Educational Requirements
The New Mexico Public Accountancy Board licenses CPAs to practice in New Mexico. According to the board, applicants wishing to become CPAs must pass the Uniform CPA Exam and the AICPA Ethics Examination, have completed 150 semester hours of education with 30 in accounting, and have earned a bachelor’s degree. Experience is also required.
Salary
According to the Bureau of Labor Statistics, the annual average wage for accountants in New Mexico is $61,810. The Los Alamos County area is the fourth-highest-paying nonmetropolitan area in the country for accountants and auditors, with average annual wages around $72,770. Job opportunities are expected to grow into 2020 as companies and individuals deal with the financial recession and stricter financial regulations that have affected the economy in the last few years; the best prospects will be for accountants with professional recognition, such as CPAs.
CPA Licensing in New Mexico
Applicants for a New Mexico CPA license must pass all four sections of the Uniform CPA Exam, successfully complete the AICPA Ethics Exam with a score of 90 or better, meet the educational requirements, and have one year of public accounting experience. This experience must have been under the supervision of a licensed CPA. Educational and experience requirements are similar for people looking to be licensed by grade transfer or reciprocity. Licenses must be renewed each year. To apply for a CPA license in New Mexico, you must meet the following requirements:
- Completed 150 semester hours
- Earned a bachelor’s degree
- Completed 30 hours in accounting
Continuing Education Requirements
CPAs in New Mexico must earn 120 clock hours of continuing professional education during the 36-month (three-year) period ending on the last day of the license holder’s birth month. A minimum of 20 hours must be completed each year, and four hours of the 120 must be in ethics. Courses must meet the standards jointly approved by NASBA and AICPA, by accounting societies approved by the board, or other standards approved by the board.
Accounting Jobs in New Mexico
Oil and gas is a major industry in New Mexico, which has large sources of petroleum, natural gas, and alternative energy. Accountants interested in these fields will find ample opportunities and should check out the oil and gas accounting societies like the Council of Petroleum Accountants Societies. The government also has many accounting opportunities for CPAs, including some with the local field office of the FBI in Las Cruces.