FAQs
Got questions about becoming a CPA? We’ve got the answers. Check out our most frequently asked questions and get all the info you need to kickstart your CPA journey.
What is the Ohio Society of CPAs?
The Ohio Society of CPAs (OSCPA) partners with the accounting profession to advance the state of business so Ohio can enjoy a healthy and sustainable economic environment.
With more than 100 years of experience, OSCPA represents nearly 22,000 CPAs and accounting professionals who are the strategic financial advisers to Ohio’s leading businesses.
OSCPA is driven by its values in professionalism, integrity, excellence and diversity to advance the accounting profession and build stronger communities across Ohio.
What is a CPA?
CPA stands for Certified Public Accountant.
A Certified Public Accountant is an accounting professional who has met their state CPA license requirements and earned the license.
The CPA license is the professional designation granted by state boards of accountancy to accounting professionals after meeting experience and education requirements and passing the Uniform Certified Public Accountant Examination, or CPA Exam.
Why should I pursue a CPA license?
Improved credibility and trust. Becoming a CPA demonstrates your commitment to professionalism, ethics, and excellence in the accounting profession. The CPA designation is widely recognized as a mark of credibility and trustworthiness by clients, employers, and peers. Clients are more likely to trust your expertise and rely on your services when they know you are a licensed CPA. The rigorous requirements for obtaining and maintaining the CPA license reflect your dedication to upholding high standards of integrity and competency in your work.
Increased career opportunities. Many employers in public accounting firms, financial services, and corporate finance departments prefer or even require candidates to hold a CPA license, especially for senior-level positions. Having your CPA license opens the door to more career options, including financial analysis, consulting, and management accounting as well as tax accounting and auditing.
Increased earning potential. A CPA's experience and education make a big difference in how much they earn. The company they work for, and their geographic location also impact their earning potential.
Entry-Level CPA: According to the Accounting Institute for Success, entry-level CPAs make on average anywhere between $80,000 and $111,000, depending on the position and size of the company.
Senior-Level CPA: A CPA with over four years under their belt may make between $119,000 and $200,000, depending on their experience.
Manager or Director With a CPA: According to the U.S. Bureau of Labor Statistics (BLS), top executives earn between $136,000 and $240,000. Other senior jobs for experienced CPAs are roles in executive management, which can command six-figure salaries. The median salary for chief executives was $179,520 for 2021.
Is a CPA the Same as an Accountant?
While all CPAs are accountants, not all accountants are CPAs. In fact, according to data from the Bureau of Labor Statistics (BLS), and CPA licensure data, only about 50% of accountants in the United States are actively licensed CPAs.
An accountant is typically a professional who has earned a bachelor’s degree in accounting. A CPA, or Certified Public Accountant, is a professional who has earned their CPA license through a combination of education, experience and examination.
CPAs are different from an unlicensed accountant because:
- CPAs are licensed by a professional governing body
- CPAs have requirements for continuing education to maintain their license
- CPAs are held to specific professional standards and a code of ethics
- CPAs are held to a fiduciary standard, which means they must put their clients’ interests first above all else
What can a CPA do that an accountant can’t?
CPAs are licensed professionals, which requires them to adhere to more stringent standards than unlicensed accountants. CPAs are expected to abide by the Association of International Certified Professional Accountants (AICPA) Professional Code of Conduct, which includes treating clients with objectivity, integrity and truthfulness while remaining free of conflicts of interest.
CPAs must also perform continuing education on a yearly basis to maintain their knowledge of best-practice accounting standards.
Because of these high standards, CPAs are recognized by the government as experts in the field. Therefore, CPAs are seen as better qualified to perform accounting functions and are allowed to execute duties that other accountants can’t, including:
- Preparing audited financial statements. This is required for reports filed with the Securities and Exchange Commission (SEC), which is a requirement for all publicly held companies.
- Acting as representation in front of the IRS. A CPA can represent taxpayers and companies in the event of an audit. While accountants can prepare tax returns, only a CPA can defend a return if the IRS or state tax authorities have questions or concerns.
- Conducting company audits. While in-house audits may be completed by an accountant, external audits or auditing of public companies are always handled by a CPA.
Are CPA Jobs In Demand?
Becoming a CPA opens many job opportunities in the accounting and finance industry. Accounting firms as well as businesses and enterprises, public and private alike, prefer candidates with their CPA, since it signifies that they’ve met stringent educational and experience requirements.
The U.S. Bureau of Labor Statistics predicts that accountants and auditors without their CPA licensure will experience a modest increase of 6% by 2031, but employment for people with a CPA, on the other hand, is projected to grow by 22% by 2028 — almost four times the demand!
Can I Take the CPA Exam in Ohio Without an Accounting Degree?
While you technically can take the CPA exam in Ohio without an accounting degree, you must still complete a specific number of accounting and business course credits (24 hours each), and if you don't have 120 semester hours of college credits, you need to achieve a score of 670 or higher on the GMAT to be eligible to sit for the exam.
Visit the OSCPA’s Guide to Becoming a CPA for additional information.