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How To Become a Certified Public Accountant
To obtain an accounting license, you must complete all formal education requirements, then take and pass the uniform examination to receive CPA certification. A Bachelor’s degree from an accredited institution, whether earned on campus or online, is the first important step. Previously, you would have been challenged to locate an accredited accounting degree online, but you now will have a good selection of universities offering this degree. You will need a total of around 150 credit hours of university study to be eligible to take the CPA examination.
Immediately after earning your accounting degree or after some years in public accounting, you are eligible to sit for the uniform exam, which will complete your CPA license requirements upon getting a passing grade in all four parts. Yes, there are four parts to the examination and it is quite challenging. The sections are Auditing & Attestation, Financial Accounting & Reporting (FAR), Regulation, and Business Environment & Concepts. If you have previously gathered information on the exam, you may notice different subject area titles for a couple of the parts. The switch to a computerized exam has caused this change. The overall subject matter, except for 21st century updates, remains basically the same, however. Check with your state’s CPA Board, who administers the CPA exam, about any additional requirements they may have. While your state board administers the test, they do not correct it. Results (you need to score a 75 to pass) are handled by the American Institute of Certified Public Accountants (AICPA). Good luck!
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All Business Schools Tip: Popular Jobs with an Associate's Degree in Accounting
Employers in almost all industries are interested in Associate degree in accounting graduates. You will qualify for entry-level jobs in the accounting field, like accounting assistant, bookkeeper or management trainee in a variety of settings. You may also be qualified to serve as an entry-level auditor, auditing assistant or even income tax preparer in an accounting firm.
Both you and your employer will benefit from your associate degree in accounting. Employers have interest because they can hire new graduates at a lower compensation level than a Bachelor's degree holder and determine if you become a good fit for their firm. If you are unsure if the accounting profession is truly for you, your benefits are even better. You will have the opportunity to begin your career early, gain some valuable experience, and be able to decide if the profession is what you want. If it is, you might find your employer is willing to reimburse part or even all of your tuition expenses as you go forward to earn your Bachelor's degree. Should you decide a full time career in accounting is no longer your goal, many, if not all of your credits from your Associate degree in accounting will be accepted at a four-year university which offers you the new major field of study you want. It is a win-win situation for you.
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CPA License Requirements
There is an education requirement and an examination that must be passed to earn a CPA certification. Since there is technically no experience requirement in many states, you can actually become a Certified Public Accountant without ever having worked for an accounting firm. You should be aware, however, that like the American Bar Association and the medical profession, the group that is already certified, in this case the American Institute of Certified Public Accountants (AICPA), has no desire to “give away” this designation and allow unqualified individuals into its fraternity. You must be prepared for a challenging examination covering all facets of the profession.
If your undergraduate degree is not in accounting, you will probably have to complete one or more courses, including CPA courses, to meet your state’s education requirement to sit for the CPA examination.
The examination is standardized throughout the United States and administered by your state's CPA Board and graded by the AICPA. A four part exam, its focus and titles have changed recently since the test has become a computer-based test, instead of pencil-and-paper exam. The four areas of concentration are Auditing and Attestation, Financial Accounting & Reporting (FAR), Regulation, and Business Environment & Concepts. A combination of multiple choice and simulation (essay, real world problems) questions, the exam requires an in depth knowledge of all accounting theory.
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All Business Schools Tip: Reasons to Earn an Online Accounting Degree
While there are many reasons to consider getting an online accounting degree, many students place two reasons at the top of their list. One reason to pursue an online accounting degree is flexibility. Whether you have already started your professional career in a full-time position and with an employer you like, or even if you’re working part-time to generate funds for your education goals, the flexibility of course study times might be perfect for you. The large amount of time saved by not having to commute to campus can also leave more time for work or study, helping you to further both your career and education goals.
A second major reason to consider online accounting degree programs is cost. All education beyond the high school level is expensive. Be wary of any online accounting degree programs that appear to offer “bargain basement” deals. The cost of education is much like the cost of computers, stereo equipment or automobiles: You get what you pay for. However, you might find that you can save some hard earned dollars by getting your online accounting degree. An obvious advantage is the savings you enjoy with no commute (at the price of gasoline, you’re way ahead already), the potentially huge savings in room and board expenses and the flexibility of your time (even for a student, time is money) can make an online accounting degree much more affordable. Naturally, you can also “shop” for the online accounting degree programs that appear to give you the accounting education online that you want for the best cost.
