Minnesota CPA Exam Requirements
|Hours Required for Exam: Level one accredited schools, at least 24 hours of upper division accounting courses. Level two schools, at least 24 hours of upper division accounting courses and another 24 hours of business related or
||Residency Requirements: Applicants must be a Minnesota resident and be employed in Minnesota with the intention of gaining eligible accounting experience or by working for 90 days (with qualifying experience) before or after the
date of a CPA exam.
|Hours Required for Licensure: 120 hours
||Minimum Age: 18
|Degree Required: Bachelor's
||Application Fee: $175
|Additional Requirements: Level three school students must earn a graduate degree to qualify to sit for the CPA exam.
||Additional Notes: The exam fees and the application fees are non-refundable.
Criterion for Exam Candidates
Minnesotans hoping to engage in the robust career of a CPA must equip themselves with solid knowledge of the guidelines and regulations that meet the directives set by the Minnesota State Board of Accountancy. Candidates must also be of good moral character.
Minnesota breaks educational institutions into levels of accreditation. Some educational requirements to sit for the CPA exam can vary, depending on what level of school the candidate attended. The bulk of Minnesota accounting students attend
level one schools. To check where a specific school falls in this ranking system, check the Minnesota Society of Certified Public Accountants website. First-time CPA exam candidates who attended a level one school have the following requirements:
Earn a bachelor’s degree or higher, including at least 24 semester hours of junior/senior (upper division) accounting courses. These specific courses can include classes that comprise, but do not have to be a separate course in, financial
accounting, auditing, taxation and management accounting. For those Minnesotans who attended a level two school, requirements are: a bachelor’s degree and 24 semester hours in accounting in graduate or undergraduate courses. Classes must cover
financial accounting, auditing, taxation and management accounting; these courses do not have to be separate courses in these subjects. Also, level two school graduates must complete at least another 24 semester hours in business-related or
accounting courses at the graduate or undergraduate level. Candidates who have completed a graduate degree must finish at least 24 undergraduate semester hours in accounting or 15 graduate semester hours. A corresponding combination of graduate
and undergraduate courses will fulfill the requirement. Courses must encompass financial accounting, auditing, taxation and management accounting. The coursework can be a part of a business class or a class by itself. Level three school graduates
must complete a graduate degree to qualify to sit for the CPA exam.
Applying for the Exam
Applications can be found at the NASBA (National Association of State Boards of Accountancy) website; NASBA administers the exam process. The application takes 6-8 weeks to process. Transcripts should be forwarded to CPA Exam Services, the organization
that processes and verifies exams, so they can be evaluated. Applicants can apply to sit 180 days before graduation and can take any of the four sections of the exam 90 days prior to graduating. Candidates who take any section before graduation
must submit transcripts to NASBA. After applying, applicants will receive an NTS (Notice to Sit) from NASBA so they can schedule their exam. The NTS is valid for six months and is required to check in at the exam site. After receiving an
NTS, applicants can register with the test administrator, Prometric. Candidates should visit www.prometric.com
to locate their nearest testing center and schedule their exam. Exam fees for
each of the four test sections are as follows:
- Accounting and attestation: $190.35
- Business Environment and Concepts: $171.25
- Financial Accounting and Reporting: $190.35
- Regulation: $171.25
Before Scheduing your exam(s), prepare with:
Taking the Exam
Each of the four exams is broken up into sections called “testlets”. Test takers can change their responses only within their current testlet. Each exam section has 4 testlets; the first 3 testlets for each sections contains multiple-choice questions.
The final testlet in FAR, AUD & REG contains 6-7 task-based simulation questions while the final testlet in BEC contains 3 written communication questions. Each calendar year is separated into four exam windows. Applicants can only take each
test section once per examination window. It is recommended that exams are scheduled 45 days ahead so that applicants can be sure to secure the dates needed for testing.
Obtaining Exam Scores
Exam scores are sent to the AICPA (American Institute of CPAs) and then to NASBA. Scores are generally issued about 2-4 weeks after a testing window has closed. To pass the CPA exam, test-takers must score at least a 75 in each subject. Candidates who
pass the exam and have complied with all of the statues and rules will be notified by mail.