A Career Change for the Burnt Out Investment or Stock Broker
The world of the investment broker can be both exciting and demanding. In this tough economy it is harder than ever to keep pace with the momentum needed to sustain the impressive salaries that were available before many of the markets collapsed in 2008. For brokers who want to try their hand at something a little less pressure-filled and a lot more versatile, a job change into a career as a CPA just may be the right prescription for professional burnout.
1. Benefits and Salary
While a broker’s salary is dependent on fees acquired through client investment, a CPA can achieve income from being a salaried partner in a firm, providing consulting services, or working for a governmental agency in a variety of roles. While benefits will vary from location to location, CPAs working for firms and governmental organizations typically have better than average benefits packages with vacation time that accrues with years of service.
The U.S. Bureau of Labor Statistics reports that demand for professionals who work in financial planning will rise much faster than average, at 32% over the next decade, with a current median salary in the mid $60,000. Generally full CPA licensure can boost earnings by at least 10% or more. Financial planning is just one of many growing areas for CPA’s. With full licensure comes increased respect and client trust. If a career changer is looking for a field with versatility and multiple possible career paths, becoming a CPA and developing in a niche area can be a perfect fit.
2. Work Environments
While a broker generally works in a high pressure environment, many CPAs can actually choose how intense their work situation will be. From being part of a small firm to working for a large multi-national corporation, many options are available. The American Institute for Certified Public Accountants provides information about the requirements needed to sit for the standard CPA exam. In addition to the standard exam taken by all aspiring CPAs they also offer certifications in a variety of specialty areas ranging from taxation to environmental accounting. Full credentialing will vary from state to state and from specialty to specialty.
3. The Time is Right to be a CPA
Recent economic upheavals created more opportunities for CPAs across all niche areas in just about every industry. For large companies interested in improving their triple bottom line ratings with consumers, investing in a reputable CPA means leveraging increased consumer confidence. For career changers in 2015, like brokers, who are already used to a similar field and who are used to the regulations that govern financial institutions, becoming a CPA offers a unique opportunity to transfer highly marketable skills to new and exciting career paths.
Online courses designed to update and fill gaps in study content, as well as online CPA review materials, are a perfect option for professionals who need to remain employed in one area while preparing for a new and rewarding change of pace. Through reputable online CPA review courses, such as those offered through CPA Review, professionals can obtain the information needed to increase the chances of passing the rigorous examination process the first time around. The overall pass rates for each section of the exam are very low. About 49% of test takers actually pass. Knowing the difficulty level, one cannot afford to make common errors. Since there are so many CPA review providers to choose from, ensuring you don’t pay for the wrong review course is critical. The cost of having to take the same exam over or multiple times can quickly add up.
Readers of this article also read: What Is the Process of Applying for the CPA Exam and for Licensure & What Are the CPA Exam Black Out Dates