Deciding to take the CPA exam is a major commitment. Before you even take the first section of the exam, you’ll spend countless hours studying and preparing. Are you thinking of taking the CPA exam, but aren’t sure it’s worth all the time and effort? Here are four excellent benefits that earning a CPA certification can offer your career:
CPAs are in High Demand
Between the rise in corporate globalization, the financial meltdown of 2008, and the Sarbanes-Oxley Act of 2002, corporations have more financial regulations to navigate than ever before. However, there are fewer people to fill those jobs. Starting in the 1990s, fewer people began pursuing careers in accounting and with many Baby Boomers reaching retirement age, there’s a big need for CPAs. The AICPA estimates that about 75% of current CPAs will be eligible to retire by the year 2020, so now is a perfect time to try for that CPA certification. CPAs are in such high demand that many accounting firms offer bonuses to employees who pass all four sections of the exam or reimburse employees for the costs associated with taking the exam.
The Competitive Edge
A CPA certification carries a lot of prestige in the accounting industry. Aside from the respect from your colleagues, a CPA certification gives you a major competitive edge with employers. If an employer is considering two applicants for a job with similar backgrounds, but one of those employees has a CPA certification and the other isn’t, the employer will very likely choose the CPA.
More Career Opportunities
A CPA certification can truly open the door for career advancement and new opportunities. Many senior and management level positions require a CPA certification for a person to even be considered for the job. Becoming a CPA also means you have a diverse set of skills and can handle a very wide variety of accounting jobs.
The AICPA has mutual recognition agreements with other countries, so you aren’t even limited to working in the United States. If you earn your CPA certification in the U.S., you can work in Canada, Mexico, Hong Kong, Ireland, Australia, or New Zealand without needing any additional certifications.
Higher Salaries
Lastly, a CPA certification will help you command a higher salary than you would be able to without one. Yes, all the extra effort really does pay off in the end. CPAs typically earn 5-15% more than accountants who don’t have a certification. CPAs in higher level or more specialized positions stand to earn even more money over the course of their career.
