The AICPA Uniform CPA exam is challenging on its own, but this process is complicated further by each state also having its own set of requirements to fulfill so as to sit the exam. To make this process easier, we have compiled a detailed overview of what the New Mexico Public Accountancy Board requirements. This should prove helpful if you are planning to either take the New Mexico CPA exam, transfer your existing credits or CPA license to New Mexico, or to maintain your existing New Mexico CPA license. As these requirements are subject to change, we recommended confirming all information with the New Mexico Public Accountancy Board to make sure you qualify, and to verify that the charges have not been updated since this piece was published.

Age

New Mexico has a minimum age requirement of 18 to sit the CPA exam.

Residency

There is a residency requirement in New Mexico for initial licensure, but not for examination or reciprocity.

Citizenship

New Mexico has no citizenship requirement for CPA licensure.

Education

New Mexico requires applicants to have a bachelor’s degree or higher from a regionally accredited university or college to sit the exam, or equivalent. They must have acquired at least 150 semester hours of education by the time of writing the exam. This must include the following course requirements:

  • Accounting (30 hours minimum), as a combination of either:
  • Business (30 hours minimum,) of which no more than 3 hours can be in Business Law

Recognized accrediting bodies:

A college or university’s credits are recognized if it is accredited through one of the following institutions:

Credit limitations

  • Subjects taken from a non-accredited institution will be recognized if they appear on the transcript of a recognized accrediting institution
  • No more than 30 credits will be recognized from internships or life experience

Foreign Educations

Accountants who graduated from international institutions must have their transcripts evaluated by either the NASBA International Evaluation Services (NIES) or the National Association of Credential Evaluation Service (NACES.) If approved, they will be allowed to sit the exam, provided that they meet the other requirements. Otherwise, they will be informed of which requirements need to be fulfilled.

Work Experience

New Mexico CPA applicants must acquire one year of work experience in order to apply for licensure. One year is equivalent to 2,000 hours which may be fulfilled over a period of no less than one year and no more than three years preceding CPA license application. This experience must be supervised by a licensed CPA from any state. Acceptable experience shall include employment in government, industry, academia, or public practice. It should entail any combination of providing service or advice involving the use of accounting, attest, management advisory, financial advisory, tax or consulting skills.

Ethics

The New Mexico Public Accountancy Board requires applicants to take the  American Institute of Certified Public Accountants’ (AICPA) Professional Ethics: The AICPA’s Comprehensive Course and exam. They will need to achieve a score of a least 90% to qualify for licensure.

Exam Requirements

The entire application process and assessment process for New Mexico is done through NASBA and the CPA Examination Service (CPAES.) In order to apply for the New Mexico CPA exam, you will need to:

  • Create and account and apply for the exam through CPA Central
  • Request the Registrar’s of all your educational institutions to send official copies of your transcripts to NASBA by either:
    • Paper post: New Mexico Coordinator | CPA Examination Services | PO Box 198469 | Nashville, Tennessee 37219-8469
  • Submit the international transcript evaluation, where applicable
  • Be of good moral character
  • Meet the 150-semester hour and college educational requirements at the time of filing an application
  • Pay application and exam fees

Fees

Application fee$180.00
Auditing & Attestation (AUD)$226.15
Financial Accounting & Reporting (FAR)$226.15
Regulation (REG)$226.15
Business Environment & Concepts (BEC)$226.15
Registration fee:
4 examination sections – $95.00
3 examination sections – $95.00
2 examination sections – $95.00
1 examination section – $95.00		$380.00
Total$1,464.60

Reapplication fee: $95.00.

Fees are non-refundable. Most exams can be rescheduled

Locations

Any Prometric Test Center

How to Apply for a New Mexico CPA License

Once you have passed all parts of your CPA exam with at least 75%, you will be eligible to apply for you CPA license.

