Can You Become a CPA with a Finance Degree?

Introduction

A Certified Public Accountant (CPA) is a licensed accountant who has met the educational, experience, and examination requirements set by their state board of accountancy. CPAs provide a range of services, such as auditing, tax preparation, and financial planning. Earning a CPA license requires completing specific educational and professional requirements, as well as passing the Uniform CPA Exam.

If you have a degree in finance, you may be wondering if you can become a CPA. The answer is yes, it is possible to become a CPA with a finance degree. In this article, we’ll explore the benefits of earning a CPA license while holding a degree in finance, the path to becoming a CPA with a degree in finance, and the requirements for becoming a CPA with a finance degree.

Benefits of Earning a CPA License While Holding a Degree in Finance

Earning a CPA license while holding a degree in finance provides several benefits. Here are some of the advantages of becoming a CPA with a finance degree:

Understanding the Financial System

Having a degree in finance provides greater knowledge of the financial system. According to a study by the American Institute of CPAs (AICPA), “CPAs with a degree in finance were able to understand and analyze financial information more effectively than those without a finance degree.” This understanding of the financial system allows CPAs to better serve their clients and provide them with accurate advice.

Increased Job Security

Holding a CPA license increases job security. According to the AICPA, “CPAs with a degree in finance have higher job security than those without a finance degree.” This is because CPAs with a degree in finance possess the necessary skills and knowledge to handle a variety of tasks, from bookkeeping to tax preparation. As a result, they are more likely to be employed in challenging and rewarding positions.

Higher Earnings Potential

CPAs with a degree in finance also have a higher earnings potential than those without a degree. According to a survey by the National Association of State Boards of Accountancy, “CPAs with a degree in finance earned an average of $73,000 per year, compared to $68,000 for CPAs without a finance degree.” This higher earnings potential is due to the increased knowledge and skills that come with a finance degree.

How to Maximize Your Financial Education and Become a Certified Public Accountant

In order to maximize your financial education and become a CPA with a degree in finance, there are certain steps you should take. Here are some tips for achieving your CPA license with a degree in finance:

Taking Relevant Courses

The first step in maximizing your financial education is to take relevant courses. Taking courses related to accounting, taxation, auditing, and financial statement analysis will give you a better understanding of the topics you’ll need to know in order to pass the CPA exam. Additionally, taking courses in other areas such as business law, economics, and management will help you gain a broader knowledge base.

Pursuing Additional Certifications

Another way to maximize your financial education is to pursue additional certifications. These certifications can demonstrate your expertise in specific areas and provide you with a competitive edge when applying for jobs. For example, pursuing a Certified Management Accountant (CMA) certification or a Certified Internal Auditor (CIA) certification can show prospective employers that you have the knowledge and skills needed to succeed in these roles.

Gaining Experience Through an Internship

Finally, gaining experience through an internship is another way to maximize your financial education. An internship can provide you with real-world experience in the field of accounting and give you the opportunity to learn from experienced professionals. Additionally, internships can help you develop your professional network, which can be invaluable when searching for a job.

The Path to Becoming a CPA with a Degree in Finance: What You Need to Know

Once you’ve taken the necessary steps to maximize your financial education, it’s time to start the process of becoming a CPA with a degree in finance. Here’s what you need to know about the path to becoming a CPA with a degree in finance:

Meeting the State Requirements

The first step in becoming a CPA with a degree in finance is to meet the state requirements. Each state has its own set of requirements for becoming a CPA, so it’s important to check with your state board of accountancy to ensure that you meet all of the necessary requirements. Generally, these requirements include completing a certain number of hours of college-level coursework, passing the CPA exam, and obtaining a certain amount of work experience.

Passing the CPA Exam

The next step in becoming a CPA with a degree in finance is to pass the CPA exam. The CPA exam consists of four sections: Auditing & Attestation, Business Environment & Concepts, Financial Accounting & Reporting, and Regulation. To pass the CPA exam, you must score at least 75 out of 100 on each section. It’s important to note that the CPA exam is a demanding test, so it’s important to prepare thoroughly before taking it.

Obtaining a License

Once you’ve passed the CPA exam, the final step in becoming a CPA with a degree in finance is to obtain a license. To obtain a license, you must submit an application to your state board of accountancy and pay the appropriate fees. Once your application is approved, you’ll be issued a CPA license, which allows you to practice public accounting in your state.

Is It Possible to Become a CPA with a Finance Degree?

Yes, it is possible to become a CPA with a finance degree. A degree in finance provides the knowledge and skills needed to pass the CPA exam and obtain a license. Additionally, a finance degree can provide you with a deeper understanding of the financial system, increased job security, and higher earnings potential.

Overview of Requirements

In order to become a CPA with a degree in finance, you must meet the state requirements, pass the CPA exam, and obtain a license. Additionally, you should take relevant courses, pursue additional certifications, and gain experience through an internship in order to maximize your financial education.

Advantages of Having a Finance Degree

Having a degree in finance can provide you with several advantages. These include a greater understanding of the financial system, increased job security, and higher earnings potential.

Disadvantages of Having a Finance Degree

There are some disadvantages to having a degree in finance. For example, depending on the state, you may be required to complete additional coursework or take additional exams in order to become a CPA. Additionally, if you don’t have any experience in the field of accounting, you may find it difficult to pass the CPA exam.

Achieving Your CPA License as a Finance Major: What You Should Consider

When considering how to achieve your CPA license as a finance major, there are a few things you should keep in mind. Here are some tips for achieving your CPA license as a finance major:

Knowing the Application Process

It’s important to familiarize yourself with the application process for becoming a CPA. This includes understanding the different requirements for each state and knowing how to apply for the CPA exam. Additionally, you should research the fees associated with the application process and make sure you have the necessary documents ready to submit with your application.

Understanding the Exam Process

It’s also important to understand the CPA exam process. This includes knowing which sections of the exam you need to pass, familiarizing yourself with the exam format, and studying for the exam. Additionally, you should research the fees associated with taking the exam and make sure you have the necessary documents ready to submit with your application.

Preparing for the CPA Exam

Finally, it’s important to prepare for the CPA exam. This includes studying for the exam, taking practice tests, and using resources such as textbooks and online courses to hone your skills. Additionally, you should create a study plan and stick to it in order to maximize your chances of success.

Requirements for Becoming a CPA with a Finance Degree

In order to become a CPA with a degree in finance, you must meet the following requirements:

Educational Requirements

You must meet the educational requirements set by your state board of accountancy. Generally, these requirements include completing a certain number of hours of college-level coursework.

Professional Requirements

You must also meet the professional requirements set by your state board of accountancy. Generally, these requirements include obtaining a certain amount of work experience.

Testing Requirements

Lastly, you must pass the CPA exam in order to become a CPA. The CPA exam consists of four sections, and you must score at least 75 out of 100 on each section in order to pass.

Conclusion

Becoming a CPA with a degree in finance is possible. By taking relevant courses, pursuing additional certifications, and gaining experience through an internship, you can maximize your financial education and increase your chances of success. Additionally, it’s important to familiarize yourself with the application process and exam process for becoming a CPA, and to make sure you meet all of the educational, professional, and testing requirements set by your state board of accountancy.