It's 2am. You've been studying for the CPA Exam for the last three hours and you have to be at work early in the morning. Do you ever ask yourself, "Why am I doing this?"
It's moments like this that require reminders of why you're sacrificing so much of your time and energy studying for the CPA Exam to become a certified CPA. This list should help get you back on a positive thought process:
The CPA credential carries enormous weight in the business and financial worlds. CPAs are considered trusted advisors and are viewed as having obtained a high level of success. Also, the CPA title separates you from others and allows you to count yourself as a member among one of the most highly respected and prestigious professions.
2. Financial Stability
CPAs almost always make more money for the same job than they would if they didn't hold the license. CPAs earn 10-15% more than non-CPAs working in accounting-related jobs. Other studies have shown the gap is as high as 41% between certified and uncertified CPAs. According to the 2017 Robert Half Salary Guide, major firms pay upwards of $56,250 for new CPAs. The Big 4 accounting firms may offer a senior-level CPA an average of $123,500 a year and a CFO at a large company earns upwards of $500,000. The variation in salaries reflects differences in the size of a firm, the location, level of education and professional credentials.
3. Job Security
According to Forbes, accountants have Teflon-coated jobs that are strengthened by social trends (aging baby boomers) and economic necessities (greening of the economy) as well as educational and professional licensing and requirements. Even better, the Bureau of Labor Statistics projects a 16% increase in job openings for accountants (190,700 positions) by 2020.
4. Career Options
The CPA certification opens up many doors giving you greater career paths from which to choose. You can choose to work internationally or locally. At a large or small accounting practice. Work in cost accounting, forensic accounting, tax accounting, auditing, financial analysis, business valuation, IT consulting, or financial planning. CPAs have many options!
So, the late evening hours and weekends of study are worth it! Becoming a CPA might not be the easiest endeavor but with your sacrifice comes unlimited rewards and successes.