How To Become a CPA in Michigan: Step By Step Guide
Michigan, often called the Wolverine State, is known for its lakes being the only state in the US to touch four of the five great lakes. It is an automotive manufacturing hub being home to Ford, Chrysler, and General Motors.
Ranked #6 in opportunity, Michigan is an excellent state to start your career as an accountant. With automobile and steel manufacturing industries at the heart of the state’s economy, there are tons of opportunities for accountants.
Before you can start your professional accounting career, you’ll first need to complete the minimum qualifications. Let’s review the MI CPA requirements to see how you can take the CPA exam and become a licensed CPA in Michigan.
Minimum Michigan CPA Requirements for Certification
Prospective CPA candidates first need to complete the following basic requirements to take the CPA exam and become a licensed certified public accountant in Michigan:
- Must have an Undergraduate degree (120 credits)
- Must have a social security number
- At least 1-year work experience
- Minimum Age: not required
- US Citizenship: not required
- Michigan state residency: not required
Unlike many other states, Michigan does not require CPA candidates to be a state resident or US citizen.
Likewise, candidates only have to complete 120 credit hours before they are eligible to sit for the exam. This means candidates can take the exam right after the graduate.
Michigan CPA Certification Education Requirements
The Michigan State Board of Accountancy requires aspiring CPAs to meet some specific education requirements.
Michigan allows candidates to sit for the CPA exam 30 days before they graduate from their bachelor’s degree program. Likewise, candidates only need to have 120 credit to take the exam. They will however need 150 to become licensed.
These 150-semester hours can be completed with either a bachelor’s or master’s degree.
General Undergraduate Degree
A bachelor’s degree program must include 30-semester hours of accounting, of which six hours must be in taxation.
Aspiring CPAs must also complete at least 39-semester hours in:
- Business law
- Economics
- Ethics
- Finance
- Management
- Taxation
- Statistics
- Business policy
Graduate Degree in Accounting
A master’s degree of business administration would be accepted only if it has accounting concentration in addition to an undergraduate degree. It should also include at least 12-semester hours of graduate-level accounting courses.
The Michigan Board also accepts courses taken at a two-year college as long as they have a concentration in accounting, so it’s a good idea to send your community college transcripts to the State Board to make sure they meet the minimum Michigan CPA requirements before you plan to sit for the exam.
After all, you don’t want any surprises during the application process that could set you back multiple semesters.
Michigan CPA Exam Requirements
Aspiring CPA’s who have earned a bachelor’s degree and completed at least 120 of the 150 semester hours can apply to take the Uniform CPA exam. The application can be made through the CPA Examination Services Website.
While applying for the CPA exam, submit all the official college transcripts to the CPA examination Service. If you are in college submit official college transcripts with classes in progress listed as such, it should be followed with a Certificate of Enrollment.
All the necessary documents should be mailed to the CPA Examination Services. Once the Examination board reviews all the necessary documents a Notice to Schedule is issued signaling, one can go forth to apply and schedule the CPA exam.
In addition to meeting the education CPA requirements, aspiring CPAs must pay the necessary fees to be allowed to take the Uniform CPA exam.
MI CPA Exam Costs & Fees
The total cost of taking the CPA exam in Michigan is $743 plus an initial $147 application. The CPA examination fees vary depending on the section. Here is a list of each CPA exam section fee:
- Auditing and Attestation (AUD): $195.35
- Business Environment and Concepts (BEC): $176.25
- Financial Accounting and Reporting (FAR): $195.35
- Regulation (REG): $176.25
- Application Fee: $147
Similarly, it is important to only schedule an exam you intend to take within six months after the issuance of the Notice to schedule.
Michigan CPA License Requirements
CPA candidates are eligible for a Michigan CPA license if they meet the following requirements:
- Completed 150 semester hours of college education
- Have a bachelor’s degree
- Taken and Passed The Uniform CPA exam
- Satisfy the board experience requirement of one year or 2,000 hours
Those who meet the above CPA license requirements can download and complete the CPA Certificate form from the Online License application portal. The form should be submitted to the Michigan Department of Licensing and Regulatory affairs together with a copy of the official college transcript.
Likewise, candidates should pay the required $100 certificate fee.
The processing time can vary between two to six weeks. Successful applications are normally followed with a confirmation letter with an official licensed and wallet card sent via mail.
Work Experience Requirements
After taking and passing the CPA exam, the next step to obtaining the much sought after CPA license is accruing sufficient work experience. The Michigan accountancy board requires CPA aspirants to accrue at least one year or 2,000 hours of work experience.
The work experience could be in academia, government institution public, or private sector. In addition, it should be at least one calendar year but no more than five calendar years. Work experience should include at least one of the following.
- Auditing financial statements
- Reviewing financial statements
- Compiling financial statements
- Attestation
Work experience completed in academia can include teaching CPA credential study guides, courses, or other prep classes for the CPA exam. These classes must be supervised by a licensed CPA and conducted through an official college degree program.
All other work experience should be carried out under the supervision of a licensed CPA. The supervisor should also verify the same by completing the verification of Qualifying Experience form.
Michigan CPA License Application & Renewal
In Michigan, CPA’s must renew their licenses every two years; all active CPAs must meet the minimum continuing professional education to have their license renewed. The requirements include completing at least 40 hours of continuing professional education every year.
Michigan CPA Salary
The average Michigan CPA salary is $76,646 in Michigan, which is more than the national average of $71,000. In addition, the pay can be more depending on years of professional experience.
In Michigan, licensed CPAs can work in diversified fields. Holders can work as tax accountants tasked with filling tax returns for companies and individuals or work in financial departments as financial consultants or Chief financial officers.
Home to some of the biggest manufacturing, agriculture, high tech industries, and services sectors, one can never lack employment opportunities as a public accountant in Michigan.
Steps to Become a CPA in Michigan
Here is a list of steps become a Certified Public Accountant in the state of Michigan:
- Getting an education in the state
- Taking and passing the CPA exam
- Accruing necessary work experience
- Applying and obtaining the Michigan CPA license
- Continuing education in the state
Additional Michigan CPA Resources
Here are the main CPA resources for taking the CPA exam in Michigan and becoming a certified public accountant.