Why get a CPA? Why one become a CPA? These are the most common questions that are asked about the accountants or wannabe accountants. Passing the CPA exam is a most challenging, crazy and nerve–wrecking experience. But after burning midnight oil, the CPA get the designation that only a few people have accomplished. CPAs are finance professionals who get the expertise that a normal accountant does not have. These three letters are achieved through advanced education, hard work, training, and experience. Though, it’s difficult to focus and study for the exam but here are some benefits of becoming a CPA to motivate the candidates:
Public Accounting as a Stable Career
It’s a fact that CPAs are in demand always no matter if the economy is down or not. Accountants are necessary because they are always needed. Public firms recruit experienced people and college graduates constantly but after clearing CPA and getting the license, the accountants make their selves much more desirable and qualified. A CPA is always able to get the job with the IRS.
In every corporation, the workload in the accounting department has widely increased as a consequence of the Sarbanes-Oxley Act which led to the shortage of accounting professionals over the globe. According to the study by AICPA, current 75% of the CPAs will retire in the next 15 years. This creates a global opportunity for those who want to be a Certified Public Accountant.
Pays of CPAs
When it comes to promotion or recruitment, the junior accountants with CPA are considered first. Many big firms and businesses offer the bonus to their accountants for passing the exam. On average, CPA salaries are 10% more than their counterparts.
Better Opportunities for CPAs
There are many amazing opportunities which come with getting the CPA license whether the CPA is working as an internal accountant or a public accountant at a company. Once the exam is cleared, the door of opportunities will open for the CPA. Public firms offer to fill up their senior positions so to advance up their hierarchy one day this could lead to becoming a firm’s partner.
The internal accountants of the company often hike the corporate ladder because of their expertise and experience and become a board member or officer. Large CPA companies exist all over the world. One of the amazing opportunity is traveling whether it is private industry or public accounting route, the CPAs travel to different places on the company’s budget.
A Much Respected Profession
Becoming a CPA gives a major street cred. Other professional designations such as engineers, lawyers, and doctors are also up there. Many accountants dream of becoming a CPA. People know that passing the CPA exam requires a lot of hard work and effort so they respect the CPA because of it. Because the CPA is not just a college graduate, they become the professional of the best regard. Being a CPA, the person is elevated to the best in the profession.
Indispensable to the Firm: after going through the financial crisis, the number one concern for the companies and shareholders is corporate accountability. For integrity and financial health of the corporation, Certified Public Accountants are trusted more by the senior management.