According to the latest statistics from NASBA, even the highest-performing states achieved a pass rate of only 66% in the CPA exam.
So, why go to all the trouble of attempting this difficult examination to complement your accounting degree? More risk means higher rewards, that’s why.
Keep reading to discover the awesome benefits of upgrading to a CPA qualification on your career path.
1. Solid Earnings
CPAs earn an average of 10 to 15% more than accountants do. As you gain experience and expertise, you’ll earn even more.
If you find a job at a major financial firm, you could pull in around $106,000 every year. That’s almost double what regular accountants earn.
Independent CPAs can charge their clients more and enjoy enhanced earning potential by offering additional services.
When you take the earning potential of a CPA qualification into account, it’s well worth the long hard hours of study to achieve your CPA qualification.
2. Job Security
It’s relatively easy to get a job when you’re a CPA, and it’s also easy to stay employed. This field is growing at a rate of 7% per year, so there’s no shortage of opportunities.
Since CPAs are in high demand, there’s plenty of competition between companies to lure the best candidates. That means employers work hard to keep their CPAs happy and onboard.
Major companies want CPAs onboard to help them further their aims, and they’re inclined to advance accountants who achieve this accolade to management, leadership, and partnership positions.
The IRS is always on the lookout for experienced CPAs, so there’s that career option, too.
This puts you in the driver’s seat when it comes to determining your career path.
3. Awesome Job Variety
When you feel it’s time for a new job, you’ll find no shortage of choices when you’re a licensed CPA.
Part of the reason, CPAs are so sought-after is that they work in a huge range of jobs. For starters, you can work for government agencies, private companies, or nonprofits in any industry.
These are some of the more common CPA jobs:
- Public accounting including auditing, tax, and consulting
- Staff accountants
- Financial analysis
- Internal auditors
- Forensic accounting
- Tax specialists
- Financial advisors
Regardless of your interests, you’ll find an industry you like that’s hiring CPAs right now. You can even pursue a lucrative career doing freelance CPA jobs.
4. A Promising Career Path
Working as a CPA is more than a job, it’s the career opportunity of a lifetime.
CPAs can go where accountants only dream to venture. They can:
- Represent clients to the IRS
- Sign documents for Securities and Exchange Commission submissions
- Prepare audited financial statements
- Issue opinions on financial statements
- Assist in high-level tax and business decisions
CPA qualifications are universally recognized as the top achievement in the accounting field. So, you can pursue international career aspirations too.
5. Prestige and Respect
When you opt for this career choice, it’s clear to everyone that you’re at the top of your game. That means they’ll view you with newfound respect.
Clients, employers, and acquaintances all hold CPAs in high regard. Earning those three letters behind your name means you’re dedicated to your field and have the skills and knowledge to pass the difficult CPA exam.
You’ll also experience a huge sense of accomplishment when you pass the CPA tests, and that helps enhance your confidence. This is just the boost you need to apply for and get sought-after high-paying jobs.
6. Financial Knowledge
Working as a CPA equips you with the knowledge and experience to enhance your fortune, too. You’ll know how to save on your taxes and make astute investments in your private capacity, too.
You know all the latest laws as well as tax loopholes to benefit both your clients and yourself.
How Do You Become a CPA?
Every CPA achievement starts with an accounting degree, followed by achieving your master’s degree in accounting. You can also start with a business degree and then add on accounting modules if you want to.
In most states, you’ll need at least a year or two of experience in the field before you can apply for your CPA. You can achieve this by working under a licensed CPA in a public or private company.
The first step in applying to write your CPA examination is checking if you’re eligible to do so. You should inquire with your state board to find out what the requirements are.
When you’ve met these criteria, you must send in all your transcripts from every school you’ve ever attended. That includes community colleges, universities, and junior colleges.
Only then can you fill in the application form, pay the relevant fees, and wait to hear from the Board. If they accept your submission, they’ll issue you with an ATT (Authorization to Test).
Once you have the ATT in your hands, you must sign up for the CPA exam within 90 days and pay for the sections you want to write. You will receive your NTS (Notice to Schedule) after four weeks.
You have six months to complete the sections of the exam you signed up for after you receive your NTS. Don’t sign up for all of them at once, you can apply to write the others later.
The final step is finding a test center near you and booking a test date for the relevant section of your examination.
Reach For More
You spend most of your life at work, so make every moment count.
Regardless of the career path you choose, you should never settle for run-of-the-mill achievements. If extra studies will help increase your prospects, sign up as soon as you can.
Browse our blog for more awesome ideas on how to shape a career that fulfills all your expectations.