Accounting is one of the fastest-growing industries in the U.S., but it’s also an industry that has a lot of misconceptions and negative stereotypes attached to it.
It can be hard to figure out whether you should become a CPA, especially if you don’t know what the job entails or if your personality is well suited for this line of work.
But don’t worry.
Keep reading as this article will help you decide whether becoming a CPA would be right for you by answering all these questions and more! You’ll learn about everything from salary expectations, education requirements, job duties, and even how much time accountants spend at their desks each day so that you can make an informed decision.
What is a CPA?
A Certified Public Accountant (CPA) is a person who has passed the CPA exam. This certification entitles one to offer accounting and taxation services for corporations, individuals, and small businesses.
1. CPAs Are in High Demand
According to the Bureau of Labor Statistics, the employment of accountants and auditors is projected to grow by 10 percent from 2016 to 2026. This growth is due, in part, to an increased emphasis on financial statement auditing and other accounting services performed by businesses.
CPAs are in high demand due to their unique skillset. They can work in a wide range of industries and are equipped to handle a variety of financial tasks. As businesses continue to grow and evolve, they will need more qualified accountants to help them stay financially healthy.
2. CPAs Are Well Compensated
The median annual salary for accountants and auditors was $69,350 in May 2017. CPAs with more experience and education typically earn higher salaries than those without. Employers also vary in terms of how much they compensate their employees. Location is another factor that can affect salary; for example, CPAs working in New York City typically earn more than those in rural areas.
3. CPAs Have Many Career Opportunities
CPAs are equipped with the skills and knowledge to work in a variety of industries. They can be accountants, auditors, controllers, financial analysts, and tax preparers. This allows them to have many career opportunities. No matter the economy or the job market, CPAs will always be in demand due to their unique skillset.
4. CPAs Are Well-Educated and Credentialed
To become a CPA, you must pass the Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants (AICPA). The exam covers auditing and attestation, financial accounting and reporting, regulation, business environment and concepts, and accounting information systems.
5. CPAs Have Access to High-Quality Resources
The AICPA offers a variety of resources for its members, including newsletters, webinars, conferences, continuing professional education (CPE) courses, and career services. These resources allow CPAs to learn valuable knowledge and skills that can help them become valuable assets to their employer.
6. CPAs Are Respected Professionals
CPAs are held in high regard by their clients, employers, and the public. They are known for their expertise in financial accounting and reporting, auditing, and taxation.
7. CPAs Have a Bright Future
The demand for CPAs is expected to grow in the coming years as businesses increasingly rely on accountants and auditors to help them manage their finances. If you are looking for a rewarding career with plenty of opportunities for growth, becoming a CPA may be the right choice for you.
Do You Need Certification to Be a CPA?
In most states, you do not need to be certified to work as a CPA. However, certification is required in order to use the CPA designation. To become certified, you must pass the Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants (AICPA).
The exam covers auditing and attestation, financial accounting and reporting, regulation, business environment and concepts, and accounting information systems. As of September 30, 2016, the CPA Exam is in its computer-based testing (CBT) format. This means that all testing occurs on a computer rather than with paper and pencil.
What Kind of Education and Work Experience Do You Need to Become a CPA?
You need a bachelor’s degree to become a CPA, but many candidates also have graduate degrees such as master’s and doctorate. This means that most accountants already have at least four years of college. Many students choose to major in accounting, business administration, finance, economics, mathematics, or a related field while earning their bachelor’s degree.
To be eligible to take the CPA Exam, you must have at least 24 semester hours in accounting at the undergraduate level with specific course content outlined by the AICPA.
What Is the Salary Range for CPAs?
The salary range can vary greatly depending on your location, level of experience, and specialty. On average, accountants make between $45,000 and $113,000 per year in the United States. Certified public accountants (CPAs) typically earn even more than this due to their advanced skills and knowledge.
What Are the Job Duties of a CPA?
The job duties of a CPA can vary depending on their CPA skills. However, common duties include preparing financial statements, auditing financial records, providing tax advice, and overseeing accounting operations. CPAs must be able to understand complex financial information and communicate it in a way that is easy for clients to understand.
If you are looking for freelance work, you can find CPA jobs here: https://www.taxfyle.com/freelance-cpa-jobs
Want Help to Become a CPA?
As you can see, there are many factors to consider when deciding whether or not it’s time for a career change and to become a CPA. The information provided in this article should help give you some insight into what aspects of being a CPA might be appealing and which ones could present challenges.
It may also provide food for thought about other careers that would interest you, even if they’re unrelated to accounting. If these considerations have left your head spinning with questions, we’ve got more articles on our blog to help you become a certified public accountant.