In New Mexico, becoming a Certified Public Accountant (CPA) is a rewarding and fulfilling career path for those interested in finance, accounting, or aspiring Limited Liability Company owners. CPAs are in high demand and enjoy lucrative salaries, job security, and growth opportunities. In New Mexico, as in any other state, aspiring CPAs must fulfill certain educational, experience, and examination requirements to become licensed. This comprehensive guide will walk you through the steps to Becoming a CPA in New Mexico and provide valuable tips and resources to help you succeed.
Webinarcare Editorial Team will help you gain knowledge through thorough research and market study. Before you become a CPA, all the steps in this article must guide you.
On this page, you’ll learn about the following:
What is a CPA?
A CPA, or Certified Public Accountant, is a professional accountant who meets the educational, examination, and experience requirements to become licensed in New Mexico. CPAs are accounting, finance, and taxation experts, providing valuable services to individuals, businesses, non-profit organizations, and government agencies.
In New Mexico, CPAs are licensed and regulated by the New Mexico Board of Accountancy, ensuring that they adhere to strict professional and ethical standards. CPAs in New Mexico offer a range of services, including but not limited to:
- Tax planning and preparation for individuals, LLCs, and corporations
- Financial statement preparation and analysis
- Auditing and assurance services
- New Mexico Business Consulting
- Internal control and risk management
- Forensic accounting and fraud investigation
As a CPA, one can work in various sectors, including public accounting firms, New Mexico Corporations, government agencies, non-profit organizations, or as a self-employed professional. Regardless of the specific role, a CPA has the necessary knowledge, skills, and expertise to help clients navigate the complexities of financial management and make informed decisions.
To maintain their CPA license in New Mexico, CPAs must also adhere to continuing professional education (CPE) requirements, ensuring that they stay up-to-date with current accounting standards, tax regulations, and industry best practices. This ensures New Mexico CPAs provide their clients with the highest service and expertise.
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How to Become a CPA in New Mexico
Suppose you’re considering becoming a CPA in New Mexico. In that case, it’s important to understand the steps and requirements involved in obtaining your license and starting your professional journey. This step-by-step guide will walk you through becoming a CPA.
Step 1: Fulfill The Educational Requirements
The first step to becoming a CPA in New Mexico is to complete the necessary education requirements. The New Mexico Board of Accountancy requires CPA candidates to hold a bachelor’s degree or higher from an accredited college or university. Additionally, candidates must complete 150 semester hours of college education, including specific coursework in accounting and business.
Accounting Coursework
In New Mexico, CPA candidates must complete at least 24 semester hours in accounting courses, including:
- Financial Accounting
- Managerial Accounting
- Auditing
- Taxation
- Accounting Information Systems
- Governmental or Not-For-Profit Accounting
It is important to note that introductory accounting courses may not be counted towards the 24-hour requirement.
Business Coursework
In addition to accounting courses, CPA candidates in New Mexico must also complete at least 24 semester hours in business-related courses, such as:
- Business Law
- Economics
- Finance
- Management
- Marketing
- Statistics
Some states also require specific coursework, such as New Mexico-specific ethics courses, so check with the New Mexico Board of Accountancy for any unique requirements.
Here is the coursework breakdown for becoming a CPA in New Mexico.
| Accounting Coursework | Business Coursework |
| Financial Accounting | Business Law |
| Managerial Accounting | Economics |
| Auditing | Finance |
| Taxation | Management |
| Accounting Information Systems | Marketing |
| Not-For-Profit Accounting | Statistics |
Step 2: Pass The Uniform CPA Examination
After completing the educational requirements, the next step to becoming a CPA in New Mexico is to pass the Uniform CPA Examination on the NASBA website.
The CPA Exam is a comprehensive, four-part test designed to assess a candidate’s knowledge and skills in accounting and business. The four sections of the CPA Exam are:
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
Each section of the CPA Exam is scored on a scale of 0 to 99, with a passing score of 75 or higher required for each section. The CPA Exam is administered by the American Institute of Certified Public Accountants (AICPA) and is offered at Prometric testing centers throughout the United States and, more specifically, in New Mexico.
CPA Exam Application Process
To apply for the CPA Exam in New Mexico, candidates must first create an account with the National Association of State Boards of Accountancy (NASBA). Once an account is created, candidates can submit their applications and send their official college transcripts to NASBA for evaluation. NASBA will then determine the candidate’s eligibility to sit for the CPA Exam based on their education and will provide an Authorization to Test (ATT) once approved. The required fee for the New Mexico CPA exam application costs $774 (4 exam sections) + $75 application fee.
CPA Exam Scheduling
Once candidates receive their ATT, they can schedule their CPA Exam sections at a Prometric testing center. The CPA Exam is offered during four testing windows throughout the year:
- January 1 – March 10
- April 1 – June 10
- July 1 – September 10
- October 1 – December 10
It is important to note that candidates must pass all four sections of the CPA Exam within an 18-month window, which begins upon passing the first section. If a candidate does not pass all four sections within this time frame, they will lose credit for the oldest passed section and must retake it.
