Job Security for CPAs: Long-Term Career Prospects and Market Demand

As the highest standard of competence in accounting, a Certified Public Accountant (CPA) license is a huge achievement and a quality assurance symbol to potential employers. To get one, however, you must meet the minimum education and work experience requirements set by a state board of accountancy. Most importantly, you must also pass the CPA exam.¹

Passing the test and getting certified requires enormous determination. Significant monetary investment is necessary, too. Given that you’re already an academic achiever and, very likely, a successful professional, you may wonder about the value of a CPA certification. Is becoming a CPA worth it?

This post will explore the relationship between job security and CPA licensure to help you decide if it’s worth the time and money.

CPA Job Security and Market Demand

A CPA certification requires significant financial investment. Costs of obtaining it, which may vary by state, include the following:²

• Application and examination fees
• Background check fee
• Additional international charges (for candidates outside the United States)
• Rescheduling fees if you cancel the initial appointment

These fees, plus exam preparation expenses, add up quickly. This may lead you to wonder whether the CPA exam is worth the cost. While associated costs can be steep, most employers assist candidates with covering CPA exam expenses. Moreover, with strong job security and high market demand for CPAs, the return on investment can be significant.

Organizations are actively looking for CPAs for their extensive expertise in financial operations, regulations and tax laws.³ Yet, according to Fortune, there are more accountants exiting the profession than there are new ones stepping in.⁴

This shortage means there is now a greater need for CPAs, and the demand is expected to increase further in the future. The Bureau of Labor Statistics predicts that the employment of accountants and auditors will grow by six percent between 2023 and 2033, outpacing the average job growth rate for other careers.⁵

Job Security for CPAs vs. Non-Certified Accountants

All CPAs are accountants, but not all accountants are CPAs. The following are key differences between CPAs and non-certified accountants:⁶

• CPAs are licensed by a state board of accountancy.
• CPAs must meet continuing education requirements to maintain their license and professional competence.
• CPAs are held to a specific code of ethics.

Because of these high standards, governments and organizations recognize CPAs as experts in the field and better qualified to manage accounting procedures. They handle operations that unlicensed accountants can’t, including the following:⁷

• Auditing financial statements for publicly traded companies
• Representing taxpayers during IRS audits
• Preparing audited financial statements to fulfill SEC reporting requirements

Due to their specialized knowledge and exclusive responsibilities, employers find CPAs to be highly valuable team members.⁷ Accordingly, CPAs have stronger job security and higher earning potential as compared to unlicensed accountants. The average annual salary for a CPA in the United States is $91,980, while a non-CPA accountant earns an average of $68,326 per year.^{8, 9} In terms of lifetime earning potential, CPA certification can offer a significant boost of as much as $1,000,000.¹⁰

Long-Term Career Prospects for CPAs

CPAs can do everything their unlicensed peers can. However, some roles are exclusive to CPAs, meaning that earning the certification can open doors to job opportunities that you wouldn’t otherwise qualify for. Career possibilities available to CPAs include the following:

Public Accountant

A public accountant is a professional who helps clients, such as companies, government entities or individuals, manage their finances effectively. Key responsibilities include the following:¹¹

• Analyzing financial information to ensure compliance with applicable regulations
• Advising clients on tax considerations
• Preparing and reviewing financial statements

Within public accounting, CPA certifications are often required to attain a managerial role in audit and tax practices.

Forensic Accountant

Forensic accountants examine the finances of businesses and individuals to reveal evidence of inaccuracies or fraud. Forensic accountants often work for insurance companies, banks or law enforcement. The issues they uncover can be used to resolve disputes or influence court decisions. For this position, primary responsibilities include the following:¹²

• Analyzing financial statements like balance sheets
• Detecting and preventing financial fraud
• Interpreting complex financial data to provide evidence in court cases
• Presenting findings in court as an expert witness

While a CPA title is not mandatory in forensic accounting, it’s one of the most essential certifications in this field. It can help you stand out in the job market and make you more desirable to potential employers.

International Accountant

An international accountant provides financial services to companies that operate across multiple countries or have a global presence. International accounting roles involve ensuring that financial statements comply with the accounting standards of the countries in which the company operates. Most countries, for example, follow the International Financial Reporting Standards (IFRS). However, others, like the United States, use Generally Accepted Accounting Principles (GAAP). Such differences create a need for accountants with deep knowledge of the accounting standards and practices used throughout the world.¹³

Key responsibilities include the following:¹⁴

• Preparing financial statements for international stakeholders
• Verifying the accuracy of financial reports and ensuring compliance with international tax laws
• Advising clients on complex transactions, such as international mergers and acquisitions

Given the complexity of the services international accountants provide, a CPA certification is essential for many international accounting roles.^{13, 14}

External Auditor

External auditors work for third-party auditing firms, such as PwC and Deloitte. They often analyze a company’s financial statements once per year to check if the reports are accurate and compliant with regulations. The role of auditors in ensuring financial integrity involves the following:¹⁵

• Reviewing financial records relevant to the audit
• Testing the effectiveness of internal controls in an organization
• Detecting errors in financial statements
• Reporting accounting fraud or discrepancies

As a CPA license is the highest standard of excellence in accounting,¹ it opens up numerous career possibilities. With a CPA, you can work for nonprofits, corporations, small businesses and even governments, nationally or internationally.³

How CPA Certification Enhances Job Stability

According to McKinsey, nearly every organization now uses artificial intelligence (AI).¹⁶ Many U.S. workers fear that AI technology will replace them.¹⁷ CPAs, however, remain uniquely valuable to employers.

While AI increases automation in accounting, organizations still need highly skilled accountants to oversee automated financial operations. The ongoing shortage of accountants and increasingly complex tax laws that frequently change further boost the demand for Certified Public Accountants.^{4, 18}

Take the Next Step in Your Profession and Become a Leader in the Field

Are you interested in advancing your accounting career by becoming a CPA? DePaul University’s online Master of Science in Accountancy program provides the rigorous coursework needed to prepare you for the CPA exam. You’ll graduate with the knowledge and skills you need to excel as a CPA and move from junior to senior positions with higher earning potential. If you are ready to take the next step in your accounting journey, review our admissions requirements today.