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Accelerate Graduation with an Online Accounting Master's Degree Program
While relatively rare some years ago, you now have numerous choices for earning an accounting Master’s degree online. These options become even more valuable for those already busy on their professional career path with full time employment. You can sometimes greatly accelerate your studies because of the flexibility of course selection, “class” times, number of credits taken each semester and the savings of commuting time and dollars, making it possible to speed the process to graduation.
Both pure Master’s degrees in accounting and the new “combination” programs that allow you to earn an MBA with a special concentration in accounting are now available online from a variety of colleges and universities. There are some primarily on campus institutions, like Boston University, Rutgers University and the University of Maryland that now offer distance learning Master’s degrees. There are a number of websites that can provide you with access to many of the options available for earning an accelerated accounting Master’s degree online. You might also investigate programs, called “executive” or “fast track” Master’s degree programs, that are structured in a way that you earn a graduate degree in 10 to 15 months.
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All Business Schools Tip: Options for Getting an Accounting Education Online
You should match your accounting education online with your future career goals. Your choices to earn an accredited online accounting degree are many, from primarily online universities to traditional, on-campus institutions offering distance learning. You must first decide what you want. Do you merely want to take an accounting course online, earn an online accounting degree or work on a specialization and earn a certificate in a subject?
If an Associate’s degree in accounting is your current goal, you will find just the right school using the Internet, your library, or friends/family references. Should you want deeper accounting education online, such as a Bachelor's or Master's degree, do some research using one of the Internet sources available, such as allbusinessschools.com. Once you have narrowed your search to a few institutions that have the courses and electives you like, investigate a bit further. One or two will eventually stand out in your mind and make you comfortable.
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Accountant Continuing Education
Using the Internet, your state’s society of CPAs and contact with local schools and universities, you should be able to find the accountant continuing education programs you want to pursue. Decide on your goal, be it CPA exam review, a certificate in an accounting specialty, or further education in your current area of concentration. Then, consider classroom accounting cpe courses, self-study programs online, or seminar training, offered all around the United States as your best option. With almost 2,000 CPA cpe seminars available annually, you should find one or more close to home that interest you.
Your local education community will also offer numerous accountant continuing education courses. Using the ‘Net or telephone, secure a catalog of their cpe courses, which will give you titles, syllabus, cost and class times. Many employers will be most happy to reimburse you for the cost of your accounting cpe courses as you are bringing added value to their company. You should also learn if they will reimburse for accounting cpe online, as there are now too many choices to count that provide excellent self-study continuing education for accountants, many leading to full certificate recognition.
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All Business Schools Tip: How to Become an Accountant
If you want to know how to become an accountant, the answer is education, experience, and, if you want to pursue a career in public accounting, becoming a Certified Public Accountant. Most states require a minimum of 150 credit hours of study at university to be eligible to take the CPA examination, which is standardized and uniform throughout the United States. If you have met CPA exam qualifications, you may take this examination as a new graduate or as an experienced accountant.
If you are planning a long career in public accounting, earning CPA certification should be considered a necessity. Should you plan on a career in private industry, the government or in the nonprofit area, a CPA license is not required, but would certainly help your future promotional possibilities. A Bachelor’s degree in accounting is required, providing the necessary credit hours in the subject to make you employable upon graduation as an accountant at all levels.
You should check with your state CPA Board to learn their specific CPA exam eligibility requirements. The cost to sit for the examination varies by state, but the American Institute of Certified Public Accountants (AICPA) estimates the “average” cost across the U.S. is $533. Also, the switch to a computerized CPA exam has changed and expanded the focus of the examination, making it even more important to be well prepared.
