A certified public accountant is a great job career for anyone, especially for those looking for a career change. The process of becoming one, however, can be confusing. With a little dedication and passion, becoming a CPA will be a rewarding experience. CPA's are needed in every state and the job market increases each year. Depending on where you plan on working, the average CPA salary is around 48,000-70,000. If these facts interest you, read on to find out what it takes to become a successful CPA.
First and foremost, becoming a CPA means to gain a license from the state in which you live. This license is awarded after you sit an exam and pass over the state requirements. Before you can take the exam, you will need to qualify for the CPA exam requirements. As each state is different in their requirements, some remain the same. Most likely you will need a Bachelor's degree with some credit experience in accounting obtained at a CPA college or even CPA online schools. Some states even require a Master's degree. If you're looking to become a CPA, check your state requirements. Once enrolled, do well and before graduation, start studying for the exam.
Because you gained an education, it is expected that you retain the knowledge. This is true here as well since your curriculum already provided the information that will be on the exam. At the conclusion of your program, you can choose to take a CPA exam review course or purchase a few books to study. Most of the time, deciding between the two will be influence by money; most review courses cost around $1,000 whereas books cost at most $40. These books and courses will best prepare you for most of the CPA exam questions you will see on the test. Once you've studied, sign up to take the test formally called the AICPA Uniform CPA Exam.
Once registered, it is time to study. The exam is divided into four parts: Auditing, Business Environment and Concepts, Financial Accounting and Reporting, and Business Regulations. You can either register for one exam or all four. You must pass all four to become licensed in your state. Once registered for the exam, you will receive a Notice to Schedule letter which will allow you to schedule your exam. Since it might take a few weeks to receive the letter, take note if you are attempting to pass in a short time period.
Using the letter, schedule your exam at your convenience. Be aware of when exams expire and how much time you might need to study. Allowing yourself more time will better prepare you for the exam.
If it's exam day, be sure to arrive early and have all required documents. The rate of passing is 40%, so try not to be too hard on yourself if you fail. Even though the exam is not curved, a few ambiguous questions will be removed from the exam. Once taken, scores will be available within a few days to a few months.
Now that you have passed all four exams, the rest of the process remains solely on the state. Some might require a short take home exam, or a full exam offered by the state. Be aware of any hours that you might be responsible for before applying for licensure. Always check with your state before applying.
Now that you're a CPA, you must maintain your licensure. That means taking credits toward a specific amount that you need. These can be earned through college classes, workshops, and seminars offered around the world.
Data provided by the Bureau of Labor Statistics
The salary range for CPA begins around $36,720 and usually tops out around $102,380, with a mean in the neighborhood of $69,550. This is about 60% higher than the national average for annual salaries.
In order to qualify for most CPA positions, you typically need to have a Certification or higher.
Data provided by the Bureau of Labor Statistics
The growth outlook for CPA careers is estimated at about 19% while the estimated growth for all career fields over that same span is at about 10.12%. Over the next six years, CPA jobs are expected to grow at a 88% higher rate than the national average for annual salaries.