Usually the requirement is over 150 credit hours, or equivalent experience in order to sit for CPA tests. So public accountants may also need a master’s degree to become a CPA. Certified public accountants demonstrate that they have specific knowledge and are qualified accountants. There are tax, audit, financial, and managerial tests involved in becoming a CPA. Private and public accountants alike can benefit from being a CPA, as it usually helps you stand out from other candidates for jobs. Being a CPA may also help increase your average salary level, give you opportunities for other positions, and more. A bachelor’s degree is a critical first step to a future in either one of these branches of accounting.

CPA certification is the highest professional designation in finance and accounting. It allows accountants to perform several key functions that non-certified accountants, tax preparers, and bookkeepers cannot. According to February 2022 PayScale data, CPAs earn an average annual salary of $69,955. Factors influencing CPA income potential include location, industry, experience, and education level. For example, entry-level CPAs earn an average salary of $54,400, while mid-career CPAs earn an average of $71,580 annually.

Interview with a CPA

Performs and/or supervises detailed consulting assignments involving various functional areas within client organizations. When we see legislative developments affecting the accounting profession, we speak up with a collective voice and advocate on your behalf.

Furthermore, some want your supervisor to sign your CPA work experience letter. Therefore, in this article, I’ll go over how to get CPA work experience and getting a CPA to sign off on a work experience form. Plus, I’ll explain if you can become a CPA without public accounting experience. Get the latest news and insight on the office support job market from leading career experts.

University of Notre Dame

The Occupational Employment and Wage Statistics program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The https://www.bookstime.com/ link below go to OEWS data maps for employment and wages by state and area. The continued globalization of business may lead to increased demand for accounting expertise and services related to international trade and international mergers and acquisitions.

• We also reference original research from other reputable publishers where appropriate.
• Management Services/Consulting Staff (1-3 years) provides a variety of consulting and management advisory services and reviews the integrity of client systems under the supervision of a Senior or Manager.
• We utilize historic annual BLS salary and total employment statistics to create a trend line which illustrates the job market over time for a particular career.
• Some become controllers, treasurers, financial vice presidents, chief financial officers, or corporation presidents.
• Public accounting firms employ large numbers of certified public accountants .

Before you switch, think about whether you thrive on novelty or are soothed by routine. The catch is that it’s only available in a select number of states and jurisdictions. And the service is expensive ($500 for domestic candidates and $700 for international candidates). If you are serious about the exam, I encourage you to narrow down your choices to no more than 5 states. And remember, even if you’ve passed the CPA Exam but with no experience, you can’t call yourself a Certified Public Accountant yet. And third, if all else fails, contact your state board for advice or to file a complaint. If you’re looking for ideas about how to get experience for the CPA license, you can count an internship in most states.

Step 2 – Earn 30 additional credit hours

Basically, that breaks down to a master’s degree or at least a bachelor’s degree with some additional coursework. For example, some states ask candidates who work in non-public accounting to accumulate one additional year (i.e. 2 years) of experience before getting the CPA license.

• CPAs must meet eligibility requirements, obtain state licensure, and follow strict principles established by the AICPA.
• This table shows a list of occupations with job duties that are similar to those of accountants and auditors.
• On the other hand, the work of a private accountant is relatively stable, with very little to no travel and regular hours.
• Publicly traded companies are required to have CPAs sign documents they submit to the Securities and Exchange Commission , including annual and quarterly reports.
• Fulfilling the US CPA experience requirements can be a headache for those who do not take the traditional public accounting career route or who do not have CPA work experience.
• Mergers And AcquisitionsMergers and acquisitions (M&A) are collaborations between two or more firms.
• Private accountants work with other departments within their companies and must do well in team situations requiring community interaction.

The experience may also be obtained through one or more employers, with or without compensation, and may consist of a combination of full-time and part-time employment. The stringent certification criteria, including extensive educational and ethical requirements, make CPAs some of the most trusted accounting professionals in the field. Explore our college rankings to find the undergraduate or graduate program that fits your needs. That is why accounting professionals who earn CPA certification gain a critical advantage, leading to better access to high-profile positions and increased earnings.

Job Outlook

The median annual wage for accountants and auditors was $77,250 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $47,970, and the highest 10 percent earned more than $128,970. Accountants and auditors examine financial statements for accuracy and conformance with laws.

I think it just shows a level of resilience, a level of being able to learn and function in a high performance, stressful environment, and are able to work hard and long hours if needed. “The skill that takes the longest to develop when moving to corporate is communications when moving across competencies,” Lowden said. “There is a communication gap in the Big Four when you’re talking to an IT professional or something, but at the core, everyone understands accounting. Staff Auditor (1-3 years) performs the detail work of a financial audit under the supervision of a Senior. Staff Auditors will often start to direct small audits at the two-year level.

As of August 2021, there are 669,130 actively licensed CPAs in the U.S., which represents about 15% of all accounting and finance professionals. CPAs must meet eligibility requirements, obtain public accounting state licensure, and follow strict principles established by the AICPA. Licensed CPAs can perform specialized tasks not allowed for general accountants, like representing clients to the IRS.

The people employed in public accounting are often certified public accountants or CPAs. Many accountants leave the larger public accounting firms after several years of experience and become an employee at a business or other organization. In their new position they are referred to as a private accountant, corporate accountant or internal accountant.