Becoming a CPA is still one of the most in-demand jobs for 2021. According to the U.S. Bureau of Labor Statistics, accounting jobs are expected to increase by 7% in this decade. And that’s as fast as the average of all other careers.
Accounting is a career that can be very rewarding financially. It can also create a great deal of satisfaction knowing that you are helping business owners become successful.
If you have a passion for numbers, this might be the perfect career choice for you. But before you become a CPA, there are some critical steps to take.
This blog post will outline a few reasons you should become a CPA.
Who Is a CPA?
When you become a CPA, you have become a Certified Public Accountant.
The job of an accountant is to ensure businesses and individuals are compliant with all tax laws. This job includes everything from making sure clients pay taxes to reporting financial statements.
This career involves many different tasks involved in this career, such as auditing business accounts or analyzing budgets and forecasts for companies. It could also be working out how much tax someone should pay on their income each year.
These things require a strong attention to detail and an analytical mindset, making them excellent skills if you want to become a CPA. However, another side of being a public accountant is consulting with your clients about what they can do to become more successful.
You can become a CPA and work for an accounting firm or as part of the finance team at a company. You could also choose to become your boss and set up your own consultancy business.
What Is the Average Salary of a CPA?
The average salary of a public accountant was $73,560 in 2020. This number is expected to rise over the next decade, which means that if you become a CPA, there’s money to be made!
As well as this being higher than other accounting jobs such as bookkeeping or financial analyst, it also beats out many other careers, including marketing managers and customer service directors.
However, the amount you earn will depend on who you are working for and the type of work. If you choose to become a CPA, it might be well worth looking into how much these professionals get paid in your area too!
Requirements for Becoming a CPA
Becoming a CPA might seem like an easy way to boost your career, but that is not the case.
To become one, you need to have at least 150 credit hours of accounting or related subjects such as business law and finance.
You also need to pass four separate exams set by the American Institute of Certified Public Accountants (AICPA). The exams include:
- Auditing and Attestation (AUD)
- Business Environment and Concepts
- Financial Accounting and Reporting (FAR)
These tests cover everything from auditing and taxation to financial statement analysis and business law.
In summary: To become a CPA, there are three steps that you need to follow:
- Complete a program of study in accounting from college or university
- Pass the Uniform CPA Exam
- Obtain experience as an accountant by working in public accounting
The CPA training timeframe depends on the jurisdiction in which you are working. In some places, it’s one year, while it can be as long as three years in others. Check out the requirements of your state CPA license here.
Benefits of Becoming a CPA
As well as having the potential to earn more money, there are plenty of other benefits to becoming a CPA. These include:
Opens up a Whole World of Career Options
Being a CPA means working for an accounting firm or as part of the finance team at a company. You could also choose to become your own boss and set up your own consultancy business.
Additionally, it puts you in good standing with many other employers and opens doors when applying for certain jobs such as those within government agencies.
It is a requirement for many jobs in the public sector. Even if you only have one of these options available to you now, being a CPA means that your choices will improve as time goes on!
Career Growth Opportunities
Not only can you choose which career path to take, but being a CPA also opens up the potential for significant growth within your chosen area. Many accountants are promoted into senior positions where they have more responsibility and leadership skills needed for their role.
As well as this, it will give you an edge over other applicants who don’t hold accounting qualifications when applying for jobs.
It’s not just in employment that these opportunities lie either; continuing education is something all CPAs must do to remain current in business practices. This means staying up-to-date on new laws and regulations that come into force each year or taking courses in subjects such as fraud examination, business valuation, and financial statement analysis.
As a CPA, you can work in different settings and with many different people. You can choose whether to specialize in certain areas of accounting, such as taxation, auditing, or financial planning.
You also have the choice over which CPA career path you take by either working for an individual company or opening your own business in private practice.
You can even choose to become a teacher or lecturer in an area of accounting if that’s what you want to do with your career. All these options are possible for someone skilled and experienced enough in the field.
Are you looking for freelance CPA jobs? Check out https://www.taxfyle.com/freelance-cpa-jobs for opportunities.
When you are skilled and experienced at what you do, it can be difficult to lose your job because of the high level of expertise needed to perform well.
As a result, many people choose not to leave their jobs but instead move up within them, which means better pay, more responsibility, and greater satisfaction in what you do.
Become a CPA and Enjoy a Great Career
If you want to become a CPA, there is absolutely no reason why you shouldn’t go for it!
The career is well-regarded and can provide an excellent income. It’s also one with many different opportunities, which means that as long as you have the right skill set, your options are endless.
We hope that this article has given you a better idea of what it is like to be a CPA and why we think that anyone who wants the job should go for it!
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