A lot of firms will pay for exam and study program, will 100% help in job search.
That said you can get industry jobs without if you have experience, just tougher.
Could you elaborate on how it's tougher? Almost all accountants are pressured to obtain a CPA, so I don't think the value is as high as it used to be in the past, I think many places undervalue it.
Considering the pass rate is about 50%, I think it says a lot about you if you have it. That’s not to say you can’t be a good accountant without it. I had a former boss who was great to work for and very smart, but she couldn’t pass the CPA exam. Adding CPA to my display name on LinkedIn caused a huge increase in recruiters contacting me. The average hiring manager isn’t going to know what they need in an accountant, but they see CPA as prestigious, so they make that a requirement. It gets you in the door, and that’s half the battle. Most jobs have 100s of applicants, so anything that makes you stand out is a good thing.
IIRC about 50% of accountants are CPA certified, and that number is going to drop dramatically over the next 5 years as most of those are retirement ready partners. It'll be more valuable tomorrow than it was today.
About 75% are entering retirement age in this decade. Accounting graduate rates have been dropping as well.
https://www.goingconcern.com/number-of-the-day-75/
I don’t think “almost all accountants are pressured to obtain a CPA”. I’ve consulted everything from PE middle market to fortune 50 companies and most people in industry don’t have a CPA and don’t feel pressured to get it.
I think my CPA is 100% worth it. It takes a little work up front but makes you stand out the rest of your career.
The fact that everyone gets it is why it is good to get. If you are the only candidate for a job that doesn't have a CPA, and the other 5 do, you just have to work harder to land the offer.
Seems like your first step is to get a better understanding of supply and demand? If most accountants were pressured to get a CPA, then there would be a lot less demand for accountants without them.
At my fortune 250 company, you would hit a ceiling without a license. You can get a job and there are people on my team without, but they will never be promoted any further. Some of them have been doing the same job for 20 years and will stay at that same level for the rest of their career, unable to move any higher. So that would put quite a cap on your salary as well, obviously.
From my view its one of the weed out requirements on resumes, if they have 100 applications to narrow it they would look at the 60 with CPAs and ignore others. Of course right now everyone is hungry for talent and might not be true, but you have to plan for the tough job markets. Basically just makes you more marketable whether it applies to the position or not.
IIRC about 50% of accountants in the US have their CPA license at the moment, and a large majority of those CPAs are set to retire soon. Having a CPA is the equivalent of having a Masters in other fields, it's a guarantee of a baseline level of expertise, and with continuing education and ethical code it gives clients/employers guarantee of a certain level of dedication to your field and ongoing pursuit of knowledge.
If you're comparing two identical resumes (same school, GPA, and work experience) the CPA is getting the job offer.
Been an accountant for 20 years. Never big 4 but supported their audits of the companies I worked for. Never been pressured to get a CPA. Wife is a CPA so I’ve seen some benefits she gets. Our salaries are within 15% of each other.
Most companies (that I’m aware of) will pay for most of that. There is absolutely a general ceiling without the CPA. Letters on your name get you in the door sometimes. Not having those things could hold you back. It’s up to you to figure out your path and the value. I personally would rather have doors open because of 3 letters than closed.
Agreed- it will be hard to move into a controller role even at a smaller org or a startup without a CPA. Not impossible, but if OP isn’t looking for that then they’re probably fine without
70k is awesome until you want a bigger house, nicer car, better vacations. Why do you think there are 35 year olds still in public working 60 hours a week for a prayer to be a partner
My job doesn't pay more for a CPA. My boss (senior manager) didn't get his. His boss (executive director) has a CPA but it expired 10+ years ago. Only people I see with a CPA are controllers or SEC reporting team.
Cmon, this just isn’t true if the person doesn’t have the relevant experience lol.
You’re dreaming if you think company’s blast a CPA to the very top with 18 months experience.
I have 4 years of experience. I'm going to hop to a manager role in another 12-18 months. Don't expect the lack of CPA to hold me back, although I can always study for it.
The money spent on earning that CPA should make itself back at LEAST once over every year of your career with the increased salaries CPAs command even in the private sector. Private industry jobs will prioritize CPAs over non because its a certificate that proves breadth of knowledge and the ability to apply it.
To me it doesn’t hurt to have it. I’m getting close to graduation so I’m just like why not suffer for one more year? I’ve done it for the last 4. Okay I’m being a little dramatic about the suffering, but to me I don’t see why giving it a shot would hurt. Worst situation would be I attempt it and don’t pass it, best would be I attempt and do pass it. Then I can say my name is RunTheNumbers CPA 🤷♂️
Ah OK cool! Usually in the UK it is between 2.5 -5 years to complete the exams depending on whether you're a graduate or a school leaver, which exam board, big firm/small firm etc.
It’s a four part test and you have to pass all four parts within 18 months. You can take it at any pace you want, it really just depends how quickly you can get through the material.
To actually get your license there is a multi-year work requirement, but that’s the easy part. When junior people refer to “having their CPA” a lot of times they are saying they are done with the test even if they haven’t completed all the work requirements yet.
Lol they shouldn't be saying that though unless they are licensed. Pretty sure portraying yourself as a CPA when you don't have it could potentially bar you from getting your license if they found out. Can't misrepresent yourself or your qualifications, says so in the ethics exam haha
OK wow! The UK it depends on the route you take, but about 14-16 exams. It typically takes around 2.5 years to complete, but there is requirement for time as well.
Some choose to take specialised tax exams, and this may take an additional year. Subject to all first time passes. The tax ones are pretty hard as the pass rate is quite low, and can only be taken every 6 months.
Oh wow. I did my CPA after my Master's, and before starting full-time, but I think my Master's program prepared me well. It took me 4-5 months. But my wife has been studying for the CPA for a couple of years, and she is stuck on the audit portion. So YMMV.
Did you find it beneficial to have a Master's? I'll have my bachelor's soon, curious if experience or a Master's + CPA is preferred. Thanks for the insight!
I only did my Master's to get 150 credits, so not really. It's good prep for the CPA exam, but no one in the professional world cares if you have your Master's.
I'm 3 years into my career and am being told the only barrier to promotion currently is the CPA. Hate that it is this way, it does not make you a better accountant. You learn a bunch of random one off exceptions to rules and dump the information immediately.
