management advisory, financial advisory, tax, or consulting skills.
- The work experience must be completed within the three years immediately preceding the date of application for licensure.
Ethics Exam
Ethics Course and Exam: In Minnesota, passing the AICPA ethics exam is a mandatory requirement for CPA licensure. This exam is a critical component of the licensure process, designed to ensure that all CPAs adhere to the highest standards of integrity and professionalism.
- Cost of the AICPA Ethics Exam Course: The course and corresponding exam are priced at $299. However, AICPA members can avail of a discounted rate of $245.
Minnesota CPA Exam Fees
Education Evaluation Application
Before applying for any section of the CPA Exam, candidates must first be deemed eligible. The Education Evaluation Application is a crucial step in this process, determining if you meet the educational requirements necessary to take the CPA Exam in your selected jurisdiction.
Education Evaluation Application Fee: $90.00
This fee covers the evaluation of your educational background to ensure it aligns with the requirements for taking the CPA Exam.
Exam Section Application
Once your eligibility for the CPA Exam has been confirmed, you can then apply for a specific exam section. It’s important to note that you can apply for only one exam section per application. Candidates are advised to apply for an exam section only if they are ready to take it, as the Notice to Schedule (NTS) issued will be valid for a limited period. You must take the exam section listed on your NTS within this timeframe, or you will forfeit the fees paid.
Exam Section Application Fee: $344.80
This fee is applicable for each section of the CPA Exam for which you apply.
| Exam Fee Per Section | $344.80 |
| Education Evaluation Fee | $90 |
| Application Fee: | $150 |
Refund Policy
It’s crucial for candidates to understand that there is no provision for withdrawing from the examination or requesting an extension of your current Notices to Schedule (NTS). Application and/or examination fees are non-refundable. However, in cases of extreme circumstances, candidates may request an NTS extension or a partial refund of examination fees under specific conditions. This is done by utilizing the Exception to Policy Form.
Candidates should carefully plan their exam schedule and ensure they are prepared to take the exam within the validity period of their NTS to avoid unnecessary loss of fees.
CPA Exam Updates and Changes in Minnesota
The CPA profession is on the brink of a significant transformation with the CPA Evolution initiative, a collaborative effort between the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA). This initiative, which will take effect in 2024, is designed to ensure that CPAs are well-prepared for the dynamic and increasingly complex business environment.
General Changes: The CPA Evolution initiative aims to revamp the CPA licensure model to better align with the evolving skills and competencies necessary in the accounting profession. The key changes include:
- Updated CPA Exam Structure: The new CPA Exam, set to launch in 2024, will adopt a core-plus-discipline model. This model includes a consistent core focusing on essential areas such as accounting, auditing, tax, and technology, along with a choice of discipline for deeper specialization. These disciplines could include business analysis and reporting, information systems and controls, or tax compliance and planning.
- Increased Emphasis on Technology: Reflecting the growing significance of technology in the field of accounting, the revamped exam will place a stronger emphasis on technological competencies, including data analytics, information systems, and cybersecurity.
Specifics for Minnesota: For CPA candidates in Minnesota, the CPA Evolution initiative will bring changes that align with the national shift in the CPA licensure model. While the Minnesota Board of Accountancy will provide specific guidance and requirements, candidates can expect:
- Adaptation to New Exam Format: Minnesota CPA candidates will need to prepare for the updated exam structure, focusing on both the core subjects and their chosen discipline.
- Educational Adjustments: Educational institutions in Minnesota are likely to adapt their curricula to meet the new competencies required by the CPA Evolution, ensuring that graduates are well-prepared for the updated exam.
Local CPA Organizations in Minnesota
Minnesota Society of Certified Public Accountants (MNCPA): A key resource for CPA candidates, MNCPA offers exam review courses, networking opportunities, and continuing education programs. They also provide crucial updates on accounting standards and regulations.
The MNCPA has local chapters in:
Minnesota Exam Information and Resources
Minnesota Board of Accountancy
For more details, please contact:
85 East 7th Place, Suite 125
St. Paul, MN 55101
Email: [email protected]
Phone: 651-296-7938
Fax: 651-282-2644
FAQs
To qualify for CPA licensure in Minnesota, candidates must have a bachelor’s degree or higher and complete 150 semester hours of college coursework. This includes 24 semester hours in accounting at the undergraduate or 15 at the graduate level (covering financial accounting, auditing, taxation, and management accounting) and 24 semester hours in business-related courses.
To qualify for CPA licensure in Minnesota, candidates must have a bachelor’s degree or higher and complete 150 semester hours of college coursework. This includes 24 semester hours in accounting at the undergraduate or 15 at the graduate level (covering financial accounting, auditing, taxation, and management accounting) and 24 semester hours in business-related courses.
First, submit an Education Evaluation Application with a fee of $90 to determine your eligibility. Once deemed eligible, you can apply for a specific exam section, with each application costing $344.80. Apply only when ready to take the exam, as the Notice to Schedule (NTS) is valid for a limited time.
Candidates must complete one year (2,000 hours) of work experience in accounting, supervised by a licensed CPA. This experience should involve skills in accounting, attestation, compilation, management advisory, financial advisory, tax, or consulting skills, and must be completed within three years preceding the licensure application.
Yes, passing the AICPA Ethics Exam is required. The course and exam cost $299, with a discounted rate of $245 for AICPA members. The exam covers the AICPA Code of Professional Conduct and includes scenario-based questions to test practical application of ethical principles.
No, there is no provision for withdrawing from the examination or requesting an extension of your NTS. Application and examination fees are non-refundable. However, in extreme circumstances, you may request an NTS extension or a partial refund using the Exception to Policy Form.
The CPA Exam will adopt a core-plus-discipline model, focusing on essential areas like accounting, auditing, tax, and technology, along with a choice of discipline for deeper specialization. There will also be an increased emphasis on technological competencies, including data analytics and cybersecurity.
Bryce Welker is a regular contributor to Forbes, Inc.com, YEC and Business Insider. After graduating from San Diego State University he went on to earn his Certified Public Accountant license and created CrushTheCPAexam.com to share his knowledge and experience to help other accountants become CPAs too. Bryce was named one of Accounting Today’s “Accountants To Watch” among other accolades. As Seen On Forbes
