If you want to work in the accounting industry, you may have read about the Certified Public Accountant (CPA) qualification. Although not every accountant you meet will be a CPA, if you do meet a CPA, then that means that they are a trained accountant. Quite a few differences exist between a CPA and an accountant with no specific qualifications. The most common differentiators are:
- Certified or chartered accountants have to meet specific educational and professional experience requirements and
- Certified or chartered accountants must pass specific examinations before becoming certified or chartered accountants – accountants with no membership in a professional body often may not have completed any accountancy-specific exams.
There are tens of thousands of accountants worldwide who hold the title of CPA, so you'd be in good company if you decided to study this qualification. The CPA is typically associated with the USA. Hence, the designation carries particular weight if you work in the United States or would like to do so. According to the AICPA's website, "the American Institute of Certified Public Accountants (AICPA) is the national professional organization for Certified Public Accountants (CPAs) in the United States." The AICPA has more than 430,000 members. Having the CPA qualification can also be helpful in your future career. This is because it is well regarded across a broad range of industries. For example, with a CPA, you could work in public accounting or industry. Equally, there are roles for a CPA in the public sector, including roles within the government and not-for-profit organizations. Learn about the benefits of being a chartered accountant in the UK...
How Many CPA Exams Are There?
The path to becoming a CPA isn't easy, and as part of the requirements to obtain the qualification, you must pass an exam known as the Uniform CPA Examination. The exam is divided into four separate sections that take four hours each to sit. The sections are as follows:
- Auditing and Attestation;
- Business Environment and Concepts;
- Financial Accounting and Reporting; and
- Regulation.
You are given a year and a half (18 months) to complete all the sections. You are deemed to pass a section if you score at least 75 on the exam. There are numerous opportunities to sit the exams throughout the year, with testing windows running quarterly from January to December. For more details on the specific dates for testing windows, it's best to consult the AICPA's website. Most CPA candidates will sit their tests in the United States, but overseas candidates can take the exam in several international test centres. For example, if you are a citizen or resident of the United Kingdom, there are several test centres in England, Ireland, Scotland, and Germany that you could attend. Given the requirement to score at least 75 on each section to pass the exam overall, it's worth spending ample time revising and preparing for the exams if you do decide to pursue the CPA as a qualification.
With such a challenging exam, several excellent CPA prep courses are available for students to purchase. The test will still be challenging, but prep courses can give you an edge.
Although it may mean that you have to juggle a variety of commitments, whether they relate to your social life, work life, or home life, the best chance you can give yourself to pass the exam is to ensure that you have spent enough time going through and understanding the material. Learn about the ICAEW, an additional chartered accountant qualification... Aside from the examination requirements, it's worth bearing in mind that a prospective CPA must also fulfil education and professional experience requirements in addition to passing the Uniform CPA Exam. Note that in the case of the CPA, every state and jurisdiction has professional experience and education requirements, so it's worth checking what requirements you must comply with according to where you are based. It's widespread to have to meet a combination of exams, work experience, and education requirements before qualifying and becoming a member of a recognized accounting body. So, in that sense, the CPA's membership requirements are very similar to what you may expect if you wanted to become, for example, a member of the Institute of Chartered Accountants of England and Wales (ICAEW) or another similar professional body.
It is also common to be taught and even examined in areas such as ethics and ethical behaviour when working towards becoming a chartered accountant. These are especially important should you decide to specialize by becoming a Certified Fraud Examiner...
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Who Should Consider Completing the CPA?
If you want to pursue a career in accounting, you may have heard about the CPA qualification. Whether you should undertake the CPA depends on your circumstances and where you would like to see your career develop.
Where Do You See Your Career Taking You?
There are a few essential items to note regarding the CPA. Firstly, and most importantly, the CPA is an American accountancy qualification. It may not be as suitable for those who would like to work as an accountant in the UK compared to other qualifications, such as the ACA and the ACCA. On the other hand, pursuing the CPA over other qualifications may be worthwhile if you would like to work in the United States or know that you will spend a good portion or the majority of your working life over there. Generally, the CPA is highly regarded in the United States.
In contrast, in the UK, qualifications such as the ACA will likely be more highly regarded when proving your skills and advancing your career prospects. The other thing to note is that while the CPA, ACA, ACCA, and other accountancy qualifications are often associated with just the accountancy profession, the fact is that these qualifications can be helpful in the broader areas of accounting and business. For instance, individuals working in taxation may also have a CPA or ACA qualification, while others may work in the audit field. The point to note is that qualifying as a CPA is a great way to highlight that you are well-versed in matters relating to accounting, such as accounting standards, but that you can also utilize these skills and your credentials within areas aside from pure accounting. What about going a step further and becoming a Certified Financial Analyst?
Don't Be Afraid To Ask For Advice
Ultimately, the choice of which qualification, if any, to pursue is yours to make. If you need further advice, it's always a good idea to reach out to someone with first-hand experience with the various qualifications and see their opinion on whether you should study a CPA. Equally, speaking to someone such as a careers counsellor at your school or university should also give you a chance to talk through your situation and career aspirations and hopefully find some clarity over which qualification is suitable for you. If you decide to study the CPA or think that it's something you'd like to pursue in the future, it may be worthwhile to try to develop the core skills that certified accountants need in their working life. These skills are hugely diverse but can include things such as:
- Good communication and interpersonal skills;
- A robust analytical mindset;
- Knowledge of up-and-coming technologies that might impact the accounting or auditing industry and
- An understanding of what makes businesses tick.
For instance, you may want to know the benefits of having a CMA qualification... Of course, any future accountant should also ensure that their numerical skills are vital. If you feel like you would like some extra help to get your mathematical knowledge up to scratch or would like to learn about business studies and economics more generally, then you could reach out to an accounting tutor near me at Superprof for personalized lessons designed to help you achieve the learning outcome you require. Regardless of whether you're currently at school or university, a range of Superprof tutors can offer lessons designed to help you understand basic accounting concepts or develop your numerical ability at a pace that works for you. You can find tutors based locally by entering your postcode, although it's also easy to find tutors happy to offer online lessons. You can also narrow your search by selecting which subjects you want to hire a tutor for. Lessons can be one-to-one, although group lessons or workshops are also available, so finding a teaching environment that works for you is the case. Discover now how to put that accounting degree you worked so hard for to work for you!
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