It is 2 am. You’ve been studying for the CPA Exam for the last three hours and you have to be at work early in the morning. Do you ever ask yourself, “Why am I doing this?”
It is moments like this that require reminders of why you are sacrificing so much of your time and energy studying for the CPA Exam in order to become a certified CPA. While you have probably heard that the CPA Exam is difficult and requires a lot of time and effort to pass, you should also know that the exam does not define this occupation alone.
So whether you are on the fence about obtaining your license or have not given it much thought, we are here to make the decision easier for you. Here are the top reasons why you should become a CPA right now.
1. Prestige in the Profession
The CPA credential is the gold standard of accounting and carries enormous weight in the business and financial worlds. CPAs are considered trusted advisors and are viewed as having obtained a high level of success. Also, the CPA title separates you from others and allows you to count yourself as a member among one of the most highly respected and prestigious professions.
2. Increased Salary
CPAs almost always make more money for the same job than they would if they did not hold the CPA license. CPAs earn 10-15% more than non-CPAs working in accounting-related jobs. Other studies have shown the gap is as high as 41% between certified and uncertified CPAs. Also, the Big 4 accounting firms may offer a senior-level CPA an average of $123,500 a year and a CFO at a large company can earn upwards of $500,000 a year. The variation in salaries reflects differences in the size of a firm, the location, level of education, and professional credentials.
3. Job Security
There’s a large demand for accountants and auditors. According to the Bureau of Labor Statistics, the employment of accountants and auditors is projected to grow four percent from 2019 to 2029, faster than the average for all occupations. As globalization is on the rise, more companies are cropping up and the need for accountants is growing.
Additionally, if you are up for a raise against someone with equal background and experience, but you have your CPA License, the promotion will most likely go to you. Firms invest thousands of dollars into helping their staff take and pass the CPA Exam because they highly value the designation.
4. More Career Options
The CPA certification opens up many doors giving you greater career path choices from which to choose. You can choose to work internationally or locally and at a large or small accounting practice. You can work in cost accounting, forensic accounting, tax accounting, auditing, financial analysis, business valuation, IT consulting, or financial planning. CPAs have many career options!
5. Benefits with both Public and Private Accounting
You don’t have to go into public accounting when you get your CPA license. Just because you don’t want to work for the Big 4 or go the public route doesn’t mean your license is not valuable everywhere and anywhere else! Many companies from different industries still need to hire experienced accounting staff to handle their account(s), and are more willing to hire CPAs to do the job. You can be selected for high-level positions with higher salary ceilings; and the best part? You can go into any industry you want!
6. Travel Opportunities
As the world begins to reopen and as globalization continues to be on the rise, accountants and auditors who can embrace globalization and understand International Financial Reporting Standards will be needed all over the world. If you enjoy traveling, or would like to even spend your time living in another country for a year or two, becoming a CPA is the way to go. You’ll not only get the opportunity to explore the world, but you’ll receive tons of great experiences doing it, which will help your career in the long term.
7. Make the World a Better Place
Remember the Enron scandal in 2001? If not, here’s what happened in a nutshell: Enron Corporation went bankrupt because of its unethical accounting practices (Mark to Market accounting). The leaders of Enron grew greedy for profits and the company’s accounting firm, Arthur Anderson, played a huge hand in the company’s downfall. This also resulted in lost jobs for thousands of employees, wiped pensions, and the destruction of trust so many Americans had in the economy. To add insult to injury, because Enron was a global corporation, the damage done by Enron extended far beyond the United States.
Even though it has been over two decades since this incident, what you can take away from it is that CPAs really hold the power to prevent more incidents like this from happening. Companies need ethical and extremely responsible people to help manage their accounts. Keep in mind that you are the future of the accounting profession.
So, the late evening hours and weekends of study are worth it! Becoming a CPA might not be the easiest endeavor but with your sacrifice comes unlimited rewards and successes. We hope you found this information helpful and that we gave you another nudge in the right direction: that of CPA licensure. There are not many jobs that come with these amazing benefits, so make sure the CPA Exam is on your radar!