Your professors, family, friends, and fellow peers have probably all had this conversation with you: “Are you thinking about getting your CPA license?” And as a current college student, you’ve probably given this more thought than you let on.
While you’ve heard that the CPA Exam is difficult and requires a lot of time and effort to pass, you should also know that the exam doesn’t define this occupation alone. So whether you’re on the fence about obtaining your license or haven’t given it much thought, we’re here to make the decision easier for you. Here are the top 5 reasons why you should become a CPA right now.
1. Increased salary:
As a CPA, you can make 10-15% more per year than regular accountants. In public accounting, your billing rate can rocket once you become a CPA. Translation: the firm was billing you at $50/hr, and now they can charge $200/hr. This doesn’t mean that you pocket $200/hr, but that your firm is making more and so will you!
2. Job Security:
There’s a large demand for accountants and auditors. According to the Bureau of Labor Statistics, the employment for people with a CPA license will grow by 22% between now and 2018. As globalization is on the rise, more companies are cropping up and the need for accountants is growing.
Additionally, if you are up for a raise against someone with equal background, work ethic, experience, but you have your CPA License, the promotion will most likely go to you. Firms invest thousands of dollars into helping you take and pass the CPA Exam because they highly value this designation.
3. Benefits in Non-Public Accounting:
You don’t have to go into public accounting when you get your CPA license. Just because you don’t want to work for the Big 4 or go the public route doesn’t mean your license isn’t valuable everywhere and anywhere else! Many companies from different industries still need an experienced financial staff to handle their account(s), and are more willing to hire CPAs. You can be selected for high level positions with higher salary ceilings; and the best part? You can go into any industry you want!
4. Travel Opportunities
As globalization is on the rise, accountants and auditors who can embrace globalization and understand International Financial Reporting Standards will be needed all over the world. If you enjoy traveling, or would like to even spend your time living in another country for a year or two, becoming a CPA is the way to go. You won’t only get the opportunity to explore the world, but you’ll receive tons of great experience doing it which will only help your career.
Remember the Enron scandal in 2001? If not, here’s what happened in a nutshell: Enron Corporation went bankrupt because of its unethical accounting practices (Mark to Market accounting). The leaders of Enron grew greedy for profits and the company’s accounting firm, Arthur Anderson, played a huge hand in the company’s downfall. This also resulted in lost jobs for thousands of employees, wiped pensions, and the destruction of trust so many Americans had in the economy. To add insult to injury, because Enron was a global corporation, the damage done by Enron extended far beyond the United States.
Even though it has been over a decade since this incident, what you can take away is that you really hold the power to prevent more incidents like this from happening. Companies need ethical and extremely responsible people to help run their shows. You and your fellow classmates are the future of the accounting world. It’s no wonder that CPAs carry with them titles of respect and prestige!
We hope you found this hopeful and that we gave you another nudge in the right direction: that of CPA licensure. Not many jobs come with these amazing benefits, so make sure the CPA Exam is on your radar!