Minnesota’s thriving business environment, home to 16 Fortune 500 companies and countless growing enterprises, creates exceptional opportunities for accounting professionals. Whether you’re starting your accounting journey or advancing your career, understanding Minnesota’s specific requirements and pathways is crucial for success in the Land of 10,000 Lakes.
This comprehensive guide covers everything you need to know about becoming an accountant in Minnesota, from educational requirements and CPA licensure to salary expectations and career advancement opportunities.
Table of Contents
Minnesota Accounting Requirements: What You Need to Know
Becoming an accountant in Minnesota involves meeting specific educational and professional standards set by the Minnesota Board of Accountancy. The requirements vary depending on your career goals and whether you plan to pursue CPA licensure.
Basic Requirements for Accountants in Minnesota
To work as an accountant in Minnesota without CPA licensure, you’ll need:
- Bachelor’s Degree: A four-year degree in accounting or a related field from an accredited institution
- Core Coursework: Completion of fundamental accounting courses, including financial accounting, managerial accounting, taxation, and auditing
- Technical Skills: Proficiency in accounting software, Excel, and data analysis tools
- Analytical Abilities: Strong problem-solving and critical thinking skills
CPA Requirements in Minnesota
For those pursuing CPA licensure, Minnesota requires:
- 150 Semester Hours: Total college credit, including a bachelor’s degree
- Accounting Coursework: 24 semester hours in accounting courses
- Business Coursework: 24 semester hours in business-related courses
- CPA Exam: Pass all four sections of the Uniform CPA Examination
- Experience: One year (2,000 hours) of accounting experience under CPA supervision
- Ethics Exam: Pass the AICPA Professional Ethics exam
Learn more about specific CPA requirements in our detailed guide on how to become a CPA in Minnesota.
Educational Pathways to Becoming an Accountant in Minnesota
Minnesota offers multiple educational pathways to meet accounting requirements, each suited to different career goals and circumstances.
Traditional Four-Year Programs
The most common path involves completing a bachelor’s degree in accounting at one of Minnesota’s accredited universities. Top programs include:
- University of Minnesota – Carlson School of Management: Nationally ranked accounting program with strong Big Four placement
- St. Cloud State University: AACSB-accredited program with affordable tuition
- Minnesota State University, Mankato: Comprehensive program with a CPA exam preparation focus
- University of St. Thomas: Private institution with strong industry connections
Accelerated 150-Hour Programs
To meet CPA requirements efficiently, consider these options:
Many Minnesota universities offer integrated 5-year programs combining bachelor’s and master’s degrees, allowing students to complete all 150 hours and sit for the CPA exam immediately upon graduation.
Master’s Degree Options
- Master of Accountancy (MAcc): Focused on advanced accounting topics and CPA preparation
- MBA with Accounting Concentration: Combines business leadership with accounting expertise
- Master of Science in Taxation: A Specialized degree for tax professionals
Alternative Pathways
For career changers or non-traditional students:
- Post-Baccalaureate Certificate Programs: Complete accounting prerequisites without a second bachelor’s degree
- Community College Transfer Options: Start at institutions like Minneapolis Community and Technical College, then transfer
- Online Programs: Flexible options for working professionals
Minnesota Accounting Career Timeline and Progression
Understanding the typical career progression helps you plan your professional journey effectively. Minnesota’s accounting profession follows a structured advancement path that rewards experience, expertise, and professional development.
Accounting Specializations in Minnesota
Minnesota’s diverse economy offers opportunities across multiple accounting specializations, each presenting unique career trajectories and compensation potential.
Public Accounting
All Big Four firms maintain a significant presence in the Twin Cities:
- PricewaterhouseCoopers (PwC): Downtown Minneapolis office serving Fortune 500 clients
- Ernst & Young (EY): Major presence in financial services and healthcare sectors
- KPMG: Strong manufacturing and retail client base
- Deloitte: Technology and consulting focus
Regional firms like RSM, Baker Tilly, and CliftonLarsonAllen also offer excellent opportunities for public accounting careers.
Corporate Accounting
Minnesota’s Fortune 500 companies offer diverse corporate accounting roles:
- Healthcare: UnitedHealth Group, Medtronic
- Retail: Target Corporation, Best Buy
- Manufacturing: 3M, General Mills
- Financial Services: U.S. Bancorp, Ameriprise Financial
Government and Nonprofit Accounting
Opportunities include:
- State of Minnesota agencies
- Twin Cities metropolitan governments
- Major healthcare systems and universities
- Charitable foundations and cultural institutions
Specialized Fields
- Forensic Accounting: Growing demand in fraud investigation and litigation support
- Environmental Accounting: Sustainability reporting for Minnesota’s green initiatives
- Information Systems Auditing: Technology-focused roles in digital transformation
Accountant Salaries in Minnesota: 2024 Data and Trends
Minnesota offers competitive compensation for accounting professionals, with the state’s mean annual salary of $92,240 surpassing that of many neighboring states. The following data, sourced from the Bureau of Labor Statistics May 2024 report, provides comprehensive insights into accounting compensation across Minnesota.