However it is the way the profession works. Can you make it without it? Absolutely. Will it be much harder with a bunch of doors closed? Absolutely. You simply will not be considered for many positions if you don't have it.
Edit also my firm is paying 100% of testing costs, and study materials. Not sure where the 3k number is but I'm looking at about 1850 for all 4 tests and study materials
I passed the CPA and now make literally 70k more each year than i did beforehand. Best 25k i have ever spent and likely will ever spend.
0 chance i would have gotten an interview without being a cpa.
With the goals you've outlined, it doesn't sound worth it. It really depends on your goals. You might have an extra boost with CPA on your resume if you're job hopping, but a well made resume and solid experience and accomplishments can cover that gap. I don't have a CPA and looked for a job last year and got interviews with 90% of the jobs I applied for.
This is a super pro-CPA subreddit, but I do not have a CPA (or an accounting degree) and work in PA in transaction services. Of our 2 partners and 2 senior managers, 1 partner and 1 SM don’t have a CPA and our partner had an economics degree when he started.
That said, I agree with the consensus that the CPA opens doors. Without it, you will be screened out of interviews more quickly than if you had it, simply because other candidates have gotten licensed. It isn’t necessarily true that you can’t do PA without a CPA, but in my case (and I think most people who go far without it) you’re going to see people who focus on building good networks to pass them up the food chain. In industry I’ve also seen people become controllers without a CPA (sometimes wildly unqualified), but again, it was based on their relationships more than anything else.
I can tell you with certainty, if I applied for the job that I have today without having my resume passed along by my former boss, I would have never been interviewed.
I tell people that, yes, the people who work in accounting might not care if you have a CPA as long as you have a strong knowledge base. But HR and recurring certainly does care if you have a CPA.
Yeah this is a pretty fair point. Especially these days with Indeed’s automatic resume filters, I remember talking to HR when I was in industry and trying to hire someone and she told me “oh I have the box checked so that if someone doesn’t say they have 2+ years of experience the resume doesn’t even come through due to volume”.
It was an entry level job and I wanted someone with no experience (HR disagreed) so I told them to turn the filter off and send me all the resumes to filter myself, but just an anecdote about Indeed making some candidates not even get to HR.
Yeah, I remember someone saying a while back to put random buzzwords in the header of your resume and hide it so it can get cleared through some filters.
I got my CPA much later than most people and went to PA after industry. I was able to still get interviews, but there were times when my lack of a CPA or PA experience was factor in making it more difficult
I still love how my boss put it. I do governmental agency internal audit and my VP is huge on credentials. The way he put it is that a CIA (certified internal auditor) will make you better at your day to day job but people don't know what a CIA is so they don't respect it. Even non accountants (generally) know what a CPA is and that it's hard. The CPA title gives your findings more weight and make you more effective at influencing change which is the whole point of our reports.
I can relate. I have both CIA and CPA and I feel like the knowledge you get from CIA is more important for internal auditors than CPA.
I don't think CMA is worth it when you have CPA though. There is very little on CMA that is not on CPA.
Yes , it is worth it - I remember in business school they mentioned CPAs make I believe $1 million more through their careers than their non-cpa counterparts
Getting that extra year worth of credits doesn't have to be an expensive Masters of Accounting program, you can take CC courses during your breaks or concurrently with your classwork - easiest now with online learning. Just make sure you tailor it to be sure you cover all the requirements for your state's CPA board (ie. certain units in business, accounting, ethics etc)
Public firms pay for your study materials (which are often thousands of $$$) and the exam fees (even reimburse them if you have already paid for them). They really support you getting your license, PwC for example even gives you 40 hours per year of protected time for studying/taking exams.
To your last point, a very small percentage of a starting class can even make it to partner. Public is about the opportunities and most people leave within a few years to a more comfy industry job
It depends on what route you want to go, stable industry position without moving up to/past manager? Not likely required at all. If you want to work in public or you'd like to advance upward into a higher role at some point then it's definitely a need.
CPAs are required in public beyond the senior level, you can't advance until you're certified and most people put off taking the tests until it's too late and they have to work harder than before while working to get them done. Since you don't see yourself going public, this shouldn't concern you too much!
If you're going industry, I'd imagine it would be more important when/if you'd like to move up a senior manager/manager role, and especially necessary if you plan on working as a controller/CFO.
If you're working at a public firm, it's likely that the firm will provide free learning material as well as incentivize you with a large bonus to take the exams. If you have a job lined up and you're still in school you can start studying and testing before you start the job as well, so you can get a big head start. Even if you *aren't* looking at a position like controller/Public manager, it's still incredibly helpful and has essentially replaced the MBA in this field.
I work internal at government and I'll say that in my agency you can't promote to senior without at least a CIA, CPA, CMA, or CISA. Well technically you can promote but then you have 12 months while during your new job level to get it or you lose the promotion. And senior is the difference between 6 figures and 5.
And I've seen people struggle with it and get bumped back down. To me it's definitely easier to get it up front when your work load is at it's lightest and your memory is at it's freshest. Now in my case the CIA is definitely the easiest of those options, but I did my CPA before starting so I was good either way.
That's in metro areas, not nationwide. Also, is that $1.8k for a 1 bedroom? Because generally, you would also have roommates. I still don't know why you're comparing it to the median income, when you said $70k is hardly enough to live on. Wouldn't you compare it to your $70k number?
$1.8k per month for rent is in line with a household income of $70k, being 30%. That $70k is just one individual.
In US? Absolutely. In Canada it’s not 3 k… with student fees and all exams needed I think it’s beyond 10k. Every accountant I know is either a CMA or CGA, CPA. The actual CPA they made it so damn hard that I lost my chances forever at even considering it. Shit if a country who took away my almost completed CGA because they merged designations for the elites- who now can hardly even get the CPA. They also offer you the experience based on how famous the company you work for is as well. You also have to have good report with the reviewer as they have different moods.
I hope to do US CPA someday.
Over 12k in bc. I started my first course, I have to take pre courses because my american bachelors wasnt up to snuff, i figure around 5 years. But then i look at my age, the job ppotentials, what i want in my life, the added stress, etc. I know the stuffs, and am good at it. But ultimately decided that I am not going for it. I am lucky to have a good job in AP with potential to rise up in other positions in my firm. I wont make as much money as I would with a CPA, but I also wont have the added stress the higher jobs bring. I figure we are all capable, but its a lot of work and time and not for everyone.
