Currently, the finance and accounting job portals in the US are fiercely flooded with finance and accounting job opportunities. A recent survey says that the accounting and finance opportunities in the US will take a 7% leap in the next decade, opening about 135,000 new jobs.
Said that there are some upending certifications that make a big deal in the US. To name a few are US CPA, US CMA, FRM, CFA, and others. Among these certifications, US CPA is valued as the highest accounting professional designation as it is known for its global credibility and
industry-oriented aspects. Anyone with a US CPA eligibility can assume the accounting world is just waiting for you, as the upending certificate validates professionals with domain-specific expertise in tax, auditing, regulations & compliance, balance sheets, risk management, accounting data analytics, budget, reporting analysis, advisory, and consulting.
The US CPA demographics and statistics in the United States (2022) state that over 465,039 Certified Public Accountants (CPAs) are currently employed in the United States. Nevertheless, the question of gender equality in the accounting profession may not rise as there is a significant rise of women CPAs in the US (56.8%) when compared to men whose number
stands at 43.2%. Often along with gender issues, most working professionals fear the age factor to achieve this global designation. The truth of the moment is the average age of a CPA employed in the US is about 40 years.
Considering graduation and other higher education in mind, one can plan their CPA study path with more diligence and decisiveness.
Planning to launch an exciting accounting career, look around if the destination is offering you a global outlook, diversity, inclusive atmosphere to grow, variegated peers, leading industry roles, endless entertainment & breathtaking lifestyle.
New York in the US is one such career destination that is believed to attract over 70% of US CPAs to work in public accounting firms and private business entities.
Making a career in the US is an expensive plan, but earning a global certification like US CPA can make your journey more convenient and rewarding professionally and personally.
Statistics on Tax and Audit Opportunities in the US:
- Job Growth: The field of tax and audit in the US is witnessing substantial growth. As of 2022, the Bureau of Labor Statistics (BLS) projected a 7% increase in employment for accountants and auditors over the next decade, which is faster than the average for all occupations.
This growth is driven by increased scrutiny of financial practices and regulations, globalization of business, and the need for organizations to comply with complex tax codes.
- Number of Professionals: The accounting and auditing profession in the US is significant, with hundreds of thousands of professionals working in various roles. As mentioned earlier, there are over 465,039 Certified Public Accountants (CPAs) employed in the United States, indicating a strong demand for accounting expertise.
- Salary: The salary prospects for tax and audit professionals in the US are attractive. On average, accountants and auditors earned a median annual wage of $73,560 in May 2020, according to the BLS. However, this figure can vary significantly based on experience, location, and specialization.
- Certifications: To excel in the tax and audit field, certifications such as the US CPA, Certified Internal Auditor (CIA), and Certified Information Systems Auditor (CISA) are highly valued. These certifications validate professionals’ expertise and enhance their career prospects.
Opportunities in Tax and Audit:
- Tax Professionals: Tax specialists are in high demand due to the complexity of tax laws in the US. Opportunities for tax professionals include tax planning, compliance, and consulting for individuals and businesses. With ongoing changes in tax legislation, there is a continuous need for experts who can navigate these complexities to optimize tax strategies.
- Audit Professionals: Audit professionals play a critical role in ensuring the accuracy and integrity of financial statements. Auditors work in various sectors, including public accounting firms, internal audit departments of corporations, government agencies, and non-profit organizations.
The demand for auditors remains steady as organizations seek to maintain transparency and comply with regulations.
- Specializations: Within tax and audit, there are numerous specializations, such as forensic accounting, international tax, environmental auditing, and information systems auditing. Specializing in a niche area can open up unique career opportunities and potentially lead to higher earning potential.
- Career Advancement: Tax and audit professionals have ample opportunities for career advancement. With experience and additional certifications, individuals can move into management roles, become partners in accounting firms, or transition to executive positions within organizations.
- Diversity and Inclusion: The accounting profession in the US is becoming increasingly diverse and inclusive, with efforts to promote equal opportunities for all individuals, regardless of gender or background. Many organizations are actively working to create diverse workforces, providing opportunities for professionals from all walks of life.
In conclusion, the field of tax and audit in the United States offers a promising career path with significant growth prospects, competitive salaries, and various specializations to explore.
Obtaining certifications like the US CPA can enhance your credibility and open doors to exciting opportunities in this dynamic and evolving industry.
Whether you are a recent graduate or looking to make a career change, tax, and audit offer a wealth of possibilities for those willing to invest in their education and professional development.