Why bother with a CPA Designation? Let’s dive in.
Career paths are like fingerprints; they’re as unique to the individual as the tiny ridges, whorls and valleys on the tips of our fingers. But without a crystal ball, it’s impossible to predict the exact trajectory of your career over the next three to five decades.
Consider that from the moment you start your education to the time of completion, entire industries may have vanished, and others emerged. Innovative technology is constantly disrupting markets. For example, DVDs, flip phones, CRT televisions and even iPods were rapidly adopted, and then abandoned, in as little as ten years.
Gain control over your career path
While market forces may be out of your control, you do have a great deal of agency over your career path through the choices you make in acquiring skills, experience and education. Speaking from personal experience, there is one professional designation that will not only give you the status of an elite finance professional, it will endow the skills to serve you well in any business role: the Chartered Professional Accountant (CPA).
What does a CPA Designation do?
A CPA is a designated accounting professional who works with businesses, other organizations and individuals to achieve their financial goals. As a trusted financial advisor, a CPA assists organizations with financial statements, tax services, audit/assurance services and other financial management services.
Even if you do not wish to become an accountant, the CPA designation will open up doors, whether you aspire to a C-suite position, or you’re an entrepreneur forging a new path for everyone else to follow. Although the certification is challenging, take a look at four of the advantages a CPA designation will give you in your career path.
1. A highly respected credential
Organizations around the globe recognize the value of a CPA designation, because a CPA has achieved a high standard of education, completed work experience requirements, passed a stringent exam and is committed to following a code of ethics.
With a CPA, you’ll be in demand as an individual with a well-respected credential. In addition to opening up a wider variety of career choices, earning a CPA also offers expanded opportunities in your home country and abroad – in all industry sectors.
2. Transferrable skills
The CPA designation can be a stepping stone to other career opportunities. If your ambition is to work at the upper corporate levels, then the financial, management, problem-solving, strategic thinking and communication skills gained, and knowledge learned, while acquiring a CPA will support the roles of Chief Financial Officer (CFO), Chief Operating Officer (COO) and the highest ranking executive, the Chief Executive Officer (CEO).
For those who have an entrepreneurial streak and intend to launch a start-up, a CPA designation provides investors with confidence in your abilities to open and run a new business venture. It also gives you the capability to formulate and explain insights on financial strategies, so that you can show how your product or service will be profitable.
3. Increased earning potential with a CPA Designation
Over the lifespan of a career, a CPA designation will increase earning potential. And, as you gain professional experience, expect to be able to negotiate more sizeable raises, better benefits, and advancement than colleagues without this designation.
For example, in a 2017 Member Compensation Study of Canadian CPA members, the median annual compensation was $107,000, and the average annual salary of members was $146,000.
4. Future-proof your career
Disruption of markets, particularly through technological developments, can negatively and positively affect careers. Short of having the kind of prescience that comes from being able to time travel into the future, a CPA credential helps you to future-proof your career against economic downturns and seismic market shifts.
Many processes, including those in the accounting field, will become automated. However, changing business environments will always demand leaders who are critical thinkers. Professionals with a CPA are trained to problem-solve by analyzing and interpreting financial figures, and providing innovative solutions. As yet, only humans have the ability to solve sophisticated problems to complex enterprise or non-profit organization issues.
Ultimately, the CPA education and accreditation provides so much more than accounting and finance skills, particularly if you don’t even want to go into accounting; it offers a foundation of expertise and knowledge for professionals and entrepreneurs wanting to develop into business leaders, executives and change-makers in every sector worldwide.
Do you think the CPA Designation is worth it?
Is this versatile designation the next task on your to-do list? Investing time and energy into advancing your career and growing your knowledge base is almost always worth it.
“Change is the end result of all true learning.”
― Leo Buscaglia.
About the Author
Ashiq Ahamed is the Founder & Managing Partner of SolvedAF Consulting Inc., a boutique consulting firm providing IT consulting, growth advisory, and digital transformation services. As a strategic, delivery-focused leader, he works with organizations to change their thinking when it comes to technology, implementing solutions that achieve organizational efficiencies and improve the end user experience.
Known for his ability to see the big picture, Ashiq draws on his expertise to help organizations align their technology with their business goals.
Learn more about SolvedAF at www.solvedaf.com.
If you are curious to learn more, reach out to us for a chat.