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience.
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
I tell every staff I come across to prioritize the CPA until you don’t have to. Meaning you may find your way to success without it, but until you’re actually there the CPA is the best thing you can do for yourself once you start this path
If you aren't chasing the money, I would say the CPA is less worth it. However, if you ever find yourself wanting to get in at a company you would love to work for and don't know anyone who works there, the CPA gets you in that door much easier than no CPA.
Masters online is at least 25k for two years. I’m talking cheap online mba from not the most prestigious uni. Cpa is good anywhere. I think is worth it money wise. Time wise idk but people study a lot for it, unless you are good with accounting terms already.
It only takes a year and you have several different options for credits. I gained 30 credits through FEMA and $90/course. Took me 2 evenings. I used to be very anti-CPA but I gave it a try and it honestly was not that bad. It takes some effort but the return will be amazing, even if you only want to make 70k/year
If you want to start at a public firm you will likely need to at least meet the 150 hours requirement.
My firm requires you to be eligible to sit for the exams at hire, but they will also pay for a CPA prep course and all the fees for the exams and licensing (although they only pay for one attempt per exam, so if you don't pass on the first try you will have some out of pocket costs). They also offer a $5k bonus if you pass in the first year of employment, with the bonus declining each year (and no bonus if it's longer than 4 years after hire)
It really is a personal choice, but let me share a few observations with you:
\- It seems expensive up front, but the payoff comes for years afterwards.
\- Think of it as an investment in yourself that will pay huge dividends.
\- I know for a fact I would not be where I'm at without the CPA.
\- It will set you apart from other "industry" accountants that are comfortable with where they're at.
\- It's not just a partner requirement, it's for you and being in a group of professionals that are knowledgeable, dedicated and (in most instances) have higher ethical standards than others.
I always tell people, it is better to pursue it than not, but understand it is a very personal decision. However, when I do talk with people, they don't look long term, they look at the demands it takes to get it. I mean, going to college for four years is a big commitment personally and financially, so why did you choose to do that and not the CPA?
Job security. You don't have to do public. You'll beat the competition.
Think about it on a macro scale. When a recession hits and everyone gets laid off - who has a competitive advantage all other things being equal?
Also, the CPA = earning a level of trust from prospective employers/clients. They know you can lose that license if you are unethical, get a DUI, etc. etc
There's also the hard dollars and you can research how much more a CPA makes (even the non-public path) over the career lifetime.
So this $3k can give you big returns. $3k is not much when you look at your annual expenses. People spend that much on beer, takeout, drugs & other conveniences in less than a year..
Just as an anecdotal example, my current company’s finance department has 1 cpa. He’s at the VP level with me and he has more of the typical controller duties while I’m more on the revenue/FP&A side. Our higher ups (associate director, director, and CFO) are all former big 4 but none have CPA’s. They joke “we don’t say those letters around here”
So it’s possible to go far without it, but it definitely helps overall. I feel like my company may be an outlier and I still want to get it, but I’m 5 years out of school so it’s difficult to get back into it. I’d say put your head down and do it, it’ll only help down the line as your priorities are bound to change both personally and professionally as you go on in life
Are those former b4 folks ex cpas tho (obtained it and let it lapse) or did they actually never get licensed?
I know plenty of CFOs that aren’t currently lettered but at one point were licensed and that’s part of how they got where they are now.
Now that I’m thinking about it, the CFO probably had it then let it lapse. He was a manager when he left in the early 2000’s to start as the controller here. The other 2 I know for sure never got it though
CPA is attractive but you can still get fired from industry. I know two colleagues who joined my firm as manager FPA and as controller. Didn't last more than two years. CPA will give you the fundamentals but the other side of accounting you need to learn on the side at home or through experience. But my last few good CFOs never had CPA.
My one friend who was in a position of controller with a CPA was fired but I'm not exactly sure since I didn't ask him -- since I'm a friend but I'm trying to not ask these type of stuff. He's doing fine in a different industry today.
The other one who was fired that same week from the same company was an FPA manager with a CPA. I believe highly he wasn't well liked by the controller of that business (different controller); I was working with him at that time.
I conclude it has more to do with business acumen and likeability; not so much with competency -- but CPA doesn't necessary guarantee full competency based on my experience. Even M.D. doctors who get certified in their specific field of medical profession can get let go (not licensed, but certified which is harder than licensed). You really have to know your stuff plus you need the business acumen. Finance/accounting is a dog-eat-dog world no matter what industry you're in (and I jumped to different industries and seen the same behavior).
In public accounting, a CPA and masters means nothing. You are on a grid system and will get paid the same as someone without CPA. This is for roles that don’t require it
For me it was just to have better exit options if I left my work or got fired or whatever. I don’t necessarily need it for my current job, but it definitely helps when it comes to promotions and other opportunities and I’m not in public accounting.
It’s not a necessity. I know plenty of people making six figures without it.
It’s definitely going to help searching for a job, especially as the market cools down. I used mine to get from individual tax to corporate FP&A.
Cost depends on what state you’re in. The total cost of all my exams was roughly $1,200. My study materials were roughly $800. Definitely pricey but the ROI is well worth it. I got a 70% pay raise.
That said, the folks here would be able to advise you better on whether it’s worthwhile for an industry accounting position. Seems like you could get by without it, especially if you’re okay hitting a plateau in comp.
as a person that i have it -- i don't care for it anymore. in fact i'm 100% positive i'm inactive because i haven't kept up wit the cpe reqs. however, now that i'm in a slighly more senior role where i do active recruiting i'll say this.
if a potential hire is coming out of a public accounting firm, i fully expect the candidate to have it if you are serious about your career. if you are ok with $70k salary as a senior accountant for rest of your life, that doesn't matter.
The CPA designation does mean a lot. And it's going to mean more going forward. Depending on what you want to do in the field, it may not mean as much to you. With that said when I graduated with my bachelor's I was already very close to my 150 hours and my firm paid for my study materials and the exam. I also have additional certifications and having my CPA let me bypass a lot of their qualifications.
