It must be past the wee hour, but you may be still wrestling with the CPA study material. Have you ever wondered to think for a moment what on earth are you doing this for, if not we would like to answer that question! US CPA designation as one of the most coveted designations in the accounting world prepares you for a unique role, responsibility, status, career, and lifestyle. Achieving this dream designation is not easy, but rather a rough road that requires intense time and dedication. Moreover, passing the hard-stake US CPA exam alone does not define your future career but there are other critical factors that play a big deal. Whether you receive the designation or not, we help you with 5 key reasons to understand why you need a US CPA designation!
Since US CPA is one of the gold standard global credentials in the accounting world, it carries immense weight. US CPA designation validates accounting professionals with expertise that is highly critical to business corporations that operate on the US tax and regulatory laws and statutes. US CPAs are the right professionals who can help companies make this happen as they are considered the most trusted advisors. This also helps them to be part of an elite group.
US CPAs make more money than those without the certification. It is reported that US CPAs earn 10-15% higher than those without a US CPA qualification. What drives accounting and finance careers is not regular academic degrees but certifications. Accounting certifications are always seen as a value proposition to earn more. The current gap between those with a CPA title and those without is 41%. Not only a high pay scale the CPA designation promises but also top designations in the Big 4 and leading MNCs. The average median salary of a US CPA comes to around $ 123,500 to $ 500, 000 LPA. Isn’t that amazing?
The demand for accounting professionals is huge. According to the Bureau of Labor and Statistics, there will be a 4% rise in demand for auditing and accounting professionals by 2025. One of the contributing factors to this is the increasing expansion of US corporations setting into other countries, especially Canada, India, Australia, China, and the Middle East. Globalization trends have increased investments and capital flows and not only that regulation and compliance with US laws into the firms is yet another reason why US CPAs are in high demand. Since doing the US CPA course is expensive, there are US-based companies and MNCs that encourage their employees to take up a US CPA course in the top CPA Review institutes of India as part of the employee development program.
Leadership and Management Opportunities
Obtaining the US CPA designation not only enhances your technical accounting skills but also equips you with the knowledge and expertise to take on leadership and management roles within organizations. CPAs are often seen as decision-makers and strategic advisors due to their understanding of financial data, tax regulations, and compliance issues. As a US CPA, you may find yourself in positions such as CFO (Chief Financial Officer), Finance Director, Controller, or other executive roles, where you can influence the direction and success of the company.
Networking and Professional Connections
The journey to becoming a US CPA involves interacting with various professionals, including instructors, fellow candidates, and potential employers. This process helps you build a strong professional network, which can open doors to new opportunities and career growth. Networking with other CPAs, accounting professionals, and industry experts can provide valuable insights, mentorship, and access to job opportunities that may not be advertised publicly.
Versatility and Adaptability
US CPA qualification offers a versatile skill set that goes beyond traditional accounting and auditing roles. With a deep understanding of financial principles, tax laws, and business regulations, CPAs are equipped to adapt to changing economic landscapes and industry demands. This adaptability allows US CPAs to transition between different sectors, industries, and roles, giving them greater flexibility and job security in their careers.
Personal Development and Professional Achievement
Becoming a US CPA is a challenging and rigorous process that requires dedication and perseverance. Successfully completing the CPA exams and earning the designation is a significant personal achievement that boosts confidence and self-esteem. It demonstrates your ability to overcome obstacles and meet high standards, both to yourself and potential employers. The sense of accomplishment that comes with becoming a US CPA can positively impact your overall career satisfaction and motivate you to pursue further professional development.
Ethical Standards and Public Trust
The US CPA designation comes with a strong emphasis on ethical behavior and professional responsibility. As a CPA, you are bound by a strict code of conduct, which ensures the highest standards of integrity, objectivity, and independence in your work. This commitment to ethical practices not only helps build trust with clients and employers but also contributes to maintaining the integrity of the accounting profession as a whole.
As the world starts to expand with globalization trends and companies establishing business offshore, it provides breathtaking opportunities for US CPA holders to travel to different countries and origins to understand the reporting standards and regulatory compliance of the country. The exposure not only enhances your career experience but also helps you build versatile skills which may be missing in your toolkit that can boost your profession in the longer run. Visiting different places can also help you explore diverse career opportunities in cost accounting, forensic accounting, IT consulting, business valuation, and financial planning areas.
Diversify your Career
US CPAs are not cut out for a particular sector or a company but everywhere! Holding a US CPA designation is more advantageous as it allows the accountant to find diverse routes of working both in public and private accounting firms that have a deep need for a CPA’s knowledge and expertise. This experience can also help you identify potential threats like unethical practices in companies and prevent them from future incidents. By helping companies comply with regulations, they can become the future of those organizations to avoid unwarranted risks and streamline business operations and generate success.
We completely understand that pursuing US CPA is a dreadful exercise but whatever the case, we believe these key factors can give you a strong nudge to kick-start your US CPA journey in the right direction.