Educational Requirements
Becoming a CPA in Maine requires not only passing the four-part Uniform CPA Exam, but also fulfilling educational and other requirements for licensure. The Maine Board of Accountancy is the public governing body for these professionals in the state. As of February 2012, the educational requirements to satisfy for CPA licensure in Maine have changed. New applicants can find more information at the Maine Board of Accountancy website, or, specifically, in this document detailing the recent alterations. Current educational requirements include the completion of a bachelor’s degree from an accredited, Board-approved college or university, containing at least 150 semester hours of coursework. Fifteen of these hours must be in accounting, auditing, and business ethics.
Salary
Accountants in Maine can have salary expectations similar to national averages. The average annual salary of a CPA in Maine in 2011 was $60,110, according to the Bureau of Labor Statistics. The top 10% of earners in the state commanded average accountancy salaries of $92,410. The bottom 10% of accounting salaries in Maine hover near $34,000. The metropolitan area of Bangor finds lower than average annual salaries, at $56,320 in 2011. In southwest Maine, salaries are a bit higher. While there were only 3,320 accountants employed in Maine in 2011, the population of the Northeastern state is much lower than most other states.
CPA Licensing in Maine
Becoming a CPA in Maine requires a bachelor’s degree (at minimum), two years of verified experience, and passage of the Uniform CPA Exam. The Office of Professional and Occupational Regulation lists the requirements for CPA licensure in Maine here. The Maine Board of Accountancy also contains information, helpful links, and several resources. To become a licensed CPA in Maine, all prospective applicants must meet the following requirements:
- Obtain an approved, accredited bachelor’s degree, completing at least 150 semester hours of coursework. At least 15 hours must be in auditing, accounting, and the field of business ethics. Specific educational requirements can be found by clicking here.
- Prepare all transcripts for review upon sitting for the CPA Exam.
- Successfully complete the four-part Uniform CPA Exam.
- Complete two years of public accounting work experience. In Maine, all prospective CPAs must complete at least 400 hours of auditing experience, review, and compilation. Additionally, 200 hours of the experience requirement must be completed through working in advisory services.
- Submit application for licensure.
- Payment of all fees for licensure, application, and a criminal background check. Fee schedules are available through the Office of Professional and Occupational Regulation.
- Note: Some states are identified as “substantially equivalent,” and licensed CPAs in these states may also practice in Maine, subject to permits and Board approval. More information about reciprocal licensure can be found here.
Continuing Education Requirements
According to the Maine Board of Accountancy and the Office of Profession and Financial Regulation, Maine CPAs must renew their license annually. In order to renew their license to practice public accountancy, all CPAs in Maine must complete at least 40 hours of continuing professional education each year. Licenses can be renewed electronically here.
Accounting Jobs in Maine
Maine is a state with a lower population and population density than many places in the United States, which can affect employment opportunities for accountants. Tourism, shipbuilding, electronics, and the financial sector are just a few industries in Maine that require licensed CPAs. The Maine Society of Certified Public Accountants updates CPAs in the state with news, events, and prospective career opportunities, especially to its members. Nationwide, accounting jobs should remain in constant, steady demand, with a projected growth rate of approximately 16%.