Advantages of a CPA Review and the CPA Exam for Accountants
For those working in the financial reporting field, there is a distinct difference between an accountant and an accountant who holds the CPA certification. It goes without saying that becoming a CPA takes a considerable amount of work, both in additional classes and literally hundreds of hours spent preparing for the exam. However, the investment to become a CPA may open doors of opportunity for those who are considering expanding their accounting career as well as increasing their salary.
Colloquially, many people use “accountant” and “CPA” without much thought, but there is a difference. Not only do CPAs have to pass a rigorous course load in college, but after gaining a year's worth of real-world work experience, they have to prepare for a four-part exam that covers a myriad of topics. The work is not over when the exam has been passed. Once the title of a CPA has been earned, those individuals must hold to the highest standards of ethics and conduct as well as regularly complete continuing education classes to make sure that they understand changes in regulations and reporting principles. While becoming a CPA may seem like a lot of work, it can also open doors of opportunity for those who successfully complete the education and exam. In high demand, CPA's offer the most valuable and practical assistance for every type of business. Small businesses, in particular, look to their CPA's to provide not only tax advice but also to provide systematic business strategy, financial advice and to assist with investments. Clearly, becoming a CPA offers a much broader base of duties than simply calculating the amount money earned and spent by an organization. One of the best ways for an accountant to become familiar with the responsibilities of a CPA is to fully adequately prepare for the CPA exam. 400 to 500 hours are required to prepare for the exam which covers a broad amount of topics that encompass every aspect of accounting, from reporting to regulations. During the exam preparation, CPA candidates are tested on the following subjects which represent the four
sections of the test:
- Auditing and Attestation
- Financial Accounting and Reporting
- Business Environment and Concepts
For currently employed accountants, many of these topics may represent new concepts to learn. Though many of these subjects may have been covered during college coursework, accountants working in the field may have had little or no contact with some of the theories covered in the exam, depending on their individual specialty that is. In this case, a CPA review will provide additional information and expertise that will help the CPA candidate not only on the exam but in their work as a new CPA performing in the real world. Obtaining the CPA credential does much more than simply add three letters to the end of a name. As a matter of fact, it increases your salary potential by
more than $20,000. In addition, CPA's are considered trustworthy, critical business advisers for organizations in every industry. Though there will be additional education required, coupled with 400 to 500 hours of exam preparation, current
accountants stand to gain worlds by passing the Uniform CPA Exam.