Since spring 2021, millions of people have quit their jobs in search of better opportunities. As they re-evaluate their work life, they cite the desire for more flexibility over where to work from and when, higher compensation and greater satisfaction in their job, to name a few. Economists are calling this wave of quitting, “The Great Resignation.” They also believe it will have lasting effects on the workplace.
At the same time, the future of the accounting profession and industry is evolving. There has never been a better time to advance your career in accounting. With the CPA credential, you can command your future.
Despite the volatility in the labor market and broader economy due to the pandemic, the career outlook for CPAs remains strong as demand for the position grows. The pandemic showed the value of CPAs to their companies and communities as stimulus funds were dispersed and spending and investment shifted.
In fact, the US Bureau of Labor Statistics projects employment growth for accountants to increase 10% faster than the average for all occupations over the next seven years. Due to the rigorous licensing requirements, the CPA is a well-respected profession that carries more authority than a non-certified accounting position. Ultimately, the hard-won CPA designation demonstrates to employers that you’re serious about advancing in this profession.
The CPA Evolution initiative aims to transform the CPA licensure model to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future.
The additional education and training translates to greater compensation as well. According to the US Bureau of Labor Statistics, accountants’ median salary is more than $73,000 with a bachelor’s degree, but CPAs earn an average of $119,000. On average, CPAs make 25% more than non-certified accountants.
The perception that CPAs toil away in harried, often demanding work environments also is becoming a notion of the past. With employers striving to make improvements to the workplace and ensure a better work-life balance, you do not have to trade more money for less flexibility.
Not only are you likely to find an open position with more benefits, but you also will find more opportunities. Today, more employers are hiring in greater numbers at the mid-career, mid-level experience position, with fewer entry-level opportunities available. Earning the CPA can enable you to bypass lower-level positions and reach senior-level positions more quickly than the several years it takes without the CPA. As you gain experience and expertise, you also are more likely to find opportunities within companies for specialized roles that spark your passion.
The increased specialization and responsibilities of CPAs reflect a changing profession. Launching in 2024, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) will roll out a new exam based on the new knowledge and skills required for candidates to succeed in a technology-driven marketplace.
According to the AICPA, “The CPA Evolution initiative aims to transform the CPA licensure model to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future.”
The CPA Exam will focus on the implementation of a Core + Discipline model in which candidates will have to demonstrate core skills in accounting, audit and tax as well as in one of the following disciplines:
- Tax compliance and planning
- Business analysis and reporting
- Information systems and controls
Following these changes, the CPA credential will enable accountants to be more adaptive and flexible, and to future-proof their careers as the workplace and economy evolve. Where CPAs were once responsible for complex, painstaking tasks and processes, artificial intelligence (AI) and improved tax software are now handling the heavy lifting when it comes to data entry. This leaves CPAs with more advanced responsibilities in analysis and strategic guidance. The CPAs who can best harness the power of new technologies will be best equipped to advance their careers.
Megan Burke is an assistant professor of accounting at Texas Woman’s University, and a content writer for UWorld Roger CPA Review. She earned her Ph.D. in accounting from Virginia Tech in 2010, a master’s degree of accountancy from The College of William & Mary, and a B.S. in accounting from Virginia Tech. Prior to earning her doctorate, she worked at Andersen in corporate tax and was a tax manager at Argy, Wiltse, and Robinson in family wealth management. She holds an active CPA license. Her research focuses on employee ownership, tax planning, tax aggressiveness, accounting education, and accounting history. Her work has appeared in the Journal of Accountancy, the Accounting Educators' Journal, and others. Her work has been cited by Bloomberg and Forbes. She can be reached at mburke@uworld.com.
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