4 Most Common Factor of Certified Public Accountants
With every other career out there as well, there are several factors one needs to consider before they plan out whether they need to get into it or not.
(Media-Newswire.com) - With every other career out there as well, there are several factors one needs to consider before they plan out whether they need to get into it or not. There could be several factors that could govern that choice such as passion or career security. People considering accounting as a career ponder over the same question. Some people wish to go even beyond the realm of simple accountancy, which leads them to take their cpa exam and become certified public accountants. Becoming a CPA is nothing short of a dream for many accountants and it can be an arduous and tenuous process if one is not prepared for it. Becoming a CPA requires you take an exam which needs a tremendous amount of effort, but the rewards are very much worth the risks. The most common factors of certified public accountants are:
1. A higher degree of qualification CPAs are financial professionals who have a greater degree of expertise as compared to regular accountants. The extra certification wins them the respect and acknowledgment form their peers and employers. This qualification comes from advanced education, training, hard work and experience. All those efforts pay off tremendously well for CPAs as they are bound to get high paying jobs as well as more career options waiting for them. You as a CPA will be respected and revered in the industry. You can even lend your expertise as a consultant even after youíve retired from an accounting firm. The doors of opportunity still do not close there as you can take academia and teach accounting in renowned business schools. Your CPA certification will certainly go a long way for you.
2. Higher demand As we have established that CPAs are more equipped and more qualified as compared to regular accountants, this means that they are more sought-after by accounting firms and are more likely to move up the corporate ladder. CPAs grow professionally to occupy positions like board directors, treasurers, and CFOs. Senior finance positions are often filled by accountants with a CPA certification. The workload in the accounting department has increased on a global scale which has made the need for qualified and competent accountants more than ever.
3. Higher Pay Several surveys and global studies have yielded the same result that professionals in the accounting industry make a pretty penny. But within that very industry, there is a small population of accounts that earn quite a bit more than their peers. CPAs are averaged to earn 10 to 15% better than non-CPAs due to their value and experience. CPAs get treated as a valuable asset within their firm as well and CPAs with 5+ years of experience are paid roughly $80-110K in public accounting firms.
4. Long-term benefits Accounting has been predicted as an industry that will continue to thrive as more and more startups grow to become businesses and with the accounting needs spiking upwards every year globally. This ensures long-term job safety for CPAs who are already in the industry. However, based on a study by the AICPA, 75% of current CPAs will retire in 15 years so that creates a massive opportunity to be exploited if you still havenít entered the field yet. As CPAs ensure financial and integrity of corporations, they will never stop being in demand.
This story was released on 2018-10-22. Please make sure to visit the official company or organization web site to learn more about the original release date. See our disclaimer for additional information.