In Arkansas, 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 Arkansas, 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 Arkansas 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 Arkansas. CPAs are accounting, finance, and taxation experts, providing valuable services to individuals, businesses, non-profit organizations, and government agencies.
In Arkansas, CPAs are licensed and regulated by the Arkansas Board of Accountancy, ensuring that they adhere to strict professional and ethical standards. CPAs in Arkansas 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
- Arkansas 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, Arkansas 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 Arkansas, 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 Arkansas CPAs provide their clients with the highest service and expertise.
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How to Become a CPA in Arkansas
Suppose you’re considering becoming a CPA in Arkansas. 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 Arkansas is to complete the necessary education requirements. The Arkansas 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 Arkansas, 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 Arkansas 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 Arkansas-specific ethics courses, so check with the Arkansas Board of Accountancy for any unique requirements.
Here is the coursework breakdown for becoming a CPA in Arkansas.
| 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 Arkansas 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 Arkansas.
CPA Exam Application Process
To apply for the CPA Exam in Arkansas, 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 Arkansas CPA exam application costs $774 (4 exam sections) + $50 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 Arkansas must fulfill an experience requirement to become licensed. The Arkansas 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 Arkansas 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 Arkansas Board of Accountancy.
Step 4: Pass The Arkansas Ethics Exam
Candidates must also pass an ethics exam before becoming a licensed CPA in Arkansas. The Arkansas 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 Arkansas Board of Accountancy. Candidates must apply, pay $200 initial license fee, $200 annual renewal, and document their education, examination scores, work experience, and ethics exam completion.
After the Arkansas 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 Arkansas.
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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 Arkansas 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 Arkansas, 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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- Become a CPA in Alabama
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- Become a CPA in Arkansas
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- Become a CPA in Maryland
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- Become a CPA in Michigan
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- Become a CPA in Mississippi
- Become a CPA in Missouri
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- Become a CPA in Nebraska
- Become a CPA in Nevada
- Become a CPA in New Hampshire
- Become a CPA in New Jersey
- Become a CPA in New Mexico
- Become a CPA in New York
- Become a CPA in North Carolina
- Become a CPA in North Dakota
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- Become a CPA in Oregon
- Become a CPA in Pennsylvania
- Become a CPA in Rhode Island
- Become a CPA in South Carolina
- Become a CPA in South Dakota
- Become a CPA in Tennessee
- Become a CPA in Texas
- Become a CPA in Utah
- Become a CPA in Vermont
- Become a CPA in Virginia
- Become a CPA in Washington
- Become a CPA in West Virginia
- Become a CPA in Wisconsin
- Become a CPA in Wyoming
How to Save Money While Starting a Becoming Cpa in Arkansas
One of the most effective ways to save money as an aspiring CPA is to prioritize education and training. While getting a college degree and completing the necessary accounting courses are essential steps toward becoming a CPA, it is also important to explore cost-effective options for acquiring the knowledge and skills required for the profession. Consider enrolling in community college courses or online programs, which tend to be more affordable than traditional universities. Additionally, look into scholarship opportunities, grants, and employer tuition assistance programs to help offset education expenses.
After completing the educational requirements, the next step on the road to becoming a CPA is passing the Uniform CPA Exam. This is a crucial milestone that requires careful preparation and study. To save money on exam fees and study materials, consider investing in review courses from reputable providers that offer discounts or promotions. Look for used textbooks and study guides, utilize online resources and practice exams, and form study groups with fellow exam takers to share resources and reduce individual costs.
Once you have successfully passed the CPA Exam, the final step is obtaining your CPA license. This process involves paying licensing fees and fulfilling experience requirements, which can vary depending on the state. In Arkansas, for example, aspiring CPAs must complete 150 credit hours of education, including a bachelor’s degree and at least 30 hours of upper-level accounting coursework. To save money on licensing costs, consider gaining relevant experience through internships or entry-level positions, which may also provide opportunities for professional development and networking.
Continuing education is another essential aspect of maintaining your CPA license in Arkansas. CPAs are required to complete a certain number of continuing professional education (CPE) hours every year to stay current with developments in the industry. To save money on CPE courses, look for free or low-cost options offered by professional organizations, online platforms, and industry conferences. Take advantage of webinars, podcasts, and self-study programs that allow you to earn CPE credits without breaking the bank.
In conclusion, saving money while starting a career as a CPA in Arkansas requires careful planning, strategic decision-making, and a willingness to explore cost-effective alternatives. By prioritizing education and training, minimizing exam and licensing costs, gaining practical experience, and seeking affordable CPE opportunities, aspiring CPAs can navigate the financial challenges of entering the profession with confidence and success. With dedication, resilience, and frugality, you can achieve your goal of becoming a CPA in Arkansas without draining your bank account.
Conclusion
Becoming a CPA in Arkansas 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 Arkansas and making a significant impact in finance.