Statewide Salary Overview
Minnesota employs approximately 30,400 accountants and auditors, representing a robust job market with diverse opportunities across experience levels.
Metropolitan Area Salary Comparison
Salary variations across Minnesota’s metro areas reflect local economic conditions, cost of living, and industry concentration. The Twin Cities metropolitan area leads in both employment opportunities and compensation levels.
Non-Metropolitan Area Compensation
Minnesota’s non-metropolitan areas offer competitive salaries with a lower cost of living, presenting attractive opportunities for accounting professionals seeking a work-life balance.
Industry-Specific Salary Insights
Compensation varies significantly by specialization and industry sector within Minnesota’s accounting profession:
- Public Accounting Firms: Generally offer competitive starting salaries with performance bonuses, particularly during the busy season
- Corporate Accounting: Fortune 500 companies in the Twin Cities typically pay 10-15% above state averages
- Government Positions: Offer stable compensation with excellent benefits, though base salaries may be slightly lower
- Nonprofit Sector: Compensation is typically 5-10% below corporate rates but often includes mission-driven benefits
Minnesota’s accounting professionals benefit from a favorable employment landscape, with the Minneapolis-St. Paul metropolitan area ranking among the top 20 U.S. metros for accounting employment concentration and compensation levels.
Factors Influencing Salary Progression
Several key factors determine salary advancement in Minnesota’s accounting market:
- CPA Certification: Typically adds 10-15% salary premium
- Advanced Degrees: Master’s degree holders earn approximately 20% more than bachelor’s degree holders
- Industry Specialization: The Healthcare and financial services sectors offer premium compensation
- Years of Experience: Each year of experience typically adds 3-5% to base salary in early career stages
May 2024 Bureau of Labor Statistics salary data for Accountants and Auditors reflect state and national data, not school-specific information. Conditions in your area may vary. Data accessed June 2025.
Professional Development and Continuing Education
Maintaining and advancing your accounting career in Minnesota requires ongoing professional development, reflecting the dynamic nature of regulatory requirements and industry standards.
CPA Continuing Professional Education (CPE)
Minnesota CPAs must complete 120 hours of CPE every three years, including:
- Minimum 20 hours annually
- 4 hours of professional ethics every three years
- Courses in accounting, auditing, taxation, or consulting skills
Professional Organizations
Active participation enhances career prospects:
- Minnesota Society of CPAs (MNCPA): The State’s premier accounting organization with 8,000+ members
- Twin Cities IMA Chapter: Focus on management accounting
- Minnesota Association of Public Accountants: Support for tax professionals
Certification Options Beyond CPA
- Certified Management Accountant (CMA): Corporate accounting focus
- Certified Internal Auditor (CIA): Internal audit specialization
- Enrolled Agent (EA): Tax representation credential
- Certified Financial Planner (CFP): Financial planning expertise
Minnesota Accounting Industry Outlook
The accounting profession in Minnesota demonstrates resilience and growth potential, shaped by technological advancement and evolving business needs.
Employment Projections
According to the Minnesota Department of Employment and Economic Development:
- Projected Growth: 6.5% increase in accounting positions (2018-2028)
- Annual Openings: Approximately 2,610 positions yearly
- Driving Factors: Business expansion, regulatory changes, retirements
Emerging Trends Shaping Minnesota Accounting
The profession’s evolution mirrors broader technological and societal shifts:
- Technology Integration: AI and automation transforming traditional roles while creating new specializations
- Advisory Services: Shift from compliance to strategic consulting, with CPAs becoming trusted business advisors
- Remote Work: Increased flexibility post-pandemic, expanding talent pools beyond geographic boundaries
- Sustainability Reporting: Growing ESG compliance demands creating new practice areas
- Cybersecurity: Critical need for data protection expertise in financial systems
Steps to Launch Your Minnesota Accounting Career
Follow this strategic roadmap to begin your accounting journey in Minnesota:
1. Assess Your Goals and Aptitudes
Determine your career objectives through careful self-assessment:
- Evaluate your interest in public versus private accounting
- Consider long-term goals: CPA licensure, specialization, or leadership
- Assess your strengths in analytical thinking, attention to detail, and communication
2. Choose Your Educational Path
Select from accredited accounting programs that align with your goals, considering:
- Program accreditation (AACSB preferred)
- CPA exam pass rates
- Industry connections and placement services
- Cost and financial aid availability
3. Gain Practical Experience
Build your professional foundation through strategic experiences:
- Pursue internships during college, targeting busy season opportunities
- Join student accounting organizations like Beta Alpha Psi
- Attend MNCPA career fairs and networking events
- Volunteer for VITA tax assistance programs
4. Prepare for Professional Certification
If pursuing CPA licensure, develop a comprehensive preparation strategy:
- Complete 150-hour requirement through strategic course selection
- Register for CPA exam sections based on your strengths
- Invest in quality review materials and study programs
- Create realistic study timeline (typically 300-400 hours total)
5. Launch Your Career Strategically
Position yourself for success in Minnesota’s competitive market:
- Target firms aligned with your specialization interests
- Prepare for behavioral and technical interview questions
- Negotiate compensation based on market data
- Plan continuing education from day one
Resources for Minnesota Accounting Students and Professionals
State Resources
- Minnesota Board of Accountancy: Licensing requirements, regulations, and updates
- Minnesota Society of CPAs: Professional development, networking, and career resources
- Minnesota Department of Revenue: Tax practitioner resources and regulatory updates
Educational Resources
- University career centers with accounting-specific advisors
- VITA tax assistance programs for practical experience
- Beta Alpha Psi honor society chapters
- Accounting tutoring and CPA exam prep services
Career Development Tools
- MNCPA Career Center job board
- Robert Half salary guides for market intelligence
- LinkedIn accounting groups specific to Minnesota
- Industry publications: Journal of Accountancy, Accounting Today
Frequently Asked Questions
How long does it take to become an accountant in Minnesota?
