There is a distinct shortage of people looking to pursue a career in accounting, according to a recent article in The CPA Journal by Drs. Jacqueline A. Burke and Ralph S. Polimeni. However, the right degree program, such as an online Master of Business Administration (MBA) in accounting, could provide the advanced skills and opportunities students seek.
In today’s competitive landscape, an online MBA in accounting offers the flexibility to balance a career with a personal life while on the path to long-term success in accounting and financial management. For example, Longwood University’s online MBA with track in Accounting program could be the starting point for your future CPA journey, blending advanced business acumen with specialized accounting knowledge.
According to the NYS Society of CPAs, the number of people who took the Certified Public Accountant (CPA) exam in 2022 was the lowest in 17 years, causing concern among businesses relying on qualified accountants. This shortfall in CPA exam takers is happening even though pursuing a CPA designation is a transformative step for anyone looking to succeed in the financial world. But what is the ideal path for future professionals looking to take this next step?
What Is a CPA?
Some may not know what a CPA is or does. According to True Tamplin in an article from Finance Strategists, a CPA is a certification in the financial industry from the American Institute of Certified Public Accountants (AICPA). The title of CPA is “granted to accounting professionals in the United States who have demonstrated proficiency in accounting and auditing through a rigorous examination and subsequent licensure process,” Tamplin states.
Businesses of all kinds rely on CPAs to conduct important business, which can include offering strategic recommendations to help ensure an organization’s growth and compliance, according to CPA Ontario. This means that CPAs have many possible options in how to go about pursuing a career that is right for them.
Career Benefits of Passing the CPA Exam
Despite the recent decline in CPA exam takers, becoming a CPA remains a desirable career goal for many reasons. For one thing, CPAs can expect to have increased professional opportunities in both the short and long term, according to Surgent. As elite credentialed professionals, CPAs also have increased earning potential. Surgent states, “Having a CPA license also opens the doors to more benefits, whether that comes in the form of better benefits for a higher ranking job or through negotiating power. Since CPAs are in higher demand than their non-CPA counterparts, CPAs can negotiate better benefits, including flexible work schedules and vacation time.”
In addition, CPAs can expect job stability in the future. Despite the rise of automation that threatens some professions, Surgent points out that people with critical and creative thinking skills — like those who have earned a CPA credential — will have an edge over automated systems. “Even in economic downturns, the CPA is a powerful certification, and you’ll find stability within the profession at all points during your career,” according to Surgent.
Remove Barriers to Achieving CPA Requirements With an Accounting MBA Online
Despite the career benefits, there are some potential barriers for anyone who wishes to pass the CPA exam, which could explain the current shortage of aspiring CPAs. In the article from The CPA Journal, Burke and Polimeni point out several factors at play, including the fact that CPAs must achieve 150 credit hours of education, which could be a significant barrier to entry. “Many would agree that the most significant reason for the decline in accounting majors is the 150-hour requirement,” Burke and Polimeni explain. This problem is additionally compounded by the high cost of education.
However, these barriers to entry in the field of accounting are not insurmountable. For example, the online MBA with track in Accounting from Longwood University provides the flexibility necessary to invest in your future success while allowing professional stability. For those looking to deepen their knowledge of accounting principles and prepare for a rewarding career as a CPA, Longwood University’s program might be the perfect fit.
Learn more about Longwood University’s online MBA with track in Accounting program.
