Is A Cpa In Demand In The Usa?

A CPA is more than just a number cruncher. They are critical advisors for businesses to optimize opportunities and mitigate risk.

Automation taking over simple financial procedures allows accounting professionals to perform higher-value tasks. They also need to update their skills to keep up with technological advancements.

This is why younger professionals are seeking CPA certification.

Demand for CPAs in the U.S.

According to the US Bureau of Labor Statistics, about 126,500 accounting and auditing positions are projected each year. That number is significantly higher than the average for all occupations. The high demand for CPAs means that those in the profession can expect to receive competitive salaries and enjoy steady job growth over the long term.

However, the profession also faces some challenges that threaten to disrupt the CPA talent pipeline. For one, undergraduate enrollment in accounting and finance programs has fallen, and the number of students pursuing the CPA exam has dropped to a ten-year low. This trend has been attributed to the pandemic, increased competition from other industries, and the fact that younger professionals prefer companies that embrace diversity, equity, and inclusion (DEI).

In addition, the responsibilities of CPAs are expanding beyond traditional accounting tasks such as preparing taxes and auditing financial statements. They are being sought out for their expertise in areas such as data analytics and artificial intelligence. A CPA’s knowledge of these technological advancements is vital in assisting businesses with strategic planning and corporate business control functions.

Furthermore, as more and more organizations expand overseas, they need accounting professionals who can understand cultural differences and provide advice on financial matters based on international regulations and standards. In addition, the use of new accounting software and the need to stay up to date with changing regulatory requirements make CPAs essential to any company that wants to remain competitive in the global economy.

As a result, many companies find it more difficult to fill open accounting positions. This is exacerbated by the fact that many current employees are eager to pursue other roles and opportunities. In fact, a survey conducted by Robert Half found that 41% of finance and accounting professionals are either actively looking for a new job or plan to do so within the next few months.

To mitigate this, employers need to be proactive in recruiting the best talent to retain their existing CPAs and grow their teams. In addition to assessing technical skills, they need to consider soft skills such as communication and teamwork when selecting candidates. In addition, it is important for hiring managers to consider how candidates’ cultural background may impact their workplace performance.

Overall, the demand for CPAs is expected to remain strong as the need for skilled accounting and finance professionals grows. Those interested in pursuing a career as a CPA should first research the state’s licensing requirements where they intend to work. Additionally, it is helpful to seek out CPA mentors who can offer guidance on how to successfully complete the licensure process. Once a candidate has obtained their license, they should continue to maintain their skills through continuing professional development activities and staying abreast of changes in the tax code.

The CPA Credential is a Valuable Credential

When you become a CPA, you’re investing in your career—and, more importantly, your future. By taking on the rigorous study required to earn a CPA license, passing the CPA exam, and continually committing to a high standard of ethics & education, you’re earning a credential that is held in high regard by your peers and employers.

As a result, CPAs have a wide variety of opportunities to choose from and can find careers in a range of industries. In addition, a CPA can also start their own accounting firm and focus on their area of expertise. This flexibility can make a CPA’s salary more stable and rewarding than other career options that require more specific training or experience.

Earning a CPA requires at least a bachelor’s degree, with some states requiring 150 college credits to sit for the exam. Typically, the majority of these credit hours must be in accounting courses, but some states allow you to meet this requirement by earning a master’s degree or by taking graduate-level courses in related subjects.

CPAs also tend to have higher salaries than other accounting professionals, with those in public accounting earning the highest pay. Additionally, a CPA can work in the private sector, for government agencies or nonprofit organizations, or in management accounting at businesses of all sizes.

Another bonus of being a CPA is that you’re highly visible in the workforce, which can help with job stability and advancement potential. According to the AICPA, CPAs are twice as likely to receive a promotion as non-CPA accounting employees.

It’s important to remember that becoming a CPA is a long process that can take years to complete. This is why it’s common for recent graduates to pursue this professional designation, as they still have the fresh-out-of-college mindset that makes it easier for them to buckle down and study for the exams.

Finally, CPAs can take their skills and knowledge to other countries, which can open a wide range of global job opportunities. For example, many international companies hire accountants from the US, and they’re willing to pay top dollar for CPAs.

While the CPA is a valuable credential, it’s not for everyone. In fact, some recent graduates have let their CPA licenses lapse because they don’t see the value in continuing to maintain them. For those who do see the value, however, it’s a great way to boost your earnings and enjoy a flexible and varied career that can take you anywhere in the world. It’s a rewarding accomplishment, both professionally and personally. And that’s something that most would consider to be worth the investment of 8.5 years in school and passing the grueling CPA exam. For more information on how to get started in accounting and pursuing your CPA license, speak with one of Franklin’s advisors today!

CPAs are In Demand in the U.S.

The CPA designation is an esteemed accomplishment in the world of accounting. Those who achieve this credential have invested 8.5 years of academic and technical training, passed a challenging exam, committed to ongoing professional education, and upheld a high code of ethics in their daily practice. In many employers’ eyes, the CPA indicates a highly skilled, experienced, and qualified individual.

Consequently, this is one of the highest-demand and most secure professions in the United States. As a result, new grads with accounting degrees and young professionals seeking to advance their careers have the opportunity to choose from an array of positions across industries. Whether you prefer to work in public accounting, corporate finance, or management accounting, there are a number of opportunities available for you to find a rewarding career and pursue your passions.

Aside from the fact that the demand for accountants continues to grow, it’s also important to remember that the role of a CPA is more than just auditing and financial reporting. In addition to these traditional duties, the skills of a CPA can be applied in many different industries and functions, including taxation, data analytics, advisory management services, and even providing guidance for corporate financial planning and investments.

With automation taking over simpler accounting tasks, CPAs are freed up to perform higher-value services that add value to a business. This helps improve the overall quality of financial reporting and ensures that a company’s assets are protected.

As a result, CPAs are in demand both during good times and bad. This is especially true in industries where there are fluctuations in the economy.

Furthermore, the CPA credential is highly regarded worldwide and offers great career security. To a potential employer, it signifies a candidate’s commitment to high ethical standards, valuable experience, and a superior education. The demand for CPAs is expected to continue as long as companies rely on their expertise to navigate economic ups and downs.

As Baby Boomers approach retirement age, they’re leaving the workforce, creating a need for young, talented accountants to replace them. Millennials are entering the workforce and bringing with them fresh perspectives on how businesses can best operate in today’s digital landscape, as well as a new generation of technology tools that help make processes more efficient.

Ultimately, the demand for accountants and CPAs will continue to remain strong as organizations seek to protect their assets and maintain compliance with regulations. As a result, plenty of job opportunities are available for candidates with the right qualifications and attitude. If you’re ready to take your career to the next level, consider obtaining your CPA certification through Surgent’s accredited course and adaptive learning technology. We’re here to support you on your journey!