It’s a well-known fact that getting those three letters appended on your surname is an uphill battle. However, we still see thousands and thousands of hopefuls lining up to spend almost half a decade of their lives only to be allowed to take the Uniform CPA Examinations of the United States.
With more than half a million certified accountants across the country, there must be some reason why this number keeps on growing right? We’ve listed below some of the most common reasons we think getting certified as a public accountant is a sound investment for your future.
Recognition From People Around You
The board exam for public accounting is known to be one of the hardest certification exams among all professions. According to the American Institute of Certified Accountants, the average passing rate of CPA Exam takers rarely exceeds 50 percent, making it one of the hardest licenses to get.
Hence, people around you, who are knowledgeable about this, will most likely to give you respect for the amount of effort you have given. Furthermore, it will also be a testament to your mental prowess and intelligence. Not only that, everyone will recognize how you were able to achieve what most people will never achieve in their lives.
Steady And Good Source Of Income
Although we would want to stay as philosophical as possible by saying that “money can’t buy happiness,” it is also undeniable that money can give you more freedom to pursue your happiness.
The Bureau of Labor Statistics estimates that the annual salary of a certified accountant can range anywhere between $65,000-$70,000 a year. Furthermore, they found out that the demand for the job is expected to increase in the coming years, and we all know the saying “the higher the demand, the higher the price.”
Ability To Shift To Any Industry You May Want In The Future
The best thing about the training of accountants is that they are made to learn how various industries work. The reason behind this is that any company that wishes to grow will at some point need an accountant who can effectively manage their finances.
Hence, if you are already tired of the hard (albeit high-paying) job of a certified public accountant, you can always shift to any other financial industries out there. Moreover, you will only spend a lesser amount of time due to different principles between various fields.
Increase Your Chances Of Getting The Job You Want
People who have graduated any accounting course are already allowed to pursue their careers as accountants whether or not they pass the CPA licensure exam. However, most auditing accounting firms often prefer accountants who have this license.
Other than that, business owners are often more willing to entrust their business’s money to someone who can show a proof of their skills and competency. Thankfully, that is exactly what a CPA license is for.
Have Access To An In-Demand Industry
As was stated a while ago, the Bureau of Labor Statistics believes that the accounting industry will have a significant boost in the coming years. One probable reason for this is that the sense of entrepreneurship among the masses has been growing these past few years.
More and more millennials are now in love with the idea of having their own business. Thus, more businesses mean higher demand for financial controllers and handlers. Want to avoid experiencing unemployment? Well, being a CPA can make it easier to do just that.
Monitor and Control Your Own Finances
Many people need to hire tax accountants to make sure that they are legally compliant to the requirements of the Internal Revenue. But for accountants, doing so is something as easy as a walk in the park. Their years of preparing tax reports or cases have prepared them to apply these same principles to their personal lives.
Furthermore, their in-depth training on the principles and budgeting and financial management will make it easier to handle their expenses. It will also help them assess how they use their income, and how they can utilize it better.
Easier To Start Your Own Business
Having first-hand experience of handling businesses, most accountants are already equipped to start building their own companies. Not only that, they are well-informed on how to manage their income and expenses to increase the likelihood of their business succeeding.
Lastly, if you are anxious about leaving the profession that you grew up in, you can always start an accounting or auditing firm of your own.
Honestly, this article would become too long if I were to add in all the possible benefits of becoming a certified public accountant. Hence, the best way for you to know what the others are is for you to start pacing towards your dream of becoming a CPA!