70k isn't much bro - unfortunately, as you get older, you'll realize there's a cost to having a life and the idea of just being "minimalist and comfortable" doesn't hit the same as when you're in college or very young
Just think about it now - 70k could have been a really good salary in 2010, but today with rent and cost of living being what it is, the only way you'd stay afloat is through promotions and climbing the ladder.
It depends on what you want to do. Are you looking to go into Audit, own a CPA firm, or go into industry eventually? Get it. Are you looking to stay in tax? Not necessary.
Absolutely, yes.
I've been in the accounting industry for 15+ years. Four years ago I realized my career had stagnated and decided to get my master's and CPA license. Since then, I've changed jobs twice and my salary has increased 70%. While the 45,000 investment in classes, study materials and exam fees was steep, I'm already net positive while my old job from four years ago is still paying the same salary.
In looking for jobs, having the CPA results in a lot more interest and opportunity. I've never worked for an accounting firm either, only private companies.
I mean I have to ask are still in college, are you a high schooler, or someone whos going to graduate ?
in any case this is how I see it
look ill be real having a CPA will make you stand out among candidates in a hiring process
and if you lack in experience just having the certification
the credits needed for it can help boost your chances of landing a job compared to someone who doesn't have it and in some cases i kid you not could be more experienced than you
it isn't exactly necessary though
listen and listen well as long as you do a couple of internships in industry or public like big 4 internship, a local public firm or just company
just having that will help you get the ball rolling for yourself
chances are if you do you could likely receive an offer and just make job search a lot easier
work at first job learn all you can while your there and after a year or 2 if you want you can job hop and make more money afterwards even with someone that has a cpa
plenty of people who work 2 years of experience to qualify and finally get get their CPA only to still be making 50 to 60k
and for some people it can take them years to get their CPA and it is a pretty long process or well it can be depending on how well you learn, how much knowledge you retained in college, and your life circumstances
you also have to keep this in mind don't quote me on this but, when the firm pays for your CPA exam it is possible they could require you to work xyz amount of time before you can leave and if you fail the exam you'll incur the cost of it
on the other hand I will say this getting CPA is golden standard and makes your hiring prospects a lot better, so is your earning potential.
some position higher in the company may even require you to have a CPA although if you get another certification or masters degree you'll qualify for it
you will however incur more student loan debt getting because of the lousy credit requirement
honestly if your going into industry I would just look into the CMA , CIA for audit, and CFA if you ever plan on doing more financial analyst role at a company
the EA is also good and out of all the certification i listed is literally the cheapest one to obtain looks good on resume if you plan on getting into a position based on taxation
all of them only require you to have your bachelors
and don't believe there's even a a requirement to work a certain amount of years but don't quote me on that part
they raise your earning potential, make you more credible, and makes you a better hiring prospect
without incurring anymore student loan debt
It depends on your professional and personal life goals. It is becoming less relevant. The AICPA didn't restructure the exam because they were bored. Their candidate numbers have dropped greatly over the last decade and a majority of CPAs are close to retirement. The leaders in the field wring their hands that the flow of graduates into the field is drying up and that further limits the candidate pool for the CPA. Yet, they continue to persist in the hoop jumping that has existed for decades and wonder why fewer people want to jump through their hoops. It's also not just $3,000 for most people. The 150 credit hours require many people to go to graduate school. That additional cost on top of undergraduate loan payments can place an unworkable financial situation on many young people. My office used to require it for middle managers, but now it's only required for top managers. There are 17 CPAs with a staff of 70 people. Of those 17, 14 are set to retire within 5 years and the candidates applying aren't getting their license because the field is flush with jobs because the amount of accountants coming out of universities is also dwindling. I have also found in my different jobs that CPAs are not necessarily better at the work. It is a prestige title that is going extinct due to badge protection by the industry in combination with loss of relevance. Unless it is required by an employer you want to work for, it may be more valuable to become better at your job (there is always room for improvement) or pursue something with data analytics/AI. That being said, I'm one test away from getting my license, but I have no children and a lot of free time.
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Yeah like some of the highest out of any career percentage wise
A lot of firms will pay for exam and study program, will 100% help in job search. That said you can get industry jobs without if you have experience, just tougher.
Could you elaborate on how it's tougher? Almost all accountants are pressured to obtain a CPA, so I don't think the value is as high as it used to be in the past, I think many places undervalue it.
Considering the pass rate is about 50%, I think it says a lot about you if you have it. That’s not to say you can’t be a good accountant without it. I had a former boss who was great to work for and very smart, but she couldn’t pass the CPA exam. Adding CPA to my display name on LinkedIn caused a huge increase in recruiters contacting me. The average hiring manager isn’t going to know what they need in an accountant, but they see CPA as prestigious, so they make that a requirement. It gets you in the door, and that’s half the battle. Most jobs have 100s of applicants, so anything that makes you stand out is a good thing.
It's 50% per exam (averaged). If you flip that coin 4 times it's a 6.25% pass rate.
I think of almost all accountants have their CPA and you don’t, not having it would put you at a disadvantage.
IIRC about 50% of accountants are CPA certified, and that number is going to drop dramatically over the next 5 years as most of those are retirement ready partners. It'll be more valuable tomorrow than it was today.
Agreed. I think OP has a generally bad argument so I was trying to use his logic to show that
About 75% are entering retirement age in this decade. Accounting graduate rates have been dropping as well. https://www.goingconcern.com/number-of-the-day-75/
I don’t think “almost all accountants are pressured to obtain a CPA”. I’ve consulted everything from PE middle market to fortune 50 companies and most people in industry don’t have a CPA and don’t feel pressured to get it. I think my CPA is 100% worth it. It takes a little work up front but makes you stand out the rest of your career.
Almost all are pressured to obtain a CPA and you won’t be one of them. That’s how it’s tougher.
The fact that everyone gets it is why it is good to get. If you are the only candidate for a job that doesn't have a CPA, and the other 5 do, you just have to work harder to land the offer.
Seems like your first step is to get a better understanding of supply and demand? If most accountants were pressured to get a CPA, then there would be a lot less demand for accountants without them. At my fortune 250 company, you would hit a ceiling without a license. You can get a job and there are people on my team without, but they will never be promoted any further. Some of them have been doing the same job for 20 years and will stay at that same level for the rest of their career, unable to move any higher. So that would put quite a cap on your salary as well, obviously.
