How much is your CPA worth?

09.08.2017

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At one time or another almost every professional in the Finance and Accounting industries has likely contemplated sitting for their CPA exam. No matter where you are in your “CPA” journey, there are a million reasons to keep pursuing it or keep it up to date. If you’ve recently gotten your CPA we’ll tell you what you have to look forward to, or if you didn’t pass on your first try we’ll give you justifications to keep pursuing it, and if you’ve not recently considered sitting for it, you might change your mind after reading this piece!

 

  • It can get you promoted

If you’re working in public accounting or at an accounting firm, there are certain milestones that you will hit throughout the course of your career. One major milestone at the five to ten year mark working at a firm is getting promoted to a management role. When you don’t have your CPA, the odds of snagging a management title decrease.

 

  • It opens more doors than it closes

Even if you’re not wanting to go into public accounting or work for a Big Four firm, your CPA is still valuable. There are many companies that seek out CPA’s for financial advice and consultation.  According to the Bureau of Labor Statistics, the employment for people with a CPA license will grow 22% between now and 2018. In addition to being “in demand,” you’ll also likely be able to choose which industry you’d like to work in because most companies want a credentialed accountant to handle their accounts.

 

  • You’ll earn 15% more

Let’s say that your company was billing out your time to clients at $75 per hour prior to you getting your CPA. After you passed all parts of your CPA exam and received your credential, your company may now be able to bill out your time at $200 per hour. Now, you likely will not see the entire bill rate increase added to your check, but you will likely get a raise once you’ve secured your CPA. According to multiple sources, as a CPA you can expect to earn up to fifteen percent more than a non-credentialed accountant.

 

  • It’s a differentiator

The old saying from Wayne Dyer, “It’s never crowded along the extra mile,” applies to getting your CPA. You can be an accountant and not have your CPA. However, having it will make you stand out amongst your peers and differentiate you from other people in your experience group.

 

Everyone likely has their own reasons for choosing to get their CPA, but these four reasons are some of the most persuasive for getting your credential.