Accounting Degrees in Maine
With a population of around 1.3 million, Maine is one of the smallest U.S. states, and it’s also home to one of the smaller economics in the country. Despite its size, the state boasts a robust economy based around agriculture, industry, shipbuilding, tourism, and outdoor recreation, and hundreds of CPA firms offer plenty of opportunities for auditors and accountants. Two of the “Big Four” international CPA firms (KPMG and Ernst & Young) maintain offices in Portland, the state’s largest city and business hub. Portland is also home to three of the highest grossing accounting firms in the New England area: BerryDunn, Baker Newman & Noyes, and Macpage.
Maine at a glance
|Per Capita Income||$27,978|
|Fortune 500 Companies|
|Licensed CPA Firms||204|
Accounting Programs in Maine
Search our comprehensive school directory to explore the accounting programs in Maine, including campus-based, online and hybrid programs.
- Degree Levels
Accounting Salaries and Employment
Employment opportunities for accountants and auditors in Maine are projected to increase by 4.5% between 2012 and 2022. Although this is lower than national projections, CPAs can find work in the state’s metro areas. Major firms such as BerryDunn, Baker Newman & Noyes and Macdonald Page & Co. have headquarters in Portland and generated between $13 and $43.12 million in revenue last year.
Top-paying cities for accounting specialists include Lewiston-Auburn, Bangor, South Portland and Portland-Biddeford. Average salaries in these areas are as high as $61,236 annually. Of course, accounting salaries are highly contingent upon licensure status, work experience and expertise; average annual wages in this state can range from $35,550 to $126,200.
Projected Job Growth for Accountants
Accounting Salaries by Specialty
Associate Degree Recommended
Bookkeeping and Auditing Clerks
Bachelor's Degree Recommended
Tax Examiners and Collectors
Master's Degree Recommended
Accountants and Auditors
Personal Financial Advisors
Top-paying cities for accountants
- Portland-South Portland-Biddeford ME$68,700
- Bangor, ME$63,390
- Lewiston-Auburn ME$51,620
Major firms headquartered in Maine
|Count||Firm||Location||2014 Revenue (in millions)|
|2||Baker Newman & Noyes||Portland, ME||$37|
|3||Macdonald Page & Co.||South Portland, ME||$13|
Accounting Today named these firms among the highest performing in a multi-state region. Rankings as based upon reported net revenues from 2014. Source: Accounting Today, "Top 100 Firms and Regional Leaders"
Becoming a certified public accountant (CPA) in Maine
Aspiring CPAs in the state of Maine must apply and register for the CPA Exam after completing the eligibility requirements listed below.
Several of the state’s colleges and universities have top passing rates including both first-time testers and returning testers. The length and complexity of the exam makes retesting common; many individuals may pass one or two sections but need to retake the remaining ones within 18 months of the initial test date.
Eligibility for CPA Licensure in Maine
CPA licensure in Maine eligibility is obtained once candidates have fulfilled the following requirements:
- Completed 150 hours with 15 hours in accounting, auditing and ethics
- Hold a baccalaureate degree or be within 120 days of completing the degree
- Complete 2 years of public accounting experience
- Successfully complete the CPA Exam
Once certified, continuing education and peer reviews are very important to maintaining one’s license.
|Social Security # Requirement||Yes|
|Education Requirement for Licensure||150 hours (including B.A.)|
|Participates in International Programs||Yes|
|Hours in Accounting||15 semester hours or equivalent quarter hours in accounting, auditing & ethics (3 hours must be in accounting and 3 hours must be in auditing)|
|Exam Sitting Requirements||B.A, or completion of B.A. within 120 days|
|Experience Requirements||2 years of public accounting experience which must include the use of accounting or auditing skills including the issuance of reports on financial statement and at least one of the following: the provision of management advisory services, financial advisory services or consulting services, the preparation of tax returns, the furnishing of advice on tax matters|
Successful candidates must complete 40 hours of continuing education annually in order for license renewal.Source: The American Institute of CPAs
CPA exam fees in Maine
- Application Fee $150
- Auditing & Attestation $150
- Financial Accounting & Reporting $208
- Regulation $208
- Business Environment & Concepts $208
Special Fees: A registration fee of $75 applies whether a candidate is applying take one, two, three or all four sections of the exam. An annual renewal fee of $75 applies in order to keep licenses active. The Board requires a license fee of $75, an application fee of $50, a criminal background check fee of $21, all totaling $146.
Certifying and Professional Organizations
The Maine Society of CPAs (MECPA) is a nonprofit organization that maintains professional practice standards while also keeping Maine CPAs updated on the latest accounting regulations and procedures.
Nearly 1,000 members statewide are represented by MECPA, which provides continuing education, resources, advocacy and professional networking. Current and future CPAs may apply to be members, but those seeking licensure must contact the Maine Board of Accountancy.
The Board is a branch of the State of Maine’s Professional and Financial Regulation department. This regulatory body exams, certifies and registers applicants who qualify for public accounting practice. The Board may also suspend, refuse, revoke or renew permits.
Maine Board of Accountancy
76 Northern Avenue
Gardiner, ME 04345
Maine Society of CPAs (MECPA)
153 U.S. Route 1, Ste 8
Scarborough, ME 04074