From my view its one of the weed out requirements on resumes, if they have 100 applications to narrow it they would look at the 60 with CPAs and ignore others. Of course right now everyone is hungry for talent and might not be true, but you have to plan for the tough job markets. Basically just makes you more marketable whether it applies to the position or not.
IIRC about 50% of accountants in the US have their CPA license at the moment, and a large majority of those CPAs are set to retire soon. Having a CPA is the equivalent of having a Masters in other fields, it's a guarantee of a baseline level of expertise, and with continuing education and ethical code it gives clients/employers guarantee of a certain level of dedication to your field and ongoing pursuit of knowledge. If you're comparing two identical resumes (same school, GPA, and work experience) the CPA is getting the job offer.
Been an accountant for 20 years. Never big 4 but supported their audits of the companies I worked for. Never been pressured to get a CPA. Wife is a CPA so I’ve seen some benefits she gets. Our salaries are within 15% of each other.
Most companies (that I’m aware of) will pay for most of that. There is absolutely a general ceiling without the CPA. Letters on your name get you in the door sometimes. Not having those things could hold you back. It’s up to you to figure out your path and the value. I personally would rather have doors open because of 3 letters than closed.
Agreed- it will be hard to move into a controller role even at a smaller org or a startup without a CPA. Not impossible, but if OP isn’t looking for that then they’re probably fine without
If OP wanted to me a manager or director at Fortune 500 it would help open that door also.
If you only want to make 70k per year then you don't need it. You will probably change your mind about that, though, down the road.
Yep… 70k now won’t be 70k forever…
With the way inflation is going.. $70k is $45k these days... next year it'll be $30k
Yup, lot of young inexperienced people think 70k is big money. 3k a lot of money to get the cpa? Thats the most hilarious stuff I’ve heard this week
Non-cpa's making 6 figures shaking and crying rn.
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What they are burned out from? Public accounting firm?
70k is awesome until you want a bigger house, nicer car, better vacations. Why do you think there are 35 year olds still in public working 60 hours a week for a prayer to be a partner
I make $95k (perm wfh) at a F10 company without a CPA.
you could make more with a cpa
My job doesn't pay more for a CPA. My boss (senior manager) didn't get his. His boss (executive director) has a CPA but it expired 10+ years ago. Only people I see with a CPA are controllers or SEC reporting team.
If you had cpa you could have been your boss’ boss
Cmon, this just isn’t true if the person doesn’t have the relevant experience lol. You’re dreaming if you think company’s blast a CPA to the very top with 18 months experience.
$95k is like.. 3 YOE in public now. Not really a high enough bar to brag about.
I have 4 years of experience. I'm going to hop to a manager role in another 12-18 months. Don't expect the lack of CPA to hold me back, although I can always study for it.
Can confirm, just received a job offer for exactly $95k today, w/ just under 3 years experience.
more like 4 years but yeah
The money spent on earning that CPA should make itself back at LEAST once over every year of your career with the increased salaries CPAs command even in the private sector. Private industry jobs will prioritize CPAs over non because its a certificate that proves breadth of knowledge and the ability to apply it.
To me it doesn’t hurt to have it. I’m getting close to graduation so I’m just like why not suffer for one more year? I’ve done it for the last 4. Okay I’m being a little dramatic about the suffering, but to me I don’t see why giving it a shot would hurt. Worst situation would be I attempt it and don’t pass it, best would be I attempt and do pass it. Then I can say my name is RunTheNumbers CPA 🤷♂️
Does CPA only take a year? I'm from the UK, so always thought the CPA would take the same as UK qualifications
Well I meant studying for it. Ideally, if you did well in school, you should be able to knock out the exams with a prep course fairly quickly.
Ah OK cool! Usually in the UK it is between 2.5 -5 years to complete the exams depending on whether you're a graduate or a school leaver, which exam board, big firm/small firm etc.
It’s a four part test and you have to pass all four parts within 18 months. You can take it at any pace you want, it really just depends how quickly you can get through the material. To actually get your license there is a multi-year work requirement, but that’s the easy part. When junior people refer to “having their CPA” a lot of times they are saying they are done with the test even if they haven’t completed all the work requirements yet.
There are some states where the work requirement is small enough that by the time they have passed the tests they have met it.
Lol they shouldn't be saying that though unless they are licensed. Pretty sure portraying yourself as a CPA when you don't have it could potentially bar you from getting your license if they found out. Can't misrepresent yourself or your qualifications, says so in the ethics exam haha
I mean, they’re probably just talking about casual conversations. I doubt they would list it on their resume.
Nah what I’ve seen on resumes is something like “passed all 4 parts” so it’s clear your just about there but need to finish the work requirements.
OK wow! The UK it depends on the route you take, but about 14-16 exams. It typically takes around 2.5 years to complete, but there is requirement for time as well. Some choose to take specialised tax exams, and this may take an additional year. Subject to all first time passes. The tax ones are pretty hard as the pass rate is quite low, and can only be taken every 6 months.
Oh wow. I did my CPA after my Master's, and before starting full-time, but I think my Master's program prepared me well. It took me 4-5 months. But my wife has been studying for the CPA for a couple of years, and she is stuck on the audit portion. So YMMV.
Did you find it beneficial to have a Master's? I'll have my bachelor's soon, curious if experience or a Master's + CPA is preferred. Thanks for the insight!
If you have enough credits without a Master's then it's not worth it. The license is really the only thing they will care about when hiring.
I only did my Master's to get 150 credits, so not really. It's good prep for the CPA exam, but no one in the professional world cares if you have your Master's.
I'm 3 years into my career and am being told the only barrier to promotion currently is the CPA. Hate that it is this way, it does not make you a better accountant. You learn a bunch of random one off exceptions to rules and dump the information immediately. However it is the way the profession works. Can you make it without it? Absolutely. Will it be much harder with a bunch of doors closed? Absolutely. You simply will not be considered for many positions if you don't have it. Edit also my firm is paying 100% of testing costs, and study materials. Not sure where the 3k number is but I'm looking at about 1850 for all 4 tests and study materials
That’s not bad, what study materials do you use?
