When you’re on the path to becoming an accountant, one of the most common questions you’ll encounter is, “Are you planning to get your CPA?”. While the road to earning your Certified Public Accountant (CPA) designation¹ can be demanding, the rewards are truly worth their weight in gold. Here’s why you should seriously think about getting your CPA certification:
1. More Job Opportunities
The demand for CPAs is growing across various sectors. Employers often view the CPA designation as a hallmark of professional expertise and integrity. Having a CPA not only expands your job options but also makes you a more appealing candidate for various roles, from public accounting to corporate finance and beyond. Plus, employers tend to favor candidates who demonstrate a commitment to their profession through certification.
2. Higher Earning Potential
Getting your CPA can have a notable impact on your salary. CPA’s have a 10-15% higher salary than their non-CPA peers². The time and resources you invest in becoming a CPA can lead to a significant return on investment through higher salaries, bonuses, and better advancement opportunities.
Tip: Many employers are even willing to cover the costs of your CPA journey!
3. Expanded Skill Set and Knowledge
Studying for the CPA exam requires serious dedication and a solid understanding of accounting principles, auditing, taxation, and financial reporting. This rigorous preparation sharpens your technical skills and equips you to tackle complex financial issues. The insights you gain while studying for the CPA are invaluable, helping you make informed decisions and provide valuable advice to your clients or employer.
4. Professional Credibility and Prestige
Holding a CPA license signals professionalism and credibility. It shows that you’ve met the high standards set by your state’s Board of Accountancy and are committed to ethical practices in your field. This credibility can boost your reputation among peers, clients, and employers, positioning you as a trusted advisor and leader.
5. Networking Opportunities
The CPA community is extensive and full of networking opportunities. By joining organizations like the American Institute of Certified Public Accountants (AICPA), the National Association of State Boards of Accountancy (NASBA), or local CPA societies, you can connect with other professionals, stay updated on industry trends, and discover new career opportunities. Networking with fellow CPAs can also lead to mentorships that foster personal and professional growth, helping you further develop your leadership skills.
6. Opportunity to Specialize
Earning your CPA allows you to specialize in areas such as forensic accounting, tax consulting, or financial analysis. This specialization can help you stand out from your peers and pursue roles that align closely with your interests and strengths, enhancing your leadership capabilities within those niches.
7. Easier to Change Industries
The CPA designation offers flexibility for switching industries. Whether you’re considering a move from public accounting to corporate finance or exploring opportunities in non-profits, having a CPA can make that transition smoother and more credible in the eyes of potential employers.
8. Career Flexibility
A CPA opens doors to various career paths in accounting and finance. Whether you want to work in public accounting, corporate finance, auditing, consulting, or even to own your own company, a CPA gives you the flexibility to explore diverse roles. Many CPAs eventually transition into executive positions, such as Chief Financial Officer (CFO), using their accounting expertise to guide organizational strategy.
9. Commitment to Continuing Education
Becoming a CPA is just the start of your educational journey; it shows a commitment to ongoing professional development. CPAs must complete continuing education courses to maintain their licenses, ensuring they stay current with industry and technology changes. This dedication to lifelong learning not only boosts your knowledge but also keeps you competitive in the job market.
10. Greater Job Security
The Bureau of Labor Statistics projects a 4% annual growth in demand for accountants and auditors from 2022 to 2032³. However, the number of accounting graduates has dropped by about 17% since 2016, and nearly 37% fewer candidates are sitting for the CPA exam—around 18,000 prospective CPAs4. In an industry facing a talent shortage, having a CPA can offer unmatched job security. With many professionals leaving the field, CPAs are in high demand, leading to greater job stability and advancement opportunities.
Conclusion
If you’re considering the path to becoming a CPA or seeking guidance on your career in accounting and finance, our team is here to assist you make informed decisions about your career journey. Contact us here!
Sources:
1. https://nasba.org/licensure/gettingacpalicense/
2. https://accounting.uworld.com/cpa-review/cpa-career/cpa-salary/
3. https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
4. https://www.cpajournal.com/2023/12/01/the-accounting-profession-is-in-crisis/
