A Certified Public Accountant (CPA) is very vital in any business. Both small and big time businesses rely on CPAs and their extensive knowledge of financial management to budget, audit, and analyze the company’s financial status. CPAs play a diverse and complex financial management role. They are in charge of auditing and checking all financial reports. It is their task to assure all reports are accurate and do not have discrepancies. CPAs also perform other duties like bookkeeping and financial planning.
Duties and Responsibilities
There are several responsibilities performed by a CPA. Generally, CPAs maintain and audit company financial records. They are very knowledgeable in bookkeeping, taxes, government audits, and financial planning. It is the CPA who oversees budgets and financial management, ensures the accuracy of financial records, and checks whether all investments, expenditures, and revenues are filed without discrepancies.
CPAs provide general financial management assistance to businesses. They research and analyze the company’s financial reports. They create a concrete financial plan wherein they provide suggestions on how the company could save money. CPAs follow a strict code of ethics and give their clients ethical financial advice, which guarantees financial stability for the company.
Skills and Education
Being a math geek is not necessary to be a good CPA. As long as you are comfortable working with numbers, you can be successful in this field.
Aspiring CPAs are required to have a bachelor’s degree in accounting, finance, or other related field. Bigger companies and corporations often require a master’s degree. Naturally, they should’ve passed the CPA exam. Work related experience is always an advantage.
CPAs are required to take over 120 hours of continuing education courses. It should be done once every three years. This is to keep them updated with any changes in their profession.
New graduates must take the CPA exam first before practicing accounting. In addition, the candidate should have completed over 150 hours of college coursework.
In order to be a successful CPA, a candidate should have excellent communications skills, can relate to people, and must demonstrate superior academic achievement. Computer literacy works as an advantage as well. CPAs must be patient and extremely accurate especially when dealing with numbers. He must have high ethical standards, honesty and integrity.
Work Conditions and Salary
CPAs work about 35 to 40 hours per week in an office-type setting. They generally work during regular business hours. However, candidates must also be prepared to work overtime especially during tax seasons. This position involves frequent client contact and travel.
There are plenty of job opportunities for CPAs. Aside from businesses and corporations, a CPA could work for Forensic and Fraud Accounting, which deals with investigations related to business issues. Some CPAs get promoted to higher positions, which could get as high as the CEO position.
Salary depends on the CPA’s educational background, years of experience, and the company he is working at. CPAs generally earn about $50,770 per year. Those with one to three years of experience may be paid lower. And those working for large firms are paid higher. Partners in public accounting firms can earn around $175,000 annually. CPAs are given benefits, which includes paid vacations, health and life insurance, and pension plans.