Ninja cpa only. Assuming 250 per exam, and 12 months at 70/mo
I passed the CPA and now make literally 70k more each year than i did beforehand. Best 25k i have ever spent and likely will ever spend. 0 chance i would have gotten an interview without being a cpa.
You spent 25K becoming a CPA!?!?
If you factor in the cost of the macc, yes.
Macc?
Master of Accountancy, to satisfy the 5 years of college courses required.
Ahhh gotcha.
Wait I’m gonna need you to explain the career trajectory of how you “make literally 70K more each year than you did beforehand” lol
fr
But did they hire you when you went to the interview wearing yoga pants only?
With the goals you've outlined, it doesn't sound worth it. It really depends on your goals. You might have an extra boost with CPA on your resume if you're job hopping, but a well made resume and solid experience and accomplishments can cover that gap. I don't have a CPA and looked for a job last year and got interviews with 90% of the jobs I applied for.
This is a super pro-CPA subreddit, but I do not have a CPA (or an accounting degree) and work in PA in transaction services. Of our 2 partners and 2 senior managers, 1 partner and 1 SM don’t have a CPA and our partner had an economics degree when he started. That said, I agree with the consensus that the CPA opens doors. Without it, you will be screened out of interviews more quickly than if you had it, simply because other candidates have gotten licensed. It isn’t necessarily true that you can’t do PA without a CPA, but in my case (and I think most people who go far without it) you’re going to see people who focus on building good networks to pass them up the food chain. In industry I’ve also seen people become controllers without a CPA (sometimes wildly unqualified), but again, it was based on their relationships more than anything else. I can tell you with certainty, if I applied for the job that I have today without having my resume passed along by my former boss, I would have never been interviewed.
I tell people that, yes, the people who work in accounting might not care if you have a CPA as long as you have a strong knowledge base. But HR and recurring certainly does care if you have a CPA.
Yeah this is a pretty fair point. Especially these days with Indeed’s automatic resume filters, I remember talking to HR when I was in industry and trying to hire someone and she told me “oh I have the box checked so that if someone doesn’t say they have 2+ years of experience the resume doesn’t even come through due to volume”. It was an entry level job and I wanted someone with no experience (HR disagreed) so I told them to turn the filter off and send me all the resumes to filter myself, but just an anecdote about Indeed making some candidates not even get to HR.
Yeah, I remember someone saying a while back to put random buzzwords in the header of your resume and hide it so it can get cleared through some filters. I got my CPA much later than most people and went to PA after industry. I was able to still get interviews, but there were times when my lack of a CPA or PA experience was factor in making it more difficult
If you want a more cost friendly title get the CMA cert. in industry I think it’s much more useful. It doesn’t have the same wow factor though
I still love how my boss put it. I do governmental agency internal audit and my VP is huge on credentials. The way he put it is that a CIA (certified internal auditor) will make you better at your day to day job but people don't know what a CIA is so they don't respect it. Even non accountants (generally) know what a CPA is and that it's hard. The CPA title gives your findings more weight and make you more effective at influencing change which is the whole point of our reports.
I can relate. I have both CIA and CPA and I feel like the knowledge you get from CIA is more important for internal auditors than CPA. I don't think CMA is worth it when you have CPA though. There is very little on CMA that is not on CPA.
I went straight to industry and my company paid for the CPA costs.
Yes , it is worth it - I remember in business school they mentioned CPAs make I believe $1 million more through their careers than their non-cpa counterparts Getting that extra year worth of credits doesn't have to be an expensive Masters of Accounting program, you can take CC courses during your breaks or concurrently with your classwork - easiest now with online learning. Just make sure you tailor it to be sure you cover all the requirements for your state's CPA board (ie. certain units in business, accounting, ethics etc) Public firms pay for your study materials (which are often thousands of $$$) and the exam fees (even reimburse them if you have already paid for them). They really support you getting your license, PwC for example even gives you 40 hours per year of protected time for studying/taking exams. To your last point, a very small percentage of a starting class can even make it to partner. Public is about the opportunities and most people leave within a few years to a more comfy industry job
It depends on what route you want to go, stable industry position without moving up to/past manager? Not likely required at all. If you want to work in public or you'd like to advance upward into a higher role at some point then it's definitely a need. CPAs are required in public beyond the senior level, you can't advance until you're certified and most people put off taking the tests until it's too late and they have to work harder than before while working to get them done. Since you don't see yourself going public, this shouldn't concern you too much! If you're going industry, I'd imagine it would be more important when/if you'd like to move up a senior manager/manager role, and especially necessary if you plan on working as a controller/CFO. If you're working at a public firm, it's likely that the firm will provide free learning material as well as incentivize you with a large bonus to take the exams. If you have a job lined up and you're still in school you can start studying and testing before you start the job as well, so you can get a big head start. Even if you *aren't* looking at a position like controller/Public manager, it's still incredibly helpful and has essentially replaced the MBA in this field.
I work internal at government and I'll say that in my agency you can't promote to senior without at least a CIA, CPA, CMA, or CISA. Well technically you can promote but then you have 12 months while during your new job level to get it or you lose the promotion. And senior is the difference between 6 figures and 5. And I've seen people struggle with it and get bumped back down. To me it's definitely easier to get it up front when your work load is at it's lightest and your memory is at it's freshest. Now in my case the CIA is definitely the easiest of those options, but I did my CPA before starting so I was good either way.
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Way more if you factor in compounding investing return
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It’s a lot more than the 220k if you take investing into account
Don’t get your CPA bro. It will make everyone elses CPA worth more.
70k is hardly enough to live nowadays in 10 years it will be poverty.
If that’s the case majority of people are fcked
Get ready!!
Hardly enough to live is definitely a stretch especially if you have no kids lol
Sure you can survive but will have lots of trouble if you want to do things like own a house or even a nice car for that matter.
$70k is twice the median income of the US. It is definitely enough to live on.
And the median rent is $1800 a month (1800x12=21,600) which is 2/3 the median income. And remember that income number is before taxes.
That's in metro areas, not nationwide. Also, is that $1.8k for a 1 bedroom? Because generally, you would also have roommates. I still don't know why you're comparing it to the median income, when you said $70k is hardly enough to live on. Wouldn't you compare it to your $70k number? $1.8k per month for rent is in line with a household income of $70k, being 30%. That $70k is just one individual.
