Statistics That Prove Becoming a CPA Is Worth it
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As growth continues for accounting professionals in both public and private firms, hiring managers look for candidates with experience and certification. Earning your CPA puts you in the spotlight for promotion, rapid career advancement – and a better salary.
Earn More With Your Certification
Staff Accountant total compensation:
$51,607 Median Salary
$68,517 With CPA
$16,910 / 25%: There is a $16,910 or 25% increase in salary with a CPA.
The Need for CPAs
7% Hiring at public accounting firms jumped 4% in 2020.
57,444: Projected new job openings.
4%: Projected growth rate
91% of all accounting firms expect to hire accounting graduates in the coming year.
68% of surveyed CFOs said it’s challenging to find qualified candidates.
CPA – Most In-Demand Credential, Above MBA
5.7% Industry unemployment rate
Baby Boomer Retirements
To meet this demand, there is an increased need for candidates with experience and certification to fill open positions.
Employer Incentives
Many companies adjust compensation to be above average to recruit the best talent.
Telecommuting, Flexible Hours, Additional Vacation, Tuition Reimbursement, and CPA Bonus
Accountants with a CPA certification advance to positions with more responsibility within one to two years and often are promoted to senior level positions within a few years after that. The sacrifice required to study for and pass your CPA examination is well worth the investment, immediately upon completion.
Sources:
- https://www.payscale.com/research/US/Job=Staff_Accountant/Salary
- https://www.payscale.com/research/US/Job=Certified_Public_Accountant_(CPA)/Salary
- https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
- https://www.accountingtoday.com/opinion/2020s-impact-on-the-hiring-market-for-accountants-will-you-adapt-your-business#:~:text=To%20put%20accounting%20hiring%20in,rate%20of%208.4%20percent%20overall.
- https://journalofaccountancy.com/issues/2015/oct/cpa-jobs-public-accounting.html