Whether you are interested in working in a large corporation or in a small business, becoming a Certified Public Accountant (CPA) can give you more job options. CPAs can analyze financial information of companies, determine its growth potential, prepare financial statements, and make financial forecasts. You will also be required to maintain a thorough knowledge of the laws and regulations affecting the financial industry. You can expect to earn between five and fifteen per cent more than the average accountant.
CPAs are responsible for the financial reporting of public companies, nonprofit organizations, and government agencies. In addition, they provide financial advice to their clients. They might also be trained in taxation, forensic accounting or computer accounting. They usually start in junior-level positions at large public accounting firms. Pennsylvania's average salary for an accountant is $75,250. The highest earners make more than $115,340.
Pennsylvania's State Board of Accountancy regulates CPA practice in the state. It sets the standards for continuing and licensing education. In addition to determining eligibility for licensure the Board also sets the curriculum of the CPA exam. The CPA exam is an standardized test that tests the knowledge and skills of accountants in various areas of accounting.
The four-part examination is divided into sections which focus on auditing or attestation as well financial accounting reporting and business environment concepts. The first two sections assess candidates' knowledge of accounting topics. The third section tests their writing skills. Statements from various reporting standards can be compared in the section on financial accounting and reporting. The business environment section and concepts covers business concepts. The regulation section tests the CPA's professional responsibilities.
The CPA exam can be prepared by taking an accounting-focused MBA course. It is possible to complete your coursework from an accredited school outside of the United States. The National Association of State Boards of Accountancy offers a list of state board lists that may be helpful to you in determining the requirements for licensure and education.
Penn State World Campus is currently instituting an online Master of Science program in Accounting. This program will enable students to complete their MBA degree in a shorter amount of time, without having to travel between their home and campus. Additionally, faculty from La Salle University (a private college with a Philadelphia campus) are included in the program. The program is easy to complete and can be completed within 14 months. It also includes five start dates that are available throughout the year.
Students enrolled in the online MBA, Accounting Specialization program at La Salle will be able to fulfill the necessary semester credit hours to earn a CPA license. La Salle faculty will be available for one on one assistance.
CPAs can be considered general-scope advisors. They have the ability to analyze company financial statements, identify growth potential and analyze company assets. CPAs help businesses and individuals with their taxes. This is a very rewarding career. In addition to working for a public accounting firm, CPAs can also choose to work for individual businesses or nonprofit organizations.
FAQ
What is an audit?
An audit is a review or examination of financial statements. To ensure everything is correct, an auditor reviews the company's financial statements.
Auditors look for discrepancies between what was reported and what actually happened.
They also check whether the company's financial statements are prepared correctly.
What is a Certified Public Accountant (CPA)?
Certified public accountant (C.P.A.). A certified public accountant (C.P.A.) is an individual with special knowledge in accounting. He/she can prepare tax returns for businesses and assist them in making sound business decisions.
He/She also tracks cash flow and makes sure that the company runs smoothly.
What is the distinction between bookkeeping or accounting?
Accounting is the study of financial transactions. Bookkeeping records these transactions.
The two are related but separate activities.
Accounting deals primarily in numbers while bookkeeping deals with people.
To report on an organization's financial situation, bookkeepers will keep financial information.
They adjust entries in accounts receivable and accounts payable to make sure that the books balance.
Accounting professionals analyze financial statements to assess whether they conform to generally accepted accounting procedures (GAAP).
If not, they may recommend changes to GAAP.
For accountants to be able to analyze the data, bookkeepers must keep track of financial transactions.
Statistics
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- Employment of accountants and auditors is projected to grow four percent through 2029, according to the BLS—a rate of growth that is about average for all occupations nationwide.1 (rasmussen.edu)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- According to the BLS, accounting and auditing professionals reported a 2020 median annual salary of $73,560, which is nearly double that of the national average earnings for all workers.1 (rasmussen.edu)
External Links
How To
How to Become an Accountant
Accounting is the science and art of recording financial transactions and analyzing them. Accounting can also include the preparation of reports or statements for various purposes.
A Certified Public Accountant (CPA) is someone who has passed the CPA exam and holds a license issued by the state board of accountancy.
An Accredited Financial Analyst (AFA) is an individual who meets certain requirements set forth by the American Association of Individual Investors (AAII). The AAII requires that individuals have at least five years of investment experience before becoming an AFA. They must pass a series exam to verify their understanding of accounting principles.
A Chartered Professional Accountant (CPA), sometimes referred to as a chartered accountant, is a professional accountant who has been awarded a degree from a recognized university. CPAs must comply with the Institute of Chartered Accountants of England & Wales’ (ICAEW) educational standards.
A Certified Management Accountant (CMA) is a certified professional accountant specializing in management accounting. CMAs must pass exams administered annually by the ICAEW. They also need to continue continuing education throughout their careers.
A Certified General Accountant (CGA) member of the American Institute of Certified Public Accountants (AICPA). CGAs must pass multiple exams. One of these tests, the Uniform Certification Examination or (UCE), is required.
International Society of Cost Estimators has awarded the certification of Certified Information Systems Auditor. Candidates for the CIA must have completed three levels of education: coursework, practical training, then a final exam.
An Accredited Corporate Compliance Officer (ACCO) is a designation granted by the ACCO Foundation and the International Organization of Securities Commissions (IOSCO). ACOs must hold a baccalaureate or higher degree in business administration, finance, or public policy. Additionally, they must pass two written and one verbal exams.
The National Association of State Boards of Accountancy offers the certification of Certified Fraud Examiners (CFE). Candidates must pass 3 exams and score a minimum of 70 percent.
A Certified Internal Auditor (CIA) is accredited by the International Federation of Accountants (IFAC). The four-part exam covers topics such as auditing (auditing), risk assessment, fraud prevention and ethics, and compliance.
American Academy of Forensic Sciences' (AAFS), designates Associate in Forensic Analysis (AFE). AFEs should have a bachelor's degree from an accredited college, university or other educational institution in any area of study.
What does an auditor do? Auditors are professionals who audit financial reporting and internal controls of an organization. Audits may be conducted on a random basis, or based in part on complaints made by regulators.