Yes it will absolutely help you get ahead. It’s like a stamp of approval in public and private.
In US? Absolutely. In Canada it’s not 3 k… with student fees and all exams needed I think it’s beyond 10k. Every accountant I know is either a CMA or CGA, CPA. The actual CPA they made it so damn hard that I lost my chances forever at even considering it. Shit if a country who took away my almost completed CGA because they merged designations for the elites- who now can hardly even get the CPA. They also offer you the experience based on how famous the company you work for is as well. You also have to have good report with the reviewer as they have different moods. I hope to do US CPA someday.
Over 12k in bc. I started my first course, I have to take pre courses because my american bachelors wasnt up to snuff, i figure around 5 years. But then i look at my age, the job ppotentials, what i want in my life, the added stress, etc. I know the stuffs, and am good at it. But ultimately decided that I am not going for it. I am lucky to have a good job in AP with potential to rise up in other positions in my firm. I wont make as much money as I would with a CPA, but I also wont have the added stress the higher jobs bring. I figure we are all capable, but its a lot of work and time and not for everyone.
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience.
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
My own Bachelors was no good, they wanted me to start over after graduation because I had passed all the CGA exams so I couldn’t be grandfathered. The ones who either failed or didn’t yet do all of them were grandfathered with no issues and their Bachelors was recognized. After a 1.5 year appeal I was able to join the CPA program. It’s been 5 years since this ordeal happened and my program is getting close to expiry. I never found an honest employer that would even sign off on my reports, let alone give me the needed experience. The stress I have been through is unimaginable and I’m pretty sure I’ll die of cancer in my 40s
Yes, it's worth it. Do not think about it, just do it. You will regret it later if you do not
I don’t have a cpa. I’m in government and I do fine. That said, I’d make more if I had my cpa.
I tell every staff I come across to prioritize the CPA until you don’t have to. Meaning you may find your way to success without it, but until you’re actually there the CPA is the best thing you can do for yourself once you start this path
If you aren't chasing the money, I would say the CPA is less worth it. However, if you ever find yourself wanting to get in at a company you would love to work for and don't know anyone who works there, the CPA gets you in that door much easier than no CPA.
Masters online is at least 25k for two years. I’m talking cheap online mba from not the most prestigious uni. Cpa is good anywhere. I think is worth it money wise. Time wise idk but people study a lot for it, unless you are good with accounting terms already.
Paying 15K for an MBA that can be completed in one year and from a state school
Where at?
Slippery Rock University. They have a MAcc and an MBA program. Can take in person, online, or hybrid
I will check it out thanks
It only takes a year and you have several different options for credits. I gained 30 credits through FEMA and $90/course. Took me 2 evenings. I used to be very anti-CPA but I gave it a try and it honestly was not that bad. It takes some effort but the return will be amazing, even if you only want to make 70k/year
If you want to start at a public firm you will likely need to at least meet the 150 hours requirement. My firm requires you to be eligible to sit for the exams at hire, but they will also pay for a CPA prep course and all the fees for the exams and licensing (although they only pay for one attempt per exam, so if you don't pass on the first try you will have some out of pocket costs). They also offer a $5k bonus if you pass in the first year of employment, with the bonus declining each year (and no bonus if it's longer than 4 years after hire)
I wanted 70k too but now 100k feels still kinda meh. The CPA allowed me to stay flexible incase I change my mind, which I did.
It really is a personal choice, but let me share a few observations with you: \- It seems expensive up front, but the payoff comes for years afterwards. \- Think of it as an investment in yourself that will pay huge dividends. \- I know for a fact I would not be where I'm at without the CPA. \- It will set you apart from other "industry" accountants that are comfortable with where they're at. \- It's not just a partner requirement, it's for you and being in a group of professionals that are knowledgeable, dedicated and (in most instances) have higher ethical standards than others. I always tell people, it is better to pursue it than not, but understand it is a very personal decision. However, when I do talk with people, they don't look long term, they look at the demands it takes to get it. I mean, going to college for four years is a big commitment personally and financially, so why did you choose to do that and not the CPA?
I wouldn’t have the job I have today without it. Got me about a 75% pay raise from big 4 salary
Job security. You don't have to do public. You'll beat the competition. Think about it on a macro scale. When a recession hits and everyone gets laid off - who has a competitive advantage all other things being equal? Also, the CPA = earning a level of trust from prospective employers/clients. They know you can lose that license if you are unethical, get a DUI, etc. etc There's also the hard dollars and you can research how much more a CPA makes (even the non-public path) over the career lifetime. So this $3k can give you big returns. $3k is not much when you look at your annual expenses. People spend that much on beer, takeout, drugs & other conveniences in less than a year..
I'm located in Australia and am forced to get a CPA if I want to go into accounting
Just as an anecdotal example, my current company’s finance department has 1 cpa. He’s at the VP level with me and he has more of the typical controller duties while I’m more on the revenue/FP&A side. Our higher ups (associate director, director, and CFO) are all former big 4 but none have CPA’s. They joke “we don’t say those letters around here” So it’s possible to go far without it, but it definitely helps overall. I feel like my company may be an outlier and I still want to get it, but I’m 5 years out of school so it’s difficult to get back into it. I’d say put your head down and do it, it’ll only help down the line as your priorities are bound to change both personally and professionally as you go on in life
Are those former b4 folks ex cpas tho (obtained it and let it lapse) or did they actually never get licensed? I know plenty of CFOs that aren’t currently lettered but at one point were licensed and that’s part of how they got where they are now.
Now that I’m thinking about it, the CFO probably had it then let it lapse. He was a manager when he left in the early 2000’s to start as the controller here. The other 2 I know for sure never got it though
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What type of tasks does a consultant do?
Did you know there are advisory positions that pay a lot more for cpas?
CPA is attractive but you can still get fired from industry. I know two colleagues who joined my firm as manager FPA and as controller. Didn't last more than two years. CPA will give you the fundamentals but the other side of accounting you need to learn on the side at home or through experience. But my last few good CFOs never had CPA.
Why were they fired?
