The Bureau of Labor Statistics has projected a 22 percent increase in the number of Certified Public Accountants (CPAs) in the United States between 2022 and 2027, attributed to the rising demand for CPA services from both businesses and individuals. This growth trend indicates a favorable time for individuals considering pursuing a career as a CPA, as the profession is expected to remain in high demand for the foreseeable future, ensuring long-term job stability.
Demand for US Certified Public Accountant in 2023
The Certified Public Accountant (CPA) designation is widely recognized as the premier accounting credential. Holders of this designation are considered to possess the expertise to perform sophisticated accounting work for private companies, public companies, and non-profit organizations alike.
The Bureau of Labor Statistics (BLS) has identified several responsibilities that fall within the scope of a CPA's work, including auditing financial statements, tax preparation, providing advisory management services, and offering guidance on corporate financial planning and investments. As a result, there is a demand not just for certified public accountants, but also for other professionals who can take on accounting-related roles.
It is worth noting, however, that a CPA certification is also valuable in many non-accounting careers. For example, some CPAs specialize in tax or financial consulting after practicing accounting for a while. Additionally, many employers view the CPA designation as a valuable credential regardless of the specific job duties or job title of the employee.
Value Addition to Your Resume:
The accounting profession provides individuals with ample opportunities for growth and flexibility, making the Certified Public Accountant (CPA) designation an attractive credential to pursue at any stage of one's career. Whether one is seeking their first full-time job or looking to advance within their current organization, having a CPA designation can enhance one's professional profile.
Moreover, the growing number of businesses in the US is expected to result in an increased demand for accountants, leading to a rise in job openings and potentially higher salaries. This trend suggests that obtaining a CPA certification could be a smart long-term investment in one's career.
What are the benefits of US Certified Public Accountant certification?
The CPA certification is a highly respected credential that indicates that the holder has met rigorous professional standards established by the American Institute of Certified Public Accountants (AICPA). Obtaining this designation requires meeting specific requirements and passing a challenging exam after joining the AICPA.
This internationally recognized qualification offers numerous benefits to practicing accountants, including expanded career opportunities in the US and abroad, increased earning potential, and access to exclusive networking and professional development events. Students seeking to pursue a career in accounting often choose to obtain the CPA certification as it can help them stand out to potential employers and command higher salaries.
CPAs enjoy many advantages, including the ability to offer specialized services such as bookkeeping, tax planning, and payroll services, and the option to teach at colleges and universities. Furthermore, obtaining the CPA designation allows generalist accountants to broaden their knowledge base and specialize in specific areas. It can also make it easier for accountants to attract the attention of prospective employers, as many hiring managers recognize the value of the certification and prefer to hire CPAs.
Overall, earning a CPA designation is a wise decision for those seeking to raise their professional standards, broaden their career horizons, and enhance their earning potential in the field of accounting. Unlike becoming a lawyer or doctor, the requirements for obtaining this certification are not overly burdensome, making it an accessible option for those seeking a prestigious career path without the long educational commitment.
Conclusion:
The Bureau of Labor Statistics projects a significant increase in demand for US CPAs in the coming years, making this a prime time to consider pursuing a career in accounting. According to their predictions, the workforce will require new accountants annually to meet the growing demand. By beginning to prepare for this career now, it is likely that employment opportunities will be plentiful and available in a relatively short amount of time.