Accounting Degrees in Maine
More than 200 licensed CPA firms provide financial services to Maine’s 1.3 million residents and businesses. Although the per capita income is just over $39,000, Maine’s total gross state product as of 2010 was $52 billion. Work opportunities abound in the agricultural, industrial, tourism and shipbuilding industries.
A few of the larger companies headquartered in the state include L.L. Bean, Fairchild Semiconductor, IDEXX Laboratories and Hannaford Bros. Co. Major offices of two of the “Big Four” international CPA firms (KPMG and Ernst & Young) can be found in Portland, the state’s largest city. Portland is also home to three of the highest grossing accounting firms in a six state area.
Maine at a glance
|Per Capita Income||$39,481|
|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||$27|
|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"
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 $192
- Financial Accounting & Reporting $192
- Regulation $172
- Business Environment & Concepts $172
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.
Schools Ranked by CPA Pass Rates, 2014
|Rank||Logo||School Name||Candidates||Pass Rate||Average Score|
|1||University of Maine||18||76.7%||79.8|
|2||University of Southern Maine||17||54.3%||73.5|
|5||Saint Joseph's College of Maine||10||33.3%||63.6|
Schools are ranked by pass rate unless otherwise noted. Results are comprised of scores from both first-time test takers and those returning to take the whole exam or specific sections of it again. Source: National State Boards of Accountancy
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