To do so, you will need to:

  • Create an online account with the NM Board
  • Submit the Board’s online application form
  • Provide proof of your work experience
  • Submit your fingerprint for a criminal background check
  • Pass the AICPA Ethics exam with 90% or more and request that they submit your results to the Board
  • Pay the License Application fee

Practice Privilege for Out-of-State License Holders

A CPA who holds an out-of-state license recognized as substantially equivalent to that of New Mexico’s can practice in Mexico without requiring CPA licensure on condition that:

  • They have a valid CPA license that is recognized as being substantially equivalent to that of New Mexico’s
  • The license is in good standing with the issuing state
  • Their principal place of business is in the state of licensure
  • The individual will stop practicing in Indiana should the license expire in the issuing state
  • They have acquired at least one year of experience

Reciprocal Application

Interstate License Reciprocity

New Mexico recognizes interstate reciprocity of CPA licenses from states and jurisdictions that are considered to be of substantial equivalence to that of New Mexico’s CPA license. Each state and jurisdiction’s requirements are specified on NASBA’s CPAmobility site.

International License Reciprocity

New Mexico may allow for international license reciprocity on the following conditions:

  • The license is recognized as substantially equivalent to that of New Mexico’s
  • They offer a similar license reciprocity for New Mexico License holders
  • The license was issued by a body that regulates the practice of public accountancy in that country
  • The license is valid and in good standing with that country
  • The educational, examination and experience standards of that country of substantially similar to those of New Mexico
  • They Passed a uniform qualifying examination on national standards and an examination on the laws, rules and code of ethical conduct in effect in New Mexico that is acceptable to the Board. This includes the International Qualification Examination (IQEX) that is open to all issuing bodies that form part of the NASBA/IQAB’s Mutual Recognition Agreement (MRA.) Although the New Mexico Accountancy Act only mentions 8 of the 10 bodies, the Board defers to NASBA on IQEX policy
  • They will stop practicing public accountancy should their license expire or be revoked in the issuing country

Other International License holders

Other international license holders will need to follow the same route as outlined under ‘foreign educations’ above.

NTS Validation Period

Once the exam has been paid for, NASBA will issue that applicant a Notice to Schedule. The applicant will then have six months from the date of issuance to set or change the date for the exam. If they fail to do so, they will need to reapply and pay the application fee again.

License Renewal Requirements

New Mexico CPA license holders are required to renew their licenses annually by the last day of their birth month. During this time, they are required to accrue 2,000 minutes of Continued Professional Education (CPE.) Of these, 50 minutes of CPE should be obtained from a sponsor registered with NASBA.

Other CE Specifications:

  • Applicants have the following cap for the following CPE methods:
    • 1,000 minutes – instruction combined with authorship
    • 250 minutes – published materials
    • Self study credits will be awarded based on the estimated time of completion provided by the sponsor
    • Accredited college courses – 750 CPE shall be awarded per semester hour of credit and 500 CPE per quarter semester hour
    • Non-accredited college courses – no CPE shall be awarded
  • New Mexico accepts CPE credits for programs offered by sponsors listed on the National Registry or courses approved by the American Institute of Certified Public Accountants (AICPA) 

You will need to open an account on the New Mexico Regulation and Licensing Department website in order to report your CPE, renew your license and pay the fee.

Renewal Fee: $130.00

Inactive license holders

New Mexico CPA license holders can opt to change their license status to ‘inactive.’ This will allow them to maintain their license by paying the renewal fees, without the need to meet the CPE requirements. However, they will not be permitted to practice as a CPA until their license is made ‘active’ again and they will still need to pay the annual renewal fee. In order to switch their license status back, they will need to apply for reinstatement and meet the license renewal requirements stipulated above.

Renewal fee: $130.00

Expired licenses

Failure to renew a license on time will result in its expiring. If it is not renewed within 90 days of expiration including payment of a delinquency fee and renewal fee, it will be cancelled. In order to reactivate an expired license, you will need to submit an application form containing:

  • You license number
  • Undergo a criminal background check
  • Meet all CPE requirements
  • Pay the application fee
  • Wait for approval of reinstatement by the Board
  • Pay the license renewal fee

Penalty for late renewal: $130.00

Reinstatement of Cancelled Certificate: $175.00

State Board

New Mexico Public Accountancy Board