How many accounting courses are necessary before taking the CPA exam?
I am taking an accounting course at a local community college and if I do well, am thinking about pursuing a CPA. How many courses does it usually take before people can take the exam to be certified?
I’m not a CPA, but I’m also interested in the matter.
You’ll need 24 semester hours in accounting-related subjects and another 24 semester hours in business-related subjects.
Minimum degree required is bachelor’s.
Some states require a minimum of 150 semester hours, which means taking classes after you’ve acquired your bachelor’s degree.
Hope that helps.
Finding employment with little work experience after becoming a CPA?
I’m going to sit for the CPA exam in a couple months. I meet all the requirements to sit for the exam. I don’t have a lot of relevenat work experience, just a year as a business analyst for a large company.
After passing the exam, what are my options?
Do you think it’ll be difficult to find a good paying job?
Thanks.
First you have to pass the test. It took me two tries and that was when there were fewer sections….
As for finding a good paying job, it will depend on your part of the country, what you want to do, etc.
What can a CPA do for you other than your taxes and bookkeeping?
I’m looking to start a business and was hoping for some insight. With software tools like TurboTax, Taxcut, Quickbooks and all that, what other value and benefits can be derived from hiring a qualified CPA outside of doing my taxes and monthly bookkeeping? Thank you.
There are 2 things that a CPA can do for you that no other professional (or software) can.
1) In the event of an IRS Audit, only a JD (lawer), and EA (Enrolled Agent) or a CPA can represent you before the IRS. Other than those, you’re against the IRS yourself! However, the CPA probably knows the accounting (along w/ the tax) implications better than any of those 3.
2) The CPA is the only one who can sign (attest) to audited financial statements. Basically, they REALLY know accounting!
A good CPA can help with investment decisions, as there are tax implications that you probably are not aware of (and those softwares don’t do tax planning/strategies).
Hope that helps.
What is the average annual income for a CPA?
I am a senior in high school and plan to major in accounting then become a CPA. I want to know what the average income for one is.
This is from the U.S. Department of Labor Bureau of Labor Statistics -
Median annual wage and salary earnings of accountants and auditors were $50,770 in May 2004. The middle half of the occupation earned between $39,890 and $66,900. The top 10 percent of accountants and auditors earned more than $88,610, and the bottom 10 percent earned less than $32,320. In May 2004, median annual earnings in the industries employing the largest numbers of accountants and auditors were as follows:
Federal executive branch and United States Postal Service $56,900
Accounting, tax preparation, bookkeeping and payroll services 53,870
Management of companies and enterprises 52,260
Local government 47,440
State government 43,400
According to a salary survey conducted by the National Association of Colleges and Employers, bachelor’s degree candidates in accounting received starting offers averaging $43,269 a year in 2005; master’s degree candidates in accounting were offered $46,251 initially.
According to a 2005 salary survey conducted by Robert Half International, a staffing services firm specializing in accounting and finance, accountants and auditors with up to 1 year of experience earned between $28,250 and $45,000 a year. Those with 1 to 3 years of experience earned between $33,000 and $52,000. Senior accountants and auditors earned between $40,750 and $69,750, managers between $48,000 and $90,000, and directors of accounting and auditing between $64,750 and $200,750. The variation in salaries reflects differences in size of firm, location, level of education, and professional credentials.
What is a typical billing rate for a CPA with the big 4?
I am a CPA and looking for some support on my own billing rates. I am much less than them, but have low overhead.
I have about 12 years’ experience and am on par as far as experience and ability as those from Big 4. (I have worked with many peers from Big 4, on the company side of audits and certain deals). Honestly, I am not being cocky, but I know my abilities.
Hard to answer without knowing where you live and what level to compare against. I can tell you that Big4 firms in Los Angeles have unbelievable billing rates but end up writing off 40-60% of them in the end. Realistically, can you support a tax person with three years of experiance billing $425 an hour? Billing rates are a poor yardstick.
What you should consider is working backwards. Ask yourself how much you want to make and how many billable hours you realistically expect to have in a year (be conservative). Division gives your rate.
Is it a requirement to take the CPA exam to become an actual accountant?
How important is it? The differences in pay? How hard is the CPA? Amount of studying? Any details opinions or experiences are very much appreciated!
You can still do public accounting without a CPA but only under the supervision of an actual CPA. The difference in pay at entry level wont be that big but after ten years or so it will be significantly different since your responsibilities are capped without a CPA, meaning too that your pay is essentially capped. You might also want to open your own accounting shop once you gain experience too, but you can’t do that without having your CPA.
CPA itself is hard, but not impossible for anyone who did well in their accounting coursework. The best way to study is to just make sure you do well in all your courses to begin with… people who struggle with the CPA usually are the ones who got C’s and even D’s in their accounting coursework and so have a vague understanding of the processes. They struggle throughout, while the ones who got A’s and B’s usually only need a mild review course. Understand that you only need a score of 75% to pass the test sections of the CPA and you can retake them.
Should’nt a CPA that offers bkking services provide you with monthly financial statements?
Since we have been in business (8mths) we have not received one monthly financial statement from the CPA bookkeeping services. They have charged employee reimbursements to payroll and withheld taxes. They have caused us numerous penalties in late payroll taxes. What should we do?
Find someone else and consider a lawsuit for malpractice if it will cost you to get things straightened out.
I have a start up business, its a partnerhip? Should I go to a cpa or can I use turbo tax and do it myself?
I really didnt make much last year from the business but I had expenses on equipment, stationary,promotions to get it going. Is it something I can do myself on turbo tax for deductions or should I go with a CPA to get it right?
Doing a partnership return is a bit more difficult than a individual return. You can give it a try so you know how difficult it will be.
You can download the 1065 forms from www.irs.gov to see what they look like but to undestand all the available deductions (like Section 179 on Form 4562) it would take a while to get up to speed. Turbo Tax can accelarate the learning process.
Also, if you have a small business it may make sense to go to a CPA in order to have an advisor for other things. For instance, payroll and other business related questions like insurance.
Why does California require a CPA license on the Ficticious Name application form?
Is the CPA license number requied to register a business whose name is other than mine?
(This is required by banks to open a business checking account)
Is the business a CPA, then it is probably required.
If it isn’t a CPA firm, the field would not be necessary or relevant.
What is the advantage of being a CPA versus just having a bachelor’s in accounting?
If the grad school I want to attend does not offer a master’s in accounting, but my undergrad major is accounting, is there still any point in attending that grad school, like for a business administration major or anything like that? If I want to have a good resume to get a good accounting job is it a bad idea to not take the CPA?
You can get good accounting jobs without the CPA designation but it does make you more marketable to have it. CPAs are getting to be harder to come by and are in demand. I’m not even looking and have been approached by headhunters seeking CPAs to fill positions.