The US accounting services industry has experienced impressive growth through the years, with the sector valued at $119.5 billion in 2021. Amid the COVID-19 pandemic, the sector is still expected to grow 2.2 percent this year.
CPAs are especially in demand across the country. As of August 2021, the accounting field had 669,130 actively licensed CPAs, and the number is expected to grow in the future.
If you’re interested in becoming a CPA, you may be happy to know that this career path has many benefits that few other career options offer. Here are eight of them.
1. There Are Numerous Career Options
The career opportunities for CPAs are endless. You can choose to become an accountant in a Fortune 500 company or choose to work for a small nonprofit. Some CPAs choose to become private consultants, while others choose to join government corporations.
The number of industries you can work in is also vast. The fact is there’s hardly an industry in existence that can’t benefit from the skills of a CPA, from retail to oil refinery.
Some CPAs choose to freelance. If this seems like the best work arrangement for you, joining a platform like https://www.taxfyle.com/freelance-cpa-jobs can help you launch your career right away.
2. The Income Is Attractive
CPAs are among the highest-paid professionals in the country. At the start of their careers, CPAs earn $60,000 annually on average. Late career CPAs earn $98,000 a year on average. In addition, you get to earn attractive performance-based bonuses, besides other monetary benefits.
Of course, you can still choose to branch off and open your firm and make even more money. Many professionals in the accounting field do that, with the number of private accounting firms now standing at over 138,000 in the US alone.
3. Your Job Security Is Assured
It’s no secret that the accounting field continues to face a shortage of talent. 81% of finance leaders say finding accounting talent is a huge challenge.
There’s an especially high shortage of CPAs in the country, with CPAs holding the 6th spot among the most in-demand jobs in the US as of 2020. CPAs also hold the top position for the fastest-growing jobs.
What these facts mean is that, as long as you’re a qualified CPA, your skills will always be in high demand. The same cannot be said for most other professions.
4. You Get a Strong Grasp of Finances
CPA education affords you a healthy grasp of finances, which can prove extremely beneficial for your financial health. You get valuable knowledge and skills on how to invest, besides how to manage the money you earn.
As a CPA, the tax season doesn’t bother you as filing taxes is a breeze. Besides correctly completing your tax filings, you also never miss out on tax deductibles that you qualify for.
5. You Get to Enjoy Prestige
As a CPA, you have attained the highest level of accountancy. With that achievement comes a healthy dose of prestige. CPAs are generally more highly regarded by employers, clients, and other non-professional acquaintances.
As a CPA, you’re more than just a skilled accountant. You’re a professional devoted to your career. You’ve taken and passed a difficult CPA exam, which not many accountants can lay a claim to have done.
6. You Get to Travel More
For those who love to travel more on the job, becoming a CPA is a great step. CPAs get to travel a lot to meet their clients in the country and even abroad. It’s even better if you opt to become a freelancing CPA as you can offer your services from just about anywhere across the world.
It also helps to know that your skills as a CPA will always be relevant in just about any country in the world. That means you get to choose which country to work in, and companies will always want to hire you.
7. The Job Is Never Dull
A CPA’s job is never dull. From being an accounts payable professional to becoming a tax specialist, every day presents new challenges for you as a CPA. You have to offer advice on how best to handle various financial situations your clients may be facing, which includes everything from bankruptcy and foreclosure to merger & acquisition deals.
Even if you opt-out of becoming a private consultant or taking up offers with large companies; becoming an accountant offers plenty of interesting work opportunities, including becoming an internal auditor. In short, “there are no two days that are alike.” This keeps life exciting!
8. You Can Update Your Skillset Easily
As long as you keep upgrading your skillset, becoming a CPA is a great career. You can take a continuing professional education course to learn new skills and acquire better knowledge in the field.
And the best part? Most courses have low-costs or are even free!
It’s not uncommon for CPAs to keep up with their careers by becoming experts in both tax and financial reporting at once. They enhance their work satisfaction as well as increase their earning potential by going beyond being just an accountant to becoming a consultant too. This way they get to reach out to more people and solve problems that they may be facing.
Build a Successful Career by Becoming a CPA
Becoming a CPA can open up a world of endless opportunities for you. You get to earn an impressive amount of money while doing what you love. The career path also gives you an incredible level of job security, flexibility, and prestige.
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