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Everything You Need to Know About the CPA Exam

Also, accountants with a CPA certification tend to advance to positions of more responsibility within one to two years and often are promoted to senior-level jobs within a few years after that. A CPA is required to complete continuing education requirements and uphold a standard of professional ethics. No, a master’s degree is not required, but many candidates pursue one to meet the 150-hour education requirement. certified public accountant cpa Others fulfill the requirement by taking additional undergraduate or online courses instead of obtaining a graduate degree. For many years, I worked in public accounting as an auditor and consultant.

Accountants without a CPA license tend to earn less with an average range between $47,138 and $82,167. Also, CPAs are often eligible for higher-ranking roles within organizations, including senior management all the way to CFO. Work toward CPA licensure by building foundational or specialized knowledge in accounting on Coursera. Whether you want to develop a new skill, get comfortable with an in-demand technology, or advance your abilities, keep growing with a Coursera Plus subscription. Find your state’s Board of Accountancy and review its website to get clarity on what you’ll need to do.

• Study groups are available, and review courses can enhance your preparation so you can effectively prepare for the CPA Exam.
• You are a shoo-in to work with the Big 4 — Deloitte, EY, KPMG and PwC.
• Obtaining a CPA license requires passing the CPA Exam, meeting specific education requirements, and accumulating the required work experience.
• Additionally, CPAs have access to a wider range of career opportunities, as many public accounting firms, corporations, and government agencies prefer hiring licensed professionals.
• But all other things being equal, a CPA would typically give you a significant salary increase over a comparable role without a CPA.

Work Experience Requirements

I really enjoyed working on various types of projects with different clients. I worked with many different not-for-profit organizations and found that I have a passion for mission-driven organizations. The CPA is an important credential to me, and I still get continuing education credits every year to keep up with our state requirements. This helps me keep current on issues happening in the industry and new accounting pronouncements.

Forensic Accounting and Fraud Investigation

The Uniform CPA Examination (CPA Exam) evaluates your knowledge and skills required for CPA licensure. Even with the required schooling and work experience, CPA test takers have their work cut out for them. However, the reward is a respected professional designation that most often comes with a significantly higher rate of pay compared to other positions. Yes, as of 2024, you have 30 months within which to pass all sections of your exam. Although you can take any individual section test repeatedly if you fail it, you must pass all successfully within the 30 month period.

Plenty of CPAs don’t pass every part on the first try (especially FAR or REG). That doesn’t mean it’s not worth doing, because the CPA is still an impressive credential to have on your resume and might help you land jobs that aren’t directly related to it. But it’s important to consider whether the roles you’re aiming for actually reward the qualification through the compensation they offer. Depending on your position and industry, that’s an extra $10,000-$50,000+ per year. Over the course of a 30-year career, it can easily add up to well over $500,000 in additional lifetime earnings. The CPA exam is known for being one of the most challenging professional exams in finance.

Step 7: Apply for CPA Licensure

If you’ve followed a nontraditional path to accountancy, you may be wondering, “Do I need an accounting degree to be a CPA?” Typically, no. In fact, many candidates earn their bachelor’s degrees in finance or business administration, then take additional hours if their state requires a specific amount of accounting coursework. A CPA license isn’t required to work in corporate accounting or for private companies. However, public accountants⁠—individuals working for firms such as Deloitte or Ernst & Young that provide accounting and tax-related services to businesses—must hold CPA designations. Obtaining the CPA designation requires a bachelor’s degree, typically with a major in business administration, finance, or accounting.

What education did you need to pursue this career? How did it prepare you for your current role?

It enhances career opportunities, credibility, and earning potential, making it a valuable credential in the accounting and finance industries. All certified public accountants are accountants, however, it is not the case the other way around, i.e., not all accountants are CPAs. Certified Public Accountants have considerably more experience, career opportunities, and academic training and qualifications than their non-certified counterparts. They have met specific education and state licensing requirements and have also sat and passed the CPA exam.

Other states allow internships to count toward course credit, others don’t. So before you do anything, check out the Certified Public Accountant requirements in your state. The CPA designation is granted by individual state boards, not the American Institute of Certified Public Accountants (AICPA). Membership in the AICPA is not obligatory for CPAs, although some CPAs do join.

You can advance your CPA career in many ways, including by earning an advanced degree, such as an M.B.A. or even a doctorate. Some employers and roles may even require an advanced degree or additional professional certifications. While every state requires work experience to qualify for CPA licensure, the exact number of hours needed varies.

Financial Reporting and Compliance

• This content has been made available for informational purposes only.
• I would encourage students starting out in accounting to spend some time investigating their career options and talk to other people in the industry to get a sense of the best career fit for them.
• Whether in public accounting, corporate finance, or forensic investigation, CPAs continue to be one of the most respected and in-demand professionals in the financial industry.
• They must also learn to be flexible so that the services they provide can match their clients’ needs.

And while it’s widely regarded as the gold standard of accounting qualifications, the CPA isn’t just for public accountants or auditors. It’s a career asset that’s recognized and respected across industries, whether you’re working in corporate finance, tax, consulting, government, or even startups. For those considering a career in accounting, becoming a CPA is one of the most rewarding paths to professional success. The knowledge, skills, and ethical standards that come with the CPA designation provide a solid foundation for long-term career growth and financial expertise. Some states have seen a push to reduce the educational requirements from 150 credits to the 120 credits covered in most standard bachelor’s degree programs. In January 2025, these efforts were first codified into law in Ohio when state officials abolished the firm 150-credit requirement.

To that end, we have built a network of industry professionals across higher education to review our content and ensure we are providing the most helpful information to our readers. IMS Proschool is the market leader in delivering exceptional career-building courses using intensive professional certifications. Once you’ve completed the necessary coursework, the next step is to apply for the CPA Exam. Applications are submitted through the state where you want to be licensed.