Non-Salary Benefits of Becoming a CPA
In addition to increased salary potential, the CPA credential can increase your total earnings and provide several other benefits that will strengthen your accounting career.
Increased Growth and Benefits
The financial rewards of the CPA credential start out great and get better over time. Many companies incentivize employees to pass the CPA Exam by offering a completion bonus of several thousand dollars. CPAs can earn frequent and higher-level promotions. These promotions come with higher salary, increased authority and responsibility, and excellent experience.
Increased Job Security
With many Baby Boomers retiring and the Sarbanes-Oxley Act enforcing higher standards for public corporate accounting, there is currently a shortage of experienced accounting professionals. Businesses, nonprofits, and governments will always need accounting services, and computers won’t be able to replace experienced CPAs any time soon. Therefore, the CPA credential offers a higher level of job security to accountants during a period of otherwise uncertainty.
Increased Career Opportunities
Certified professional accountants have various employment options. Choosing public accounting as a career path places you in accounting firms that provide services to other businesses or governments, while private accounting involves working for a company directly in their accounting department. As we noted above, the range of job roles in either of these industries is vast, and CPAs are in demand in locations around the world. Whether you work in the area of financial accounting and reporting, management accounting, treasury or cash management, or financial analysis for a local accounting practice or an international firm, you’ll have a lot of options as a CPA.
Increased Personal and Professional Development
The purpose of the CPA Exam is to assess your professional competence in auditing, business law and concepts, taxation, and accounting. So, passing the CPA Exam proves that you are completely capable of performing the primary tasks of a CPA in today’s accounting industry. Maintaining your certification will also require continuing your education and constantly updating your skill set. The dedication required to pass the CPA Exam demonstrates to employers that you are committed to the profession and worthy of consideration for leadership and management positions.
Increased Trust and Respect
Becoming a CPA involves a level of concentration and work ethic that permanently sets accountants apart from their peers. The title also empowers CPAs to develop exceptional expertise and accomplishment through years of training that impresses employers, clients, and society. CPAs are an exclusive professional group that earn the admiration of most everyone in the industry for their reliability and efficiency.
These benefits of becoming a CPA clearly indicate that getting your CPA credential is one of the best career decisions you can make as an accountant or accounting student. It far outweighs the cost of the CPA Exam. Your salary package will vary depending on the type of accounting you choose, the field or industry you work in, your location, and your experience level. By choosing wisely for yourself, you can enjoy a satisfying and prosperous career as a CPA.