Becoming an accountant in Minnesota typically takes 4 years to complete a bachelor’s degree. If you plan to become a CPA, add 1-2 years to complete the 150-hour requirement and pass the CPA exam. Most professionals achieve CPA licensure within 5-6 years of starting their education.
Can I become an accountant in Minnesota without a CPA license?
Yes, you can work as an accountant in Minnesota without CPA licensure. Many successful accounting professionals work in corporate accounting, bookkeeping, or specialized roles without holding a CPA certification. However, CPA licensure significantly expands career opportunities and earning potential, with CPAs earning approximately 10-15% more than non-certified accountants.
What’s the difference between Minnesota CPA requirements and other states?
Minnesota’s CPA requirements align closely with those of most states, requiring 150 semester hours of education and one year of experience. However, Minnesota specifically requires experience under a CPA’s supervision, while some states accept experience under any qualified supervisor. Minnesota also mandates an ethics exam, unlike some other states. The state offers reciprocity with most other states through substantial equivalency provisions.
Which Minnesota schools have the best accounting programs?
Top accounting programs in Minnesota include the University of Minnesota’s Carlson School of Management (ranked nationally with 95%+ CPA pass rates), St. Cloud State University (AACSB-accredited with affordable tuition), Minnesota State University, Mankato (strong CPA prep focus), and the University of St. Thomas (excellent industry connections). Visit our accounting schools directory for detailed comparisons.
How much can I expect to earn as an entry-level accountant in Minnesota?
Entry-level accountants in Minnesota (10th percentile) earn approximately $81,100 annually statewide in the Minneapolis-St. In the Paul metro area, entry-level salaries start around $83,260. Public accounting firms often offer additional bonuses during the busy season, potentially adding 5-10% to base compensation.
Is the accounting job market strong in Minnesota?
Yes, Minnesota’s accounting job market remains exceptionally strong, with 30,400 employed accountants and auditors statewide. The 6.5% projected growth through 2028, combined with approximately 2,610 annual openings, creates consistent opportunities. The state’s 16 Fortune 500 companies and thriving small business sector ensure diverse career options across all experience levels.
What skills beyond accounting knowledge do Minnesota employers seek?
Minnesota employers increasingly value technology proficiency (including advanced Excel, QuickBooks, and data analytics platforms), strong communication skills, and industry-specific knowledge. Critical thinking, problem-solving, and client service skills remain essential for success. Emerging competencies include expertise in sustainability reporting, cybersecurity awareness, and familiarity with AI-powered accounting tools.
Can I complete Minnesota’s CPA requirements online?
Yes, you can complete much of Minnesota’s educational requirements online through accredited programs. Many universities offer AACSB-accredited online bachelor’s and master’s degrees that meet CPA requirements. However, the CPA exam must be taken in person at Prometric testing centers, with locations in Minneapolis, St. Paul, and Duluth.
Conclusion
The accounting profession in Minnesota presents exceptional opportunities for those willing to invest in their education and professional development. With mean annual salaries of $92,240 statewide and even higher compensation in metropolitan areas, combined with strong job growth projections and diverse industry options, Minnesota offers an ideal environment for building a rewarding accounting career.
Success in Minnesota’s accounting landscape requires understanding the state’s specific requirements, choosing appropriate educational pathways, and maintaining commitment to ongoing professional development. The state’s robust economy, featuring global corporations alongside thriving small businesses, offers a diverse range of career trajectories, from public accounting to specialized corporate roles.
Whether pursuing traditional audit and tax services or emerging specializations in forensic accounting and sustainability reporting, Minnesota provides the educational infrastructure, professional networks, and economic opportunities necessary for long-term career success. Take the first step today by exploring accredited accounting programs and connecting with Minnesota’s vibrant professional accounting community.