Step 3: Complete The Experience Requirement
In addition to education and examination requirements, CPA candidates in New Mexico must fulfill an experience requirement to become licensed. The New Mexico Board of Accountancy requires candidates to complete at least one year (or 2,000 hours) of supervised work experience in accounting, auditing, tax, or management advisory services.
A licensed CPA must supervise the work experience with an active license in New Mexico or another jurisdiction with substantially equivalent requirements. It is important to note that the experience requirement must be completed within a timeframe of, at most, 36 months.
It is recommended that CPA candidates keep detailed records of their work experience, including dates, hours, tasks, and supervisor information. This documentation will be required when applying for licensure with the New Mexico Board of Accountancy.
Step 4: Pass The New Mexico Ethics Exam
Candidates must also pass an ethics exam before becoming a licensed CPA in New Mexico. The New Mexico Board of Accountancy may require a specific ethics course and exam, or candidates may be required to take the AICPA Professional Ethics Exam. This self-study course and exam cover ethical reasoning, independence, integrity, objectivity, and professional conduct. Candidates must score 90% or higher on the ethics exam to pass.
Step 5: Apply For Licensure
Once all educational, examination, and experience requirements have been met, CPA candidates can apply for licensure with the New Mexico Board of Accountancy. Candidates must apply, pay $100 initial license fee, $100 annual renewal, and document their education, examination scores, work experience, and ethics exam completion.
After the New Mexico Board of Accountancy reviews and approves the application, candidates will be issued their CPA license and can begin practicing as a Certified Public Accountant in New Mexico.
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How Much Does a CPA Make?
The salary of a Certified Public Accountant (CPA) can vary greatly depending on factors such as years of experience, industry, company size, and job location. The average salary range for a CPA in New Mexico is between $60,000 and $120,000 annually.
Entry-level CPAs with less than one year of experience can expect to earn an average salary of around $50,000 to $60,000 per year. As CPAs gain experience, their earning potential typically increases. Those with five to nine years of experience can earn an average salary of $70,000 to $90,000 per year, while CPAs with more than ten years of experience can earn upwards of $100,000 or more annually.
In New Mexico, CPAs working in metropolitan areas or specialized industries, such as finance or technology, may command higher salaries than those in smaller cities or industries with lower demand for accounting services.
Additionally, obtaining specialized certifications, such as the Certified Management Accountant (CMA) or Certified Information Systems Auditor (CISA), or pursuing advanced degrees can further increase a CPA’s earning potential in accounting and finance.
FAQs
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How to Save Money While Starting a Becoming Cpa in New Mexico
One of the first things to consider when pursuing a career as a CPA is education. Obtaining a Bachelor’s degree in accounting is a requirement for becoming a CPA, but the cost of tuition at a traditional four-year college or university can be daunting. One way to save money on your education is to explore community colleges or online programs that offer accredited accounting degrees at a fraction of the cost. Many of these programs also offer flexible scheduling options, allowing you to work part-time or full-time while completing your degree.
In addition to traditional education, passing the CPA exam is another crucial step on the path to becoming a CPA in New Mexico. The cost of exam preparation courses and study materials can add up quickly, but there are more affordable alternatives available. Many libraries and online resources offer study materials for free or at a low cost, allowing you to prepare for the exam without breaking the bank. Additionally, forming study groups with fellow aspiring CPAs can be a cost-effective way to prepare for the exam while benefiting from a collaborative learning environment.
Once you have completed your education and passed the CPA exam, obtaining licensure as a CPA in New Mexico is the next milestone. The licensing process can incur fees for applications, exams, and background checks, among other expenses. To save money during this process, consider joining professional organizations such as the New Mexico Society of Certified Public Accountants (NMSCPA), which offer discounts on exam fees, continuing education courses, and networking opportunities. These organizations can also provide valuable resources and support as you navigate the licensing process and transition into your career as a CPA.
For those interested in starting their own CPA practice, establishing a budget and financial plan is essential. Setting up a home office or sharing office space with other professionals can significantly reduce overhead costs compared to leasing a commercial office space. Additionally, investing in cloud-based accounting software and technology can streamline your practice and save money on administrative expenses. By prioritizing efficiency and keeping a close eye on your finances, you can build a successful CPA practice while minimizing unnecessary expenses.
In conclusion, pursuing a career as a CPA in New Mexico requires a smart financial strategy to navigate the initial costs and challenges associated with education, licensure, and practice establishment. By exploring cost-effective education options, utilizing free or low-cost study materials, taking advantage of professional organizations, and prioritizing financial planning in your practice, you can save money while investing in your future as a CPA. With careful planning and careful consideration, you can achieve your goal of becoming a CPA while managing your finances responsibly.
Conclusion
Becoming a CPA in New Mexico requires dedication and hard work, but the rewards are worthwhile. With a strong foundation in education and experience, as well as successful completion of the CPA Exam and ethics exam, aspiring CPAs can enjoy a fulfilling and lucrative career in accounting and finance. By following the steps outlined in this guide, you’ll be well on your way to becoming a licensed CPA in New Mexico and making a significant impact in finance.