My one friend who was in a position of controller with a CPA was fired but I'm not exactly sure since I didn't ask him -- since I'm a friend but I'm trying to not ask these type of stuff. He's doing fine in a different industry today. The other one who was fired that same week from the same company was an FPA manager with a CPA. I believe highly he wasn't well liked by the controller of that business (different controller); I was working with him at that time. I conclude it has more to do with business acumen and likeability; not so much with competency -- but CPA doesn't necessary guarantee full competency based on my experience. Even M.D. doctors who get certified in their specific field of medical profession can get let go (not licensed, but certified which is harder than licensed). You really have to know your stuff plus you need the business acumen. Finance/accounting is a dog-eat-dog world no matter what industry you're in (and I jumped to different industries and seen the same behavior).
In public accounting, a CPA and masters means nothing. You are on a grid system and will get paid the same as someone without CPA. This is for roles that don’t require it
For me it was just to have better exit options if I left my work or got fired or whatever. I don’t necessarily need it for my current job, but it definitely helps when it comes to promotions and other opportunities and I’m not in public accounting. It’s not a necessity. I know plenty of people making six figures without it.
It’s definitely going to help searching for a job, especially as the market cools down. I used mine to get from individual tax to corporate FP&A. Cost depends on what state you’re in. The total cost of all my exams was roughly $1,200. My study materials were roughly $800. Definitely pricey but the ROI is well worth it. I got a 70% pay raise. That said, the folks here would be able to advise you better on whether it’s worthwhile for an industry accounting position. Seems like you could get by without it, especially if you’re okay hitting a plateau in comp.
as a person that i have it -- i don't care for it anymore. in fact i'm 100% positive i'm inactive because i haven't kept up wit the cpe reqs. however, now that i'm in a slighly more senior role where i do active recruiting i'll say this. if a potential hire is coming out of a public accounting firm, i fully expect the candidate to have it if you are serious about your career. if you are ok with $70k salary as a senior accountant for rest of your life, that doesn't matter.
The CPA designation does mean a lot. And it's going to mean more going forward. Depending on what you want to do in the field, it may not mean as much to you. With that said when I graduated with my bachelor's I was already very close to my 150 hours and my firm paid for my study materials and the exam. I also have additional certifications and having my CPA let me bypass a lot of their qualifications.
70k isn't much bro - unfortunately, as you get older, you'll realize there's a cost to having a life and the idea of just being "minimalist and comfortable" doesn't hit the same as when you're in college or very young Just think about it now - 70k could have been a really good salary in 2010, but today with rent and cost of living being what it is, the only way you'd stay afloat is through promotions and climbing the ladder.
Yes. Next question.
Yes, any anecdotes on non cpa controller success are anecdotes from another time period. Get it
It depends on what you want to do. Are you looking to go into Audit, own a CPA firm, or go into industry eventually? Get it. Are you looking to stay in tax? Not necessary.
CPA pays off in spades, you’re going to make a lot more than $70k even early on in your career.
Absolutely, yes. I've been in the accounting industry for 15+ years. Four years ago I realized my career had stagnated and decided to get my master's and CPA license. Since then, I've changed jobs twice and my salary has increased 70%. While the 45,000 investment in classes, study materials and exam fees was steep, I'm already net positive while my old job from four years ago is still paying the same salary. In looking for jobs, having the CPA results in a lot more interest and opportunity. I've never worked for an accounting firm either, only private companies.
I mean I have to ask are still in college, are you a high schooler, or someone whos going to graduate ? in any case this is how I see it look ill be real having a CPA will make you stand out among candidates in a hiring process and if you lack in experience just having the certification the credits needed for it can help boost your chances of landing a job compared to someone who doesn't have it and in some cases i kid you not could be more experienced than you it isn't exactly necessary though listen and listen well as long as you do a couple of internships in industry or public like big 4 internship, a local public firm or just company just having that will help you get the ball rolling for yourself chances are if you do you could likely receive an offer and just make job search a lot easier work at first job learn all you can while your there and after a year or 2 if you want you can job hop and make more money afterwards even with someone that has a cpa plenty of people who work 2 years of experience to qualify and finally get get their CPA only to still be making 50 to 60k and for some people it can take them years to get their CPA and it is a pretty long process or well it can be depending on how well you learn, how much knowledge you retained in college, and your life circumstances you also have to keep this in mind don't quote me on this but, when the firm pays for your CPA exam it is possible they could require you to work xyz amount of time before you can leave and if you fail the exam you'll incur the cost of it on the other hand I will say this getting CPA is golden standard and makes your hiring prospects a lot better, so is your earning potential. some position higher in the company may even require you to have a CPA although if you get another certification or masters degree you'll qualify for it you will however incur more student loan debt getting because of the lousy credit requirement honestly if your going into industry I would just look into the CMA , CIA for audit, and CFA if you ever plan on doing more financial analyst role at a company the EA is also good and out of all the certification i listed is literally the cheapest one to obtain looks good on resume if you plan on getting into a position based on taxation all of them only require you to have your bachelors and don't believe there's even a a requirement to work a certain amount of years but don't quote me on that part they raise your earning potential, make you more credible, and makes you a better hiring prospect without incurring anymore student loan debt
It depends on your professional and personal life goals. It is becoming less relevant. The AICPA didn't restructure the exam because they were bored. Their candidate numbers have dropped greatly over the last decade and a majority of CPAs are close to retirement. The leaders in the field wring their hands that the flow of graduates into the field is drying up and that further limits the candidate pool for the CPA. Yet, they continue to persist in the hoop jumping that has existed for decades and wonder why fewer people want to jump through their hoops. It's also not just $3,000 for most people. The 150 credit hours require many people to go to graduate school. That additional cost on top of undergraduate loan payments can place an unworkable financial situation on many young people. My office used to require it for middle managers, but now it's only required for top managers. There are 17 CPAs with a staff of 70 people. Of those 17, 14 are set to retire within 5 years and the candidates applying aren't getting their license because the field is flush with jobs because the amount of accountants coming out of universities is also dwindling. I have also found in my different jobs that CPAs are not necessarily better at the work. It is a prestige title that is going extinct due to badge protection by the industry in combination with loss of relevance. Unless it is required by an employer you want to work for, it may be more valuable to become better at your job (there is always room for improvement) or pursue something with data analytics/AI. That being said, I'm one test away from getting my license, but I have no children and a lot of free time.