Obtaining the CPA designation requires a bachelor’s degree, typically with a major in business administration, finance, or accounting. Other majors are acceptable if the applicant meets minimum requirements for accounting courses. The AAA, a community of accountants in academia, offers research and networking opportunities.
The rise of cryptocurrencies introduces additional considerations in financial reporting, including the valuation and classification of digital assets on balance sheets. Regardless of their employer, most CPAs compile, maintain, and review financial statements and related transactions. Most accounting majors can satisfy most of the educational requirements, although states require 150 semester hours of college credit before you’re eligible to take the exam. This means you’ll need to take 30 additional hours of coursework above and beyond what’s required for your bachelor’s degree. That could mean doing a double major, taking additional college classes, or earning a master’s degree.
CPAs can expand their learning by pursuing additional degrees or certifications. Professionals can gain niche knowledge through additional education, which may help them pursue specific career paths. A CPA’s job description varies by employer, but common duties include advising clients on financial matters, preparing and filing tax documents, and creating financial reports.
The CPA designation became more important after the Sarbanes-Oxley (SOX) Act of 2002, which was passed partly in response to corporate financial scandals like the Enron affair. Arthur Andersen company executives and CPAs were charged with illegal and unethical accounting practices. Keeping the CPA designation requires completing a number of continuing what is public accounting education hours. Find your state’s Board of Accountancy and review its website to get clarity on what you’ll need to do. As a modern accountant, you’ll also need new technical skills like programming in Python and R, statistical analysis, data mining, and regression. You’ll also represent clients before the IRS to help them resolve their tax problems.
People who successfully pass the CPA exam and meet all other state requirements can apply for licensure. Licensed professionals must complete CPE credits and pay a renewal fee to their state’s board of accountancy. Though no state requires graduate-level education for CPA licensure, earning a master’s degree in accounting can help prospective CPAs fulfill the 150-credit education requirement. Holding an advanced degree can help accountants boost their earning potential and qualify them for upper-level roles.
The road to becoming a certified public accountant is not for the faint of heart. It demands dedication, discipline, and a thirst for financial knowledge. To embark on this journey, aspiring CPAs must typically hold a bachelor’s degree in accounting or a related field. However, each state in the United States has its specific requirements for CPA licensure, which may include additional coursework.
The required years of experience you need to take the CPA Exam vary from state to state, but most call for at least two years working in public accounting. Some states will accept other experiences, such as working in government or industry, but you will generally need more years of such experience. You can also pursue management consulting, information technology, education, and financial planning careers.
See “Who May Apply” in the “Qualifications” section for more information on who is eligible to apply for this position. Victor, the bright, ambitious son of an awning maker was a scholarship student at the University of Pennsylvania’s Wharton School of Business finishing a master’s degree. During the nineteen-twenties, he composed a treaty for protection of the historic monuments, museums, scientific, artistic, educational and cultural institutions in time of peace as well as in war. A quarter of a century has passed [since World War I], exactly a quarter, just one generation, and the virus of the same madness has broken out. If you will need to use the elevator, we ask that you give us a call at least a day in advance.
Accountants who wish to increase their earning potential and strengthen their career prospects may benefit from CPA designation. According to Payscale, as of April 2024, noncertified accountants make an average salary of $57,430, while CPAs earn $76,960 annually — nearly $20,000 higher than noncertified accountants. However, prospective CPAs should consider the additional time and cost constraints related to obtaining licensure.
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