Why you can’t afford not to get your CPA credential

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Accounting professionals are in high demand and will be for the foreseeable future. Aspiring accountants are encouraged to obtain the gold standard of accounting–the designation of CPA–to go further in their careers.

Let’s dive into why the CPA credential is so essential and beneficial in today’s market and beyond.

Favorable job growth and gaps

Projections estimate the accounting field to grow anywhere from 4% to 11%, at or above the national average. CPAs will stand out from other accounting job applicants vying for the same positions.

Accounting majors aren’t keeping up with the growth rate, leading to a gap between supply and demand. As in-demand as accountants are, the national average for accounting graduates dropped 7.8% from prior years in the 2021-2022 academic year.

Senior-level officers are entering retirement age. They’ll look to CPAs to replace them. Accountants who want to further their careers should strive for that CPA credential to fill the gap that retirees will soon leave.

Death and taxes

Borrowing from an old saying, only two truths in life are unavoidable, and one of those is taxes. That’s to say, accounting needs will be around forever.

CPAs obtain more profound knowledge of changing tax codes. Every person and business could use expert help with maximizing tax returns and minimizing tax burdens, not just at tax time, but throughout the year.

Entry-level accountants can’t fulfill that need. An expert tax professional will have that CPA designation.

Accuracy and accountability

Not all accountants specialize in taxation, but all businesses require accountability and accuracy in their bookkeeping and reporting. A CPA designation leaves no doubt that you can review financial records for accuracy and accountability.

Automation vs. critical thinking

Automated technology is taking over many entry-level accounting tasks, such as bank reconciliation and accounts receivables/payables duties. However, technology can never replace the soft skills like critical thinking and communication necessary to analyze data and make swift, strategic decisions. CPAs earn a deeper understanding of these skills that technology can’t emulate.

Versatility

Accounting skills are the foundation for any career, from starting your own business as an entrepreneur to becoming a top-level executive. They give you the core of general business, financial regulation, responsibility and reporting knowledge. However, you must build upon that core for limitless career growth potential. A higher credential–that of a CPA–gives an accountant the most flexibility and versatility.

Growing with the times

Accounting grads have the foundational knowledge to get their foot in the door. However, as many senior-level officers retire, the openings left in their wake will require a CPA license.

Technology will replace the more menial tasks typically held by entry-level accountants. CPA-credentialed accountants must fill those middle and higher positions.

Keep momentum going

The good news is accountants can add the extra credit hours necessary and sit for the CPA exam at any point in their career. For those just earning their accounting degree, why not keep the momentum going?

Accounting undergraduates typically need to add only 30 more credit hours to their bachelor’s degree to earn their master’s–a drop in the bucket compared to the 120 hours already achieved. Assuming you’ve reached the 120 credit accomplishment by the time you earn your bachelor’s degree, this extra 30 hours will also accomplish the 150 credits necessary to sit for the CPA exam.

So, with an average of just 30 more credits to take, an aspiring accountant with a bachelor’s degree can earn their master’s degree and sit for the CPA exam, too. That’s almost a no-brainer considering that you’ll end up with more credentials to set you apart and increase your earning potential.

Distinguishment

A CPA credential is distinguished and well-recognized all over the globe. It’s well-known as one of the most challenging exams to pass. When you can put “CPA” in your title or resume, people automatically know you put years of hard work and dedication into your education and experience to earn it.

As a CPA, you have an automatic reputation as an organized person. Additionally, others can rightly assume you have what it takes to see the big financial picture, analyze what you find and provide actionable insights based on your analyses.

You’ve also shown that you’re committed to your profession. You’ve put in much time and effort already. Still, you are committed to lifelong learning because, as a CPA, you continue your education with ongoing CPE credit courses.

Exclusivity

CPAs are an exclusive group of professionals. Not all accounting majors have the acquired expertise to deal with all accounting functions or issues. For example, only CPAs can write audit reports and give their opinion on the financials of publicly traded companies. Only CPAs can become corporate controllers, risk managers and treasurers. Only CPAs have unlimited growth potential and can move higher than entry-level positions.

Earning potential

Earning the CPA credential boosts your earning potential. Not only can you start at higher salaries because of your expertise, but you also remove any barriers to higher positions in higher pay grades.

An all-around wise decision

Are you an accounting major? Want to future-proof your job?

Use the momentum you are building up in school to go for the gold standard in accounting and earn your CPA license. You’ll earn a global designation that sets you apart from other job candidates. You’ll move up higher in rank and more quickly than those with a bachelor’s degree. Also, you’ll gain the necessary and versatile skills needed to fill gaps projected in the job market soon.

The Ohio Society of CPAs (OSCPA) is dedicated to helping future accounting and finance professionals earn their CPA license in Ohio. Membership is free for students, and we offer savings on CPA regulatory review courses to help you prepare for and pass this challenging but all-important exam.

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