The Accounting Profession: Certified Public Accounting

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There are many reasons and benefits to earning a CPA license. Just as a lawyer is defined by a law license, the CPA license is a symbol to the public that an accountant has mastered the vital elements of the profession. A CPA license is a high standard recognized by employers and their clients, as well as governments and the public as an assurance of skill, dedication and quality. In today’s business world, a CPA represents a trusted voice in business and financial consulting. It is a sought-after commodity among all walks of professional organizations. Earning a CPA license displays prestige and respect, career development, career security, job satisfaction and variety, money and benefits.

There are also Pros and Cons of earning a CPA license. Blogger Jonathan Milligan explains that it advantages are:

- It benefits those looking for entry-level positions in the accounting field; those interested in changing their career path, those who want to refresh and update themselves on current changes and small business owners and entrepreneurs wanting to perform accounting operations themselves.

- Typically, a course consists of 7-10 modules that give a strong foundation in financial principles and accounting practices.

- The courses are usually conducted part-time and help those who are having full time jobs. It is also beneficial for students looking for additional qualifications and professionals wanting to upgrade their knowledge.

- Most accounting certificate programs feature electives such as statistics, law, management and economics and include taxation, business law and auditing theory and practice.

- Accounting for specific types of organizations like NGOs, partnerships etc. are also included in the program.

- Scandals and frauds in companies have increased over the years and accounting professionals or those with the knowledge gained from the certification programs are sought after by companies. Many accounting regulations and laws have been changed or revised to respond to the needs of the current times.

He further explains that some of the disadvantages of earning a CPA license are:

- One must first find out the credibility of the organizations that offer online accounting certification programs before applying to any of these.

- If the certification program is perceived as an alternative to the 4-year accounting degree, then it needs to be understood that the latter is a professional degree which helps people land jobs like public accountants, management accountants, internal auditors, tax consultants and controllers commanding high salaries and positions in accounting circles. A certificate program only allows a glimpse into the accounting world at entry level positions and will not equip individuals to understand and practice at the deeper levels desired.

- Professional degrees offer students a complete and in-depth coverage of all the aspects of accounting. It also gives students an opportunity to study under experienced professionals in the industry and gain hands-on experience through internships or projects during the term of the course. A stand-alone accounting certification would not offer as much for someone who is considering accounting as a career choice. So, as you can see, accounting certificate programs do help, but do not take the place of a 4-year accounting degree.

There are a variety of job opportunities available today for a licensed CPA. Within public accounting, CPAs can work for any sized firm, ranging from a large, international CPA firm to a small local accounting practice. Within the firm, CPAs can work in areas such as audit, tax and management consulting. Within a business and industry, CPAs can work in diverse areas such as financial accounting and reporting, management accounting, financial analysis and cash management. CPAs can also provide services in specialized areas of accounting such as financial forensics, business valuation, personal financial planning, and IT consulting. Within government, CPAs can create a path to success at either the federal, state or local level. Non-profit organizations and education also offer many diverse opportunities for CPAs.

To succeed in an accounting profession, CPAs must meet certain requirements for education and training. They require the following:

- Education - bachelor’s degree in finance, accounting or a related discipline. Other occupations, such as bookkeepers, accounting clerks, account payable and receivable clerks, require at least a high school diploma and in some cases, an associate degree in accounting or a related discipline.

- Personal Attributes - a strong aptitude for mathematics, as well as the ability to analyze and interpret statistical data and facts quickly.

- Skills - accounting occupations require the ability to use related spreadsheets, financial database software and systems.

- Experience – due to the importance and legal ramifications of financial record-keeping, accountants must also gain practical experience to achieve top positions. College accounting programs often include practical field experiences or internships in public or private companies.

- Professionalism - this skill set makes accountants more appealing to clients and more valued by employers. Accountants often participate in meetings with managers and clients. An understanding of how accounting fits into the business ecosystem and how company purchasing activity and bill payments relate to record-keeping is necessary for a CPA.

- Team Work - Accountants increasingly participate in management meetings and interact with company leaders. Managers use accounting records to make critical business and financial decisions. They rely on accountants to explain their work. Within a firm or private practice, accountants also need to sell their skills, abilities and their services to stand out from competing providers.

References

Business Encyclopedia

https://www.nasba.org

www.becker.com

http://www.gleim.com/accounting/cpa/new-cpa-exam-changes-for-2017.php

http://jonathanmilligan.com