November 17 2021 - Did you know that the accounting service industry is worth a whopping $119 billion in 2021? This makes it one of the best industries to make a career out of. Now, given that there are many accounting positions, is it worth it to become a CPA?
There are so many good reasons to become a CPA, a lot of which we'll discuss in this post. It is an exciting career path with lots of different areas you can choose to specialize in. Below are some top reasons why you should become a CPA.
CPAs Are Always in Demand
There is a constant need for well-trained and experienced accountants across the country. According to research, CPA was number six on the list of most in-demand jobs in 2020 and number one on jobs seeing the most growth in demand. Even better, the Bureau of Labor Statistics projects that there will be thousands of CPA jobs every year in accounting fields.
This means that you can work in practically any area you desire in public accounting. You could opt for a smaller firm in a rural area, a medium-sized firm with a great culture, or a huge national firm with excellent benefits and hours. You won't have to worry about being laid off either because this is one career where you constantly have bookkeeping jobs available as companies constantly need your help.
CPA Salaries Are Super Competitive
The compensation varies depending on many factors, including location, position, years of experience, and the size of the firm you work for. However, with demand being so high, companies are bound to do whatever it takes to retain top talent, so expect very competitive rates. Large firms can pay much higher salaries because there is more money available to devote to hiring top talent.
People Admire CPAs
Unlike most professions, there is no real negative connotation associated with the word accountant. When someone hears that someone else became a CPA, they are always impressed.
More often than not, people will be extremely intrigued by your profession. Every day is new and exciting when you are on the job because every company needs help with their finances at one point or another, in some way or another.
The Job Perks Are Awesome
Practically every company needs an accountant at some point, and when they do, they will often want you to come on board full time. That means benefits like health insurance and paid vacation days. Not working for yourself also has its perks-along with a full salary, you also get bonuses based on your performance if your clients are happy with your services.
Even better, you can decide to work for yourself if the prospect of working for a company doesn't bode well with you. You can become a freelancer and get CPA jobs on websites like Taxfyle. Being your own boss means you can work flexible hours from wherever you want.
It's an Exciting Career
The most important reason to become a CPA is that it is an exciting, dynamic career with many different areas you can specialize in. If public accounting isn't for you, then there are so many other areas of accounting where you can excel.
Think about things like tax preparation and auditing, small business consulting, mergers and acquisitions, budgets and forecasts, financial planning, and more.
CPAs Are Great Problem Solvers
It is no secret that doing taxes such and about 1 in 5 businesses owners don't even know their tax rate. The worst part about filing taxes is probably overpaying on tax returns or being caught off guard by an audit. When you become a CPA, you’ll be well aware of the intricacies of tax law and can not only fix tax problems but prevent them from occurring in the first place.
This means that many businesses could use your services for tax purposes. For example, if a business was audited by the IRS or state revenue agency, then you would have a complete understanding of their return's pass-fail line items that might have caused this issue. You also have experience in protecting clients with increasingly complex financial transactions, so they stay out of trouble.
CPAs are often recruited into positions of leadership quickly due to their CPA education, expertise, training, and work experience in the accounting industry.
As CFOs of large corporations retire or resign from their posts, young CPAs with excellent qualifications become increasingly sought by organizations requiring a new leader who can navigate the challenging financial environment.
A CPA License Makes You Stand Out
As an accountant, your resume is very important. When you become a CPA, it's easy for hiring managers to see that you are serious about the profession and that you're competent in what you do. Without a CPA license, it can be difficult for one to prove their merit during the hiring process.
In order for companies or organizations to have confidence in their employees who hold a CPA license, they would need them to have passed all four sections of the CPA exam.
These exams require knowledge of accounting, auditing, business law, and ethics. This will give you an edge over other employees since they may have passed two or three sections of it, which is not as extensive.
Increased Self Confidence and Job Satisfaction
Most companies are willing to pay more for employees with CPA licenses because they are worth it. A CPA shows that the individual has worked hard through their educational training by choosing to take courses relevant to their CPA career field. It shows they have studied diligently to pass all four sections of the exam.
They have in-depth knowledge and experience in the accounting and auditing fields. Once again, this gives the employer confidence in your ability to do your job well. If you have a license, you can also practice as an accountant without supervision, which will increase your chances of being employed.
Advance Your Career With One Exam
The CPA exam is the most widely accepted for licensure among all states in the U.S. Having passed only one section of it will allow you to be considered for licenses in different states, which would save you time and money since, once again, you only have to take one test. This shows what you stand to gain when you become a CPA.
Why Become a CPA: The Top Benefits of Becoming a CPA
There you have it! As you can see, there are many reasons to become a CPA. The fact that you'll always be in demand and get competitive salary rates is hands down one of the most significant benefits of becoming a CPA. Of course, every other reason counts, so think about it and go get your license.
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