In North Carolina, becoming a Certified Public Accountant (CPA) is a rewarding and fulfilling career path for those interested in finance, accounting, or aspiring Limited Liability Company owners. CPAs are in high demand and enjoy lucrative salaries, job security, and growth opportunities. In North Carolina, as in any other state, aspiring CPAs must fulfill certain educational, experience, and examination requirements to become licensed. This comprehensive guide will walk you through the steps to Becoming a CPA in North Carolina and provide valuable tips and resources to help you succeed.
Webinarcare Editorial Team will help you gain knowledge through thorough research and market study. Before you become a CPA, all the steps in this article must guide you.
On this page, you’ll learn about the following:
What is a CPA?
A CPA, or Certified Public Accountant, is a professional accountant who meets the educational, examination, and experience requirements to become licensed in North Carolina. CPAs are accounting, finance, and taxation experts, providing valuable services to individuals, businesses, non-profit organizations, and government agencies.
In North Carolina, CPAs are licensed and regulated by the North Carolina Board of Accountancy, ensuring that they adhere to strict professional and ethical standards. CPAs in North Carolina offer a range of services, including but not limited to:
- Tax planning and preparation for individuals, LLCs, and corporations
- Financial statement preparation and analysis
- Auditing and assurance services
- North Carolina Business Consulting
- Internal control and risk management
- Forensic accounting and fraud investigation
As a CPA, one can work in various sectors, including public accounting firms, North Carolina Corporations, government agencies, non-profit organizations, or as a self-employed professional. Regardless of the specific role, a CPA has the necessary knowledge, skills, and expertise to help clients navigate the complexities of financial management and make informed decisions.
To maintain their CPA license in North Carolina, CPAs must also adhere to continuing professional education (CPE) requirements, ensuring that they stay up-to-date with current accounting standards, tax regulations, and industry best practices. This ensures North Carolina CPAs provide their clients with the highest service and expertise.
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How to Become a CPA in North Carolina
Suppose you’re considering becoming a CPA in North Carolina. In that case, it’s important to understand the steps and requirements involved in obtaining your license and starting your professional journey. This step-by-step guide will walk you through becoming a CPA.
Step 1: Fulfill The Educational Requirements
The first step to becoming a CPA in North Carolina is to complete the necessary education requirements. The North Carolina Board of Accountancy requires CPA candidates to hold a bachelor’s degree or higher from an accredited college or university. Additionally, candidates must complete 150 semester hours of college education, including specific coursework in accounting and business.
Accounting Coursework
In North Carolina, CPA candidates must complete at least 24 semester hours in accounting courses, including:
- Financial Accounting
- Managerial Accounting
- Auditing
- Taxation
- Accounting Information Systems
- Governmental or Not-For-Profit Accounting
It is important to note that introductory accounting courses may not be counted towards the 24-hour requirement.
Business Coursework
In addition to accounting courses, CPA candidates in North Carolina must also complete at least 24 semester hours in business-related courses, such as:
- Business Law
- Economics
- Finance
- Management
- Marketing
- Statistics
Some states also require specific coursework, such as North Carolina-specific ethics courses, so check with the North Carolina Board of Accountancy for any unique requirements.
Here is the coursework breakdown for becoming a CPA in North Carolina.
Accounting Coursework | Business Coursework |
Financial Accounting | Business Law |
Managerial Accounting | Economics |
Auditing | Finance |
Taxation | Management |
Accounting Information Systems | Marketing |
Not-For-Profit Accounting | Statistics |
Step 2: Pass The Uniform CPA Examination
After completing the educational requirements, the next step to becoming a CPA in North Carolina is to pass the Uniform CPA Examination on the NASBA website.
The CPA Exam is a comprehensive, four-part test designed to assess a candidate’s knowledge and skills in accounting and business. The four sections of the CPA Exam are:
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
Each section of the CPA Exam is scored on a scale of 0 to 99, with a passing score of 75 or higher required for each section. The CPA Exam is administered by the American Institute of Certified Public Accountants (AICPA) and is offered at Prometric testing centers throughout the United States and, more specifically, in North Carolina.
CPA Exam Application Process
To apply for the CPA Exam in North Carolina, candidates must first create an account with the National Association of State Boards of Accountancy (NASBA). Once an account is created, candidates can submit their applications and send their official college transcripts to NASBA for evaluation. NASBA will then determine the candidate’s eligibility to sit for the CPA Exam based on their education and will provide an Authorization to Test (ATT) once approved. The required fee for the North Carolina CPA exam application costs $774 (4 exam sections) + $230 application fee.
CPA Exam Scheduling
Once candidates receive their ATT, they can schedule their CPA Exam sections at a Prometric testing center. The CPA Exam is offered during four testing windows throughout the year:
- January 1 – March 10
- April 1 – June 10
- July 1 – September 10
- October 1 – December 10
It is important to note that candidates must pass all four sections of the CPA Exam within an 18-month window, which begins upon passing the first section. If a candidate does not pass all four sections within this time frame, they will lose credit for the oldest passed section and must retake it.
