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, 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 of 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.
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.