If you’re a number cruncher, accounting can be an enticing career that can bring long-term job security with a decent salary.
The field can put you on the front lines working with clients of all sizes—from families to multinational corporations—in helping make financial decisions. However, becoming a CPA is not as easy as simply becoming an accountant. It has requires certain level of education, exam passage requirements, and professional work experience. But, in the end, it can be extremely rewarding—with higher-paying salaries and added trust from clients.
While there are ways to get started in accounting via a traditional degree or CFA pathway—such as entry-level work as a clerk or assistant—one may encounter roadblocks.
"...not having a degree or license in the field can, at times, limit your options when it comes time to apply for jobs in certain industries, companies, or scale in your career," Chris Lovell, career expert at SoFi Technologies says.
So, if you’re leaning toward the CPA route, here are 5 steps to follow:
1. Figure out: is accounting right for you?
Getting into accounting can take years of learning as well as thousands of dollars to eventually achieve the CPA designation. However, thousands of individuals each year consider the journey worth it. Many high-paying accounting jobs require individuals to be CPAs, and it also brings a sense of trust and proof of your immense expertise.
The U.S. Bureau of Labor Statistics notes that the median pay for accounts and auditors is $79,880—but CPAs tend to be the ones that are able to achieve numbers in the six-figures, especially when at a top firm.
The American Institute of Certified Public Accounts defines a CPA as a “trusted financial advisor who helps individuals, businesses, and other organizations plan and reach their financial goals,” and adds that CPAs work in public accounting, business, government, nonprofits, and education.
If all of this strikes your interest, then becoming a CPA may be the right path for you.
2. Pursue a bachelor’s or master’s degree
Arguably one of the most important parts of the journey to become a CPA is pursuing a degree. For those early in their education career, seeking a bachelor’s in accounting is a great way to go. Programs at dozens of institutions across the country offer tracks structured just for those seeking to become a CPA. Before picking a school, you certainly should do your research on programs’ goals and success.
To become a CPA, a majority of states require 150 credit hours of education at an accredited college of university. A master’s degree is often part of this process as some programs have built it in.
However, the AICPA notes that pursuing a master’s degree is not required, but a graduate degree, such as a master’s in business administration (MBA) or master’s in accounting (MACC) can help individuals seek further career and salary opportunities.
But for those who didn’t study accounting as an undergraduate—don’t worry, many master’s programs are also designed for those without any accounting experience and can lead you to the CPA designation.
3. Study for and pass the CPA exam
The Uniform CPA Examination is notoriously difficult, but it is an essential part of becoming a CPA.
It has historically consisted of four, 4-hour sections. In 2024, the topic selection was slightly revised. Students are required take three 4-hour sections:
- Auditing and attestation (AUD)
- Financial accounting and reporting (FAR)
- Taxation and regulation (REG)
Then, students can pick the final 4-hour section:
- Business analysis and reporting (BAR)
- Information systems and controls (ISC)
- Tax compliance and planning (TCP)
Individuals must score at least a 75 on each section (scoring is a scale 0 to 99) from a combination of multiple-choice questions (MCQs) and task-based simulations (TBSs).
In order to get a satisfactory score, experts recommend studying between 80–100 hours per section, for a total of 400–500 hours. While this may seem like a lot, students in an accounting degree program may directly and indirectly meet these levels of exposure. It is also very typical to continue working while studying for the examination.
The number of individuals pursuing a CPA has fluctuated over the years. However, since 2016 the number of unique candidates has decreased year-to-year.
View this interactive chart on Fortune.com
4. Obtain real-world experience
In addition to education and the examination, states require CPA candidates to have at least one to two years of real-world accounting experience before they can receive the CPA designation. This work can typically be conducted in a variety of settings, including public firms, government, private industry, or educational institutions, and can be in areas like accounting, attestation, or taxation. Importantly, individuals must be supervised by a CPA.
Plus, getting hands-on experience, Lovell says, will only help you in your future job search as an accountant.
5. Renew and pursue lifelong learning
The world of accounting is constantly changing. Not only are tax laws and regulations revolving every year, but so is the technology that can make navigating the space easier. For you to be the best CPA, you should be always on the look for ways to improve your skills. Not only will this help you be the best employee and be eligible for promotions, but it also will help you simply be more efficient and hopefully enjoy your job.
Don’t forget that your CPA certification does not last forever. It depends on the state, but you must renew your license every two to three years. Moreover, your state may also require you to engage in continuing professional education courses.
The takeaway
It is also important to remember that becoming a CPA is not free; in fact, it can add up to be quite expensive. While it again depends on each state, the initial application fee can cost around $100-300. Individuals may then be charged for each CPA exam section ($200-$300 each). And finally getting your license—as well as renewal—can cost a few extra hundred dollars. All in all, students may spend over $1,000 in fees alone—not to mention what you may pay for your degree and additional exam preparation.
While becoming a CPA may be a difficult feat, it is a challenge that has reward at the end: a potentially high-paying job as a skilled accountant.
Frequently asked questions
Is the CPA exam hard?
Yes, the CPA exam is difficult. The pass rate for the core sections is only about 50%. Because the examination is quite expensive, it is important that you do your due diligence when preparing for the exam.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
What does it take to become a CPA?
To become a CPA, you must generally obtain 120-150 education credits from an accredited higher education institute, pass the CPA exam (four sections), and obtain at least one year of professional work experience.
Is the CPA exam hard?
Yes, the CPA exam is difficult. The pass rate for the core sections is only about 50%. Because the examination is quite expensive, it is important that you do your due diligence when preparing for the exam.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
How long does CPA take to complete?
Becoming a CPA is a years-long endeavor. Not only must you obtain a degree, but you must take and pass an extensive exam, and obtain at least a year of professional work experience.
What does it take to become a CPA?
To become a CPA, you must generally obtain 120-150 education credits from an accredited higher education institute, pass the CPA exam (four sections), and obtain at least one year of professional work experience.
Is the CPA exam hard?
Yes, the CPA exam is difficult. The pass rate for the core sections is only about 50%. Because the examination is quite expensive, it is important that you do your due diligence when preparing for the exam.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