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Free Online Accounting Courses
While you would be hard pressed to find a complete, free in-depth accounting education online, there are a few free and basic accounting courses available. Websites like accountingcoach.com and wannalearn.com provide basic accounting education online, but not degree-level courses. Do not totally disregard these free online accounting courses, though. For instance, let’s assume you are in a dead-end job or career and think that accounting is a field that might interest you. Before you spend your hard-earned money and time in an online accounting degree program, spend a little time going through a few free online accounting courses to determine if accounting is really what you want. If it isn’t, you have only spent a little time and no money finding out that another field may be better for you. Should you enjoy the subject, you can proceed more confidently in evaluating the variety of online accounting degree programs that are available. You can then find an accredited online accounting degree program that gives you the education you want. It’s a total win-win situation for you. If you want to go further, you will find Associate's and online Bachelor's degrees in accounting programs that are cost effective and provide a solid education to improve your career track in a short period of time. Pursuing an accounting degree online also gives you the option to continue working while you take your courses.
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Expected Earnings With a Bachelor of Science in Accounting
After you earn your Bachelor of Science in accounting, your potential earnings can vary widely. Much depends on where you work and how much experience you have. Your job title influences your compensation regardless of your location as your depth of responsibility strongly dictates salary levels. Here are some compensation levels you can use for comparisons. Three major cities were compared: Chicago, IL, Dallas, TX, and Omaha, NE. The lower end of the general compensation ranges apply to Omaha, while the higher end salaries apply to Chicago. These ranges are for new graduates with limited experience in the field.
Accountant: Between $35,000 and $52,000
Senior Accountant: Between $43,000 and $64,000
Controller: Between $55,000 and $102,000
CPA: Between $42,000 and $73,000
Financial Analyst: Between $41,000 and $57,000
Auditor: Between $40,000 and $62,000
The above are rough median numbers, somewhere in the average middle of pay ranges. Should you work in New York, Massachusetts, California, etc., your compensation will increase by 10 percent to 40 percent, depending on your proximity to one of their major cities. Should you work in Georgia, Mississippi, or Alabama, you might deduct about 10 percent to 25 percent. Experience is a major factor. If you already have two to five years’ experience in your field, you can expect to earn 10 percent to 50 percent more than basic salary ranges. Be aware that different industries compensate identical job titles and descriptions higher or lower than median estimates because of your perceived responsibility level within that industry.
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How Long Does It Take To Get an Accounting Education?
Because of the ever-changing landscape of corporate, government, and international operations, the real-world answer to the question, “How long does it take to get an accounting education?” is forever! However, on a pragmatic level, the following time periods are widely standard:
Associate’s Degree: 18 to 24 months
Bachelor’s Degree: 36 to 48 months
Masters Degree or MBA: 15 to 24 months
These time frames depend on the level of accounting education you desire, your area of specialization (if any) and the school or university you attend. The many schools now offering all three levels of degrees online give you more flexibility to accelerate your studies or slow them down, depending on your career plans, finances or current employment environment and responsibility. If you desire to become licensed as a CPA, you now need at least 150 credit hours of study, normally a bit more than a standard Bachelor’s degree requires. However, most top business schools have adjusted their curriculum to meet this relatively new requirement. Accredited accounting schools, whether online or on campus, will provide the accounting education you need to succeed.
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Available Financial Aid to Earn A Degree in Accounting
The best advice for getting sufficient financial aid to get a degree in accounting is “Do your homework ! ” There are many sources of financial help, but you must find them. Use the Internet to begin your search and follow-up with your local library and directly with your school to make it all happen. As long as your school is properly accredited, you will be eligible for all the major sources of financial assistance, including grants, government and private loans and local, national, private and school scholarships.
First, research all of the possible financial sources for which you may qualify, many of which can be rather obscure. For instance, there is some type of scholarship offered by many cities, towns, states, fraternal organizations (Knights of Columbus, Masons, Elks, etc.), subject specialties (accounting, English, economics, etc.) and even ethnic-background specific aid. Second, government educational loan programs (Stafford loans, PLUS loans) and private financing (offered by many major banks, financial corporations, and others) are available with excellent repayment terms and low interest rates. Remember that, unless your are one of the most outstanding students in the country or a bona fide national high school all-American in a major sport, which might earn you a full scholarship, you will need to put together a combination of more than one scholarship and loan program to make your financial puzzle complete. Do your research properly and your puzzle should work.
