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The AICPA Uniform CPA exam is extremely difficult on its own. However, this process is complicated further by each state having their own CPA requirements. To make this process easier, we have compiled a detailed overview of what the Maine State Board of Accountancy’s requirements are. This should prove helpful if you are planning to either take the Maine CPA exam, transfer your existing credits or CPA license to Maine, or to maintain your existing Maine CPA license. As these requirements are subject to change, we recommended confirming all information with the Maine State Board of Accountancy to ensure you qualify, and to verify that the charges have not been updated since this piece was published.
Maine has no minimum age requirement to site the CPA exam.
There is no residency requirement for Maine.
Maine does not require US citizenship to sit the CPA exam.
Maine requires applicants to have a four-year bachelor’s degree or higher from a regionally accredited university or college to sit the exam. They must have accrued at least 120 semester hours prior to sitting the CPA exam. However, they will need 150 semester hours in order to apply for CPA licensure. The CPA exam can be taken no more than 120 days prior to the applicant completing their degree.
Their educational requirements must include:
A college or university’s credits are recognized if it is accredited through the Council for Higher Education Accreditation (CHEA) or similar body.
Accountants who graduated from international institutions must have their transcripts evaluated by either the NASBA International Evaluation Services (NIES) or the Foreign Academic Credentials Service (FACS.) 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.
Maine CPA applicants must acquire at least 2,080 hours of work experience within no less than one year and no more than three years of applying for their license. For part-time experience, 173 hours will be recognized as equivalent to one month. This experience must be supervised by a licensed CPA from any state or territory in the US and recorded by the CPA in writing. To the extent the applicant’s experience is as a revenue agent or in a similar position engaged in the examination of personal and corporate income tax returns for the Bureau of Revenue Services, the applicant will receive credit at a rate of 50% toward their experience requirement.
The Maine Board of Accountancy does not require an ethics exam but does allow for an ethics course to be taken optionally as part of the 150-semester hour Accountancy and Auditing requirement.
| Application fee | $170.00 |
| Auditing & Attestation (AUD) | $226.15 |
| Financial Accounting & Reporting (FAR) | $226.15 |
| Regulation (REG) | $226.15 |
| Business Environment & Concepts (BEC) | $226.15 |
| State exam application fee (4 x $85): | $340.00 |
| Total | $1,414.60 |
Fees are non-refundable. Most exams can be rescheduled.
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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:
A CPA who holds an out-of-state license can practice in Maine without obtaining Maine CPA licensure on condition that:
Maine recognizes interstate reciprocity of CPA licenses from states and jurisdictions that are considered to be of substantial equivalence to that of Maine’s CPA license according to the standards held by AICPA and NASBA. License holders from jurisdictions that are not considered to be substantially equivalent can have their credentials evaluated by NASBA’s National Qualification Appraisal Service (NQAS.) If approved, they can then apply for Maine licensure without the need to sit Maine’s CPA exam.
Maine recognizes international license reciprocity with those institutions that form part of NASBA/IQAB’s Mutual Recognition Agreement (MRA.) They will need to apply for Individual Substantial Equivalency from CredentialNet, which costs $250.00. If approved, this evaluation and the Maine State Board of Accountancy’s Application for a Reciprocal License should be sent directly to the Maine State Board of Accountancy’s licensing department.
License holders from non-MRA bodies will need to sit the full CPA exam. However, they must first establish whether they will need to have their credentials evaluated as mentioned above under ‘Foreign Educations.’
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.
Maine CPA license holders are required to renew their licenses annually by September 30th. They are also required to submit annual proof of fulfilling 40 hours of continued professional education (CPE). There is an additional requirement of fulfilling a 4-hour CPE requirement in ethics every 3 years. The Board allows for a roll-over of up to 20 CPE for the next renewal period.
CPE Specifications:
Renewal Fee: $35.00
Maine CPA license holders can opt to change their license status to ‘inactive.’ This will allow them to maintain their license by paying the annual 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. 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: $35.00
Failure to renew either an active or inactive will result in the license’s expiration. The license holder will then have up to 90 days passed the renewal period to meet the requirements and pay both the renewal fee and $56.00 late fee. They will also need to submit the reinstatement application form. Failure to do so will result in the license’s expiration. The individual will then be subject to all the requirements that govern new applicants.
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