A certified public accountant (CPA) is an accounting practitioner who has completed the necessary education, examination and experience criteria for licensing by a state board of accounting.
CPAs are in great demand among corporations and non-profit organisations because of their considerable expertise in tax legislation, auditing processes, management techniques and other critical facets of financial operations.
Learn more about CPA, what is the eligibility, about the career opportunities and salaries.
What is CPA?
The acronym for ‘Certified Public Accountant’ is CPA. Having this accreditation enables accountants to operate in the public accounting sector. To promote yourself as a CPA, you must hold a licence in your state.
You must pass an exam proving you have the technical proficiency required to offer services in financial accounting, financial reporting, auditing, attestation, business settings, and business principles in order to become a Certified Public Accountant (CPA).
Eligibility to Become a CPA and Other Requirements
CPA is a state-issued licence that permits you to operate as an advanced accountant. To get a CPA licence, you must have a bachelor’s degree in accounting, you must pass all four sections of the CPA examination. Once you've passed them and completed the required work experience (at least 2 years working in public accounting), you may apply for a CPA licence through your state board of accountancy.
In most states, you will be required:
- To meet educational prerequisites.
- To pass the Uniform CPA examination.
- To satisfy the experience criteria.
- To complete the CPA ethics test.
Many states have enacted variations of the Uniform Accountancy Act (UAA). This has contributed to increased uniformity in licensure across states, allowing you to remain mobile while working in this industry. To guarantee that your licence is approved, make sure you understand the rules in your state as well as any states where you want to operate.
Furthermore, as a certified public accountant, you are expected to complete continuing professional education (CPE) every two years. There are two major categories of CPE:
- Programs include formal courses.
- Self-study involves reading journal articles or taking an online course.
It's crucial to remember that states have varied CPE standards and deadlines.
Career in CPA
After possessing diverse business and technical skills, near about 70 per cent of CPAs work in private companies, with CPAs serving in many different types and sizes of firms, such as:
- Large, international accounting and tax firms, which provide various services, including tax advice, financial consulting, and auditing.
- Big Four accounting firms (Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG, which offer audit, taxation, management consulting, assurance services, actuarial, corporate finance and legal services to companies.
- Medium-sized firms for similar services as large firms, but typically on a smaller scale and smaller firms, for small business which needs tax advice or an audit.
- Business and industry accountants
Apart from that, CPAs can also work with:
- Non-profit organisations
- Federal, state and local government departments
- Research and teaching department
CPA Salary Outlook
The Bureau of Labour Statistics (BLS) predicts that the employment opportunities for accountants and auditors will rise by 7% between 2020 and 2030, matching the average for all occupations.
Glassdoor reports that the average yearly income (base pay + additional commissions and benefits) for CPAs depending on years of experience is as follows:
- Experience of 0 to 1 year: $87,498
- Experience of 1 to 3 years: $93,477
- Experience of 4 to 6 years: $97,276
- Experience of 7 to 9 years: $101,451
- Experience of 10 to 14 years: $111,303
- Experience of more than 15 years: $129,890
Here is an idea of the annual salaries of other jobs that CPAs can do:
- Public accountant: $104,767
- Governmental accountant: $102,999
- Personal financial planner: $101,636
- Management accountant: $100,305
- Internal auditor: $97,556
- Forensic accountant: $91,231
- Tax advisor: $76,829
US CPA Program in India
In India, there's a big market for US CPAs. Indian certified public accountants are very skilled individuals with extensive knowledge in fields like worldwide financial accounting and corporate governance.
CPAs are therefore in demand for a variety of positions in the financial services sector. Employers in India are actively seeking out CPAs due to the growing need for their knowledge.
Why is the US CPA Considered a Valuable Career Option in India?
In India, the US CPA qualification is quite promising as a lucrative professional direction. Owing to their distinguished reputation, global companies doing business in the nation place great value on certified public accountants.
Professionals with a CPA degree may perform exceptionally well in projects both domestically and abroad due to their extensive accounting knowledge and proficiency with International Accounting Standards.
CPAs are therefore in demand for a variety of positions in the financial services sector. Employers actively recruit and value CPAs in India, demonstrating a rise in demand for their services.
In Big4s, the annual CPA salary in India varies from INR 12,50,000 to INR 20,50,000.
Final Words
Now, you can become a CPA with AICPA (The Association of Certified Professional Accountants) at Imarticus. The AICPA, the accounting powerhouse in the United States, has established a gold standard by representing over 400,000 members globally. It propels developments in ethics, auditing and accounting, thanks to a long history of excellence. By taking the lead on innovative projects, AICPA is influencing the profession's future and building confidence in the financial system.
Enrol in the CPA certification program with Imarticus and reinforce your CPA journey. This course perfectly complements your prior education while expediting your accomplishment. Join to accomplish your CPA goals in 12 to 18 months and land elite jobs in India's booming employment market.
