In Delaware, 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 Delaware, 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 Delaware 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 Delaware. CPAs are accounting, finance, and taxation experts, providing valuable services to individuals, businesses, non-profit organizations, and government agencies.
In Delaware, CPAs are licensed and regulated by the Delaware Board of Accountancy, ensuring that they adhere to strict professional and ethical standards. CPAs in Delaware 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
- Delaware 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, Delaware 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 Delaware, 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 Delaware CPAs provide their clients with the highest service and expertise.
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How to Become a CPA in Delaware
Suppose you’re considering becoming a CPA in Delaware. 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 Delaware is to complete the necessary education requirements. The Delaware 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 Delaware, 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 Delaware 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 Delaware-specific ethics courses, so check with the Delaware Board of Accountancy for any unique requirements.
Here is the coursework breakdown for becoming a CPA in Delaware.
| 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 Delaware 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 Delaware.
CPA Exam Application Process
To apply for the CPA Exam in Delaware, 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 Delaware CPA exam application costs $774 (4 exam sections) + $100 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 Delaware must fulfill an experience requirement to become licensed. The Delaware 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 Delaware 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 Delaware Board of Accountancy.
Step 4: Pass The Delaware Ethics Exam
Candidates must also pass an ethics exam before becoming a licensed CPA in Delaware. The Delaware 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 Delaware Board of Accountancy. Candidates must apply, pay $200 initial license fee, $200 biennial renewal, and document their education, examination scores, work experience, and ethics exam completion.
After the Delaware 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 Delaware.
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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 Delaware 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 Delaware, 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 Delaware
One of the first steps in saving money while starting a career as a CPA is to carefully research and compare study materials for the CPA exam. There are a variety of resources available, from online courses to study guides and practice exams. By taking the time to research these options and choose the ones that are most cost-effective, you can significantly reduce your expenses.
Another way to save money while preparing for the CPA exam is to take advantage of any available discounts or promotions. Many companies that offer study materials for the exam also frequently run sales or promotions, so be sure to keep an eye out for these opportunities. Additionally, some employers may offer reimbursement for exam preparation materials, so be sure to inquire about this possibility with your current or future employer.
Once you have passed the CPA exam and obtained your license, the next step is to establish your own practice. While this can be a costly endeavor, there are several ways to save money in the process. One option is to start small and gradually expand your practice as your client base grows. This can help you avoid taking on unnecessary expenses early on, allowing you to reinvest your profits back into your business.
Additionally, consider renting office space or sharing an office with other professionals to save on overhead costs. By splitting rent and utilities, you can significantly reduce your monthly expenses and allocate more funds towards growing your practice. Another cost-saving tip is to purchase used or refurbished office equipment, rather than investing in brand new items. This can help you save money while still providing you with the tools you need to effectively run your practice.
As you begin to attract clients and generate revenue, it is important to establish a budget and stick to it. By carefully tracking your expenses and revenue, you can identify areas where you may be overspending and make adjustments accordingly. Additionally, consider setting aside a portion of your profits for future expenses, such as hiring additional staff or investing in new technology for your practice.
In conclusion, while starting a career as a CPA in Delaware can be a significant financial investment, there are numerous ways to save money along the way. By carefully researching study materials, taking advantage of discounts and promotions, starting small, sharing office space, purchasing used equipment, and establishing a budget, you can effectively manage your expenses and position yourself for long-term success as a CPA. With careful planning and financial discipline, you can achieve your goal of becoming a CPA while still saving money in the process.
Conclusion
Becoming a CPA in Delaware 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 Delaware and making a significant impact in finance.