New Mexico Accounting Degree Programs

New Mexico’s relatively low cost of living and affordable tuition make it an attractive option for students. Accounting and business professionals are in high demand as the state has been experiencing a shortage of accountants for decades.

Currently, students must complete 150 credits to become a certified public accountant (CPA). However, New Mexico’s legislature recently passed a bill offering an alternate path that makes it easier to become a CPA beginning in 2026.

Explore this page to learn more about the benefits of becoming an accountant in New Mexico.

New Mexico is home to a highly rated community college system, 20+ Hispanic-Serving Institutions, and three Tribal Colleges and Universities. In Fall 2024, just over 115,000 students were enrolled in New Mexico’s post-secondary institutions. The state’s educational attainment increased between 2016 and 2020, and 28% of the population held a bachelor’s degree or higher in 2022.

According to the state legislature, the number of CPAs and accounting degree holders is decreasing nationwide and in New Mexico. The 2026 revised CPA requirements, which allow for 120 credits and two years of experience, are expected to remove barriers to earning CPA licensure by offering an alternate educational route. Funding opportunities for accounting students can also increase enrollment.

Organizations such as the New Mexico Society of CPAs offer scholarships for accounting majors, as do New Mexico State University, the University of New Mexico, Central New Mexico Community College, and other schools. New Mexico’s colleges, universities, and the Association of Governmental Accountants provide networking opportunities to help accounting graduates transition into the state’s workforce.

New Mexico is one of the most rural and least populated states in the U.S. This may contribute to the higher percentage of students enrolled in distance education than the national percentage, as shown in the table below.

The data also indicate that the number of two-year colleges in New Mexico exceeds the number of four-year colleges. This may explain why the state’s percentage of associate degree holders almost matches the national percentage, while the percentage of bachelor’s degree holders falls short.

The data also show that New Mexico students benefit from higher-than-average government funding.

When researching colleges and universities, check that the New Mexico schools you’re interested in hold institutional accreditation. The accreditor may be a national organization or a regional accrediting body. Look for New Mexico schools with Higher Learning Commission accreditation.

You should also check for programmatic accreditation from the Accreditation Council for Business Schools and Programs or the Association to Advance Collegiate Schools of Business.

Institutional and programmatic accrediting organizations conduct regular reviews of the school or program’s academic quality to ensure adherence to national standards.

One key element to consider when selecting a program is the course delivery format: on campus, online, or hybrid. In 2023, more than 60% of New Mexico college students studied exclusively or partially online.

On-campus programs offer the traditional college experience. You might live on campus or commute to school. You’ll get to know your classmates and interact with your professors face-to-face. On-campus learning works best for students who want the structure and accountability of in-person attendance, the social aspects of college, and other benefits like clubs, sports, and events. New Mexico is home to large schools, such as the University of New Mexico, and smaller colleges.

An online program may appeal to you if you are working, parenting, or meeting other obligations. You may not live near a college or university in New Mexico, or you may reside out of state. In these cases, distance learning may be for you.

Online courses may be asynchronous, with class materials and recorded lectures available 24/7, or synchronous, where you log in to virtual classrooms at set times. Both formats require self-motivation and time management skills to complete assignments, but synchronous course sessions provide a little more accountability.

Hybrid programs combine online and on-campus study formats. You might be interested in taking some classes in person, where it may be more important to interact face-to-face with classmates and faculty. Other classes may work better for you via distance learning. Hybrid programs work best for those who want some flexibility but can also travel to campus on some days.

New Mexico’s average tuition and fees were lower than the national average in 2022-2023. Paired with a lower-than-average cost of living, New Mexico offers more affordability to college students than many other states. But that doesn’t mean it’s not expensive, especially if you’re interested in attending a private college.

There are resources out there to help you pay for your accounting degree, including financial aid, scholarships, fellowships, grants, and loans. Financial aid consists of government loans, which must be paid back, but also includes grants and work-study, which do not require repayment. Private loans must also be paid back, but you do not have to repay scholarships, fellowships, and grants.

New Mexico offers funding for established state residents, including Opportunity Scholarships and Lottery Scholarships, at 29 of its schools and colleges. Opportunity Scholarships cover 100% of tuition and fees at New Mexico’s public institutions.

New Mexico’s 2022-2023 private college and out-of-state tuition and fees far exceeded those of in-state public schools. But out-of-state students from Western U.S. states and Pacific territories can save money on educational costs through the Western Interstate Commission for Higher Education (WICHE). Students within the WICHE region pay no more than 150% of the resident tuition rate at WICHE public colleges and universities.

A state’s cost-of-living index measures factors like groceries, housing, utilities, and healthcare to determine how affordable it is to live there. New Mexico’s 2025 Quarter 2 cost-of-living index is 93.7, ranking it 19th out of the 50 states and Puerto Rico.

Specific cost-of-living scores totaled 97 for groceries, 88.3 for housing, 83.5 for utilities, and 91.4 for transportation, all of which were below the U.S. average of 100. The only index higher than the national average was healthcare at 105.3.

Cost of living is an important metric when deciding where to attend college. It can also help you determine whether you want to pursue a career in New Mexico post-graduation.

New Mexico’s economy relies heavily on oil and gas revenue, and the state’s national parks and Native American and Hispanic cultures attract tourism. In addition to national parks, much of the state’s land houses U.S. government facilities, including White Sands Missile Range and Los Alamos National Laboratory. All of these public and private industries need accountants.

KPMG, one of accounting’s Big Four firms, has an office in Albuquerque. The company employs student interns and CPAs.

Projections Central forecasts growth for other accounting opportunities in the state. Credit counselors, accountants, and auditors should see nearly 12% in employment growth from 2022 to 2032. Opportunities for securities, commodities, and financial service sales agents should increase by 13%. Job growth for personal financial advisors and financial managers is projected at 19% and 23% respectively.

New Mexico accounting salaries fell below the national average in 2024. But the state’s cost of living is also lower than the national average. In addition, students can launch their careers with an associate or bachelor’s degree from a public institution and pay more affordable tuition rates than the national average.

Overall, New Mexico stands out as a solid option for accounting students and professionals. Long-term projected job growth looks strong, and revised CPA licensing requirements should make it easier to enter the profession.

If you’re interested in becoming a CPA, each state has its own criteria for certification. These include education, experience, and examination requirements. The New Mexico Public Accountancy Board regulates CPA certification and lists the following requirements:

CPAs tend to earn higher salaries and can pursue more career advancement opportunities. They can also start their own accounting firms.

*Bachelor’s in accounting or business and two years of experience verified by a licensed CPA.