Step 3: Complete The Experience Requirement
In addition to education and examination requirements, CPA candidates in North Carolina must fulfill an experience requirement to become licensed. The North Carolina Board of Accountancy requires candidates to complete at least one year (or 2,000 hours) of supervised work experience in accounting, auditing, tax, or management advisory services.
A licensed CPA must supervise the work experience with an active license in North Carolina or another jurisdiction with substantially equivalent requirements. It is important to note that the experience requirement must be completed within a timeframe of, at most, 36 months.
It is recommended that CPA candidates keep detailed records of their work experience, including dates, hours, tasks, and supervisor information. This documentation will be required when applying for licensure with the North Carolina Board of Accountancy.
Step 4: Pass The North Carolina Ethics Exam
Candidates must also pass an ethics exam before becoming a licensed CPA in North Carolina. The North Carolina Board of Accountancy may require a specific ethics course and exam, or candidates may be required to take the AICPA Professional Ethics Exam. This self-study course and exam cover ethical reasoning, independence, integrity, objectivity, and professional conduct. Candidates must score 90% or higher on the ethics exam to pass.
Step 5: Apply For Licensure
Once all educational, examination, and experience requirements have been met, CPA candidates can apply for licensure with the North Carolina Board of Accountancy. Candidates must apply, pay $100 initial license fee, $100 annual renewal, and document their education, examination scores, work experience, and ethics exam completion.
After the North Carolina Board of Accountancy reviews and approves the application, candidates will be issued their CPA license and can begin practicing as a Certified Public Accountant in North Carolina.
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How Much Does a CPA Make?
The salary of a Certified Public Accountant (CPA) can vary greatly depending on factors such as years of experience, industry, company size, and job location. The average salary range for a CPA in North Carolina is between $60,000 and $120,000 annually.
Entry-level CPAs with less than one year of experience can expect to earn an average salary of around $50,000 to $60,000 per year. As CPAs gain experience, their earning potential typically increases. Those with five to nine years of experience can earn an average salary of $70,000 to $90,000 per year, while CPAs with more than ten years of experience can earn upwards of $100,000 or more annually.
In North Carolina, CPAs working in metropolitan areas or specialized industries, such as finance or technology, may command higher salaries than those in smaller cities or industries with lower demand for accounting services.
Additionally, obtaining specialized certifications, such as the Certified Management Accountant (CMA) or Certified Information Systems Auditor (CISA), or pursuing advanced degrees can further increase a CPA’s earning potential in accounting and finance.
FAQs
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How to Save Money While Starting a Becoming Cpa in North Carolina
One of the first steps you can take to save money is to carefully plan your educational path. Research different universities and community colleges that offer CPA programs and compare their tuition fees. Consider attending a school that is more affordable or offers scholarship opportunities to help you cover the costs. Additionally, look into online courses or programs that may be more cost-effective than traditional classroom settings.
Another way to save money while starting your career as a CPA is to take advantage of study materials that are available for free or at a low cost. Many websites offer resources such as practice exams, study guides, and online tutorials that can help you prepare for the CPA exam without breaking the bank. Joining a study group or finding a mentor who has already passed the exam can also be a valuable, cost-effective way to enhance your knowledge and skills.
When it comes to exam fees and certification expenses, be sure to explore all available options for financial assistance. Some employers may offer reimbursement for expenses related to obtaining your CPA license, so it’s important to inquire whether this is a benefit that your current employer provides. Additionally, look into scholarship opportunities and grants that are specifically designed to support aspiring accountants as they pursue their certification.
In order to save money while establishing yourself as a CPA in North Carolina, consider starting your career at a small or mid-sized firm. These firms may offer competitive entry-level salaries and opportunities for professional growth, which can help you gain valuable experience while also starting to build your client base. Working at a smaller firm can also provide more flexibility and the ability to take on a variety of responsibilities, which can contribute to your long-term success as a CPA.
Lastly, be mindful of your personal spending habits and look for ways to cut costs in your daily life. Consider creating a budget and tracking your expenses to identify areas where you can save money. Limit unnecessary purchases, dine out less frequently, and prioritize your savings goals to ensure that you have the financial stability to pursue your career as a CPA in North Carolina.
By taking proactive steps to save money and make wise financial decisions, you can navigate the challenges of starting your journey as a CPA in North Carolina. With careful planning, resourcefulness, and dedication, you can achieve your goals while maintaining financial stability and setting yourself up for long-term success in your career.
Conclusion
Becoming a CPA in North Carolina requires dedication and hard work, but the rewards are worthwhile. With a strong foundation in education and experience, as well as successful completion of the CPA Exam and ethics exam, aspiring CPAs can enjoy a fulfilling and lucrative career in accounting and finance. By following the steps outlined in this guide, you’ll be well on your way to becoming a licensed CPA in North Carolina and making a significant impact in finance.