Career Opportunities for Accountants: Is CPA Certification Worth It?

Managing finances isn’t easy, to put it lightly. Even people who are great with numbers can struggle to track their expenses and stay on top of changing tax laws. For businesses, it only gets more complicated, with spreadsheets and paperwork galore. So, it’s no surprise that demand for accountants is expected to grow by 6% between 2023 and 2033, according to the Bureau of Labor Statistics.¹

As finance grows more complex, the bar for accounting roles has risen. While you can qualify for some jobs with only a basic accounting degree, others require advanced expertise. That’s why many professionals are becoming Certified Public Accountants (CPAs). This certification can significantly expand your career opportunities and unlock higher salaries.

Of course, not just anyone can earn a CPA certification—you’ll need to fulfill several requirements. So, is becoming a CPA worth it? Here’s a detailed cost-benefit analysis of CPA certification to help you decide if it’s the right path.

The ROI of CPA Certification 

If you’re exploring careers in accounting, it’s safe to assume you care about numbers. Let’s take a close look at the return on investment for the CPA exam.

Here’s what you can expect to pay for the exam itself:²

• Application fee: This varies by state but usually ranges from $50 to $300
• Exam section fees: The CPA exam has four sections, each usually costing $300 to $400 

Some applicants also need to pay an education evaluation fee. This fee may apply if you earned a degree outside the U.S. or need an evaluator to assess your transcript.³

But that’s not all. The CPA exam is famously challenging, with an average pass rate of just 47.3%.⁴ Many candidates choose to invest in a CPA review course to boost their chances of passing. However, these courses can be expensive, ranging from around $850 to $6,000.⁵

That said, don’t let the sticker price scare you. While the upfront costs of CPA certification can be hefty, the long-term salary gains can more than make up for it. Additionally, most employers —both public and corporate—provide financial assistance to CPA candidates to offset the associated out-of-pocket costs. Some firms also offer a bonus if employees pass the exam on the first try or within a specific time frame.

According to Glassdoor data, here’s how the median total pay of CPAs and non-CPAs stacks up at different career stages:

The numbers don’t lie—CPAs consistently earn more than regular accountants, and becoming certified can increase total career earnings by as much as $1,000,000.⁸

One reason for this disparity is that CPAs often get promoted faster, climbing the ranks to high-paying leadership roles. In 2022, for instance, 43% of Chief Financial Officers at S&P 500 companies were licensed CPAs.⁹ These executives oversee and improve their organizations’ financial operations. While this responsibility is huge, CFOs are often richly rewarded, with a median total pay of $333,000 yearly—a sum that far outweighs even the most expensive CPA review course.¹⁰

So, is becoming a CPA worth it? For many professionals—even those who never reach the C-suite—the answer is a resounding yes.

Expanding Career Opportunities With CPA Certification

The CPA certification value isn’t just about money. This qualification can also unlock engaging career paths, such as the following:

Public Accounting 

It’s no surprise that many Certified Public Accountants work in public accounting—after all, it’s in the name. These professionals often work for accounting firms, supporting a broad range of different clients.

A public accountant may offer a wide range of services, from financial auditing to investment planning. Others specialize in one or two areas. One accountant may focus on forensic accounting, for instance, while another focuses on personal financial planning.¹¹ In public accounting, CPA certifications are often required for accountants to be promoted to managerial positions in audit and tax practices.

Corporate Accounting 

A corporate accountant manages a business’s finances. They oversee many tasks, such as conducting internal audits and ensuring compliance with payroll and tax laws.¹²

Government and Nonprofit Sectors 

At all levels of government, accountants maintain financial records and oversee spending. This may involve auditing taxpayers and preparing reports.¹¹

Nonprofits often hire accountants, too. These organizations need skilled professionals to manage their finances and make sure they spend donations efficiently. Accountants also help nonprofits navigate complex regulations and provide transparent financial data to donors.

Is CPA Certification Worth It? 

While only you can decide if it’s worth becoming a CPA, this certificate offers significant benefits.

One notable benefit is that a CPA certification enhances job security. According to The CPA Journal, “The accounting profession is facing a severe crisis due to a shortage of accountants.” Two main factors are driving this shortage: fewer students are majoring in accounting, and around 75% of accountants are at retirement age.¹³ As the pool of available professionals shrinks, the demand for CPAs is expected to continue to rise.

Of course, CPA certification isn’t the only useful credential in finance. Some professionals become Chartered Financial Analysts (CFAs). This certification focuses on investment analysis and wealth planning.¹⁴ However, becoming a CPA can qualify you for a wider range of roles. If flexibility is your priority, it might be a better fit.

If you are still unsure whether becoming a CPA is worth it, consider following CPAs on social media to learn more about their careers and experiences. Many accountants share day-in-the-life videos and discuss their challenges. This content can help you figure out if becoming a CPA is truly right for you.

Take Jody Padar, for example. She began her career as a tax accountant but later used her expertise to become a finance influencer and author. As the self-styled “Radical CPA,” she helps accountants adopt new technology and financial processes. On LinkedIn, she frequently shares career tips and insights.¹⁵

Take the Next Step on Your Finance Journey 

The evidence is clear: CPA certification is a powerful stepping stone in the finance world that can help you accelerate your career. It can also unlock the potential for higher earnings and enhance job security.

If you are ready to take the next step in your accounting career, consider DePaul University’s online Master of Science in Accountancy. Our rigorous curriculum, taught by expert faculty, covers advanced accounting topics, such as audit analytics and tax research. Through the program, you’ll gain the knowledge and skills needed to pursue CPA certification. To learn more, review our admissions process today.