In Missouri, 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 Missouri, 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 Missouri 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 Missouri. CPAs are accounting, finance, and taxation experts, providing valuable services to individuals, businesses, non-profit organizations, and government agencies.
In Missouri, CPAs are licensed and regulated by the Missouri Board of Accountancy, ensuring that they adhere to strict professional and ethical standards. CPAs in Missouri 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
- Missouri 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, Missouri 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 Missouri, 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 Missouri CPAs provide their clients with the highest service and expertise.
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How to Become a CPA in Missouri
Suppose you’re considering becoming a CPA in Missouri. 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 Missouri is to complete the necessary education requirements. The Missouri 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 Missouri, 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 Missouri 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 Missouri-specific ethics courses, so check with the Missouri Board of Accountancy for any unique requirements.
Here is the coursework breakdown for becoming a CPA in Missouri.
| 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 Missouri 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 Missouri.
CPA Exam Application Process
To apply for the CPA Exam in Missouri, 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 Missouri 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 Missouri must fulfill an experience requirement to become licensed. The Missouri 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 Missouri 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 Missouri Board of Accountancy.
Step 4: Pass The Missouri Ethics Exam
Candidates must also pass an ethics exam before becoming a licensed CPA in Missouri. The Missouri 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 Missouri Board of Accountancy. Candidates must apply, pay $100 initial license fee, $100 biennial renewal, and document their education, examination scores, work experience, and ethics exam completion.
After the Missouri 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 Missouri.
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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 Missouri 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 Missouri, 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 Missouri
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- 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 Missouri
First and foremost, it’s important to note that proper planning is key when it comes to saving money as you pursue your CPA aspirations. Setting a budget and sticking to it will help you avoid unnecessary expenses and stay on track financially. Consider creating a detailed spreadsheet that outlines all of your expenses, from exam fees to study materials and temporary housing if needed. Having a clear understanding of your financial obligations will make it easier to identify areas where you can cut costs.
When it comes to study materials, there are plenty of options available that cater to a variety of budgets. While brand-name review courses may be enticing, they often come with a hefty price tag. Instead, consider exploring more affordable alternatives such as online courses, textbooks, or study groups. Many of these resources are just as effective in preparing you for the CPA exam but come at a fraction of the cost.
Another way to save money while pursuing your CPA in Missouri is to leverage any available resources or discounts. Check with your employer, university, or professional organizations to see if they offer any financial assistance or discounts for CPA candidates. You may be surprised to find that there are scholarships, grants, or reimbursement programs that can help alleviate some of the financial burden.
Additionally, be sure to take advantage of free resources whenever possible. There are plenty of online forums, blogs, and webinars available that offer valuable insights and tips on preparing for the CPA exam. Networking with other CPA candidates can also be beneficial as they may have useful advice or study materials to share. Remember, knowledge is power, and the more you can learn from others, the better prepared you’ll be for the exam without breaking the bank.
Lastly, consider putting your creativity to work when it comes to saving money. Look for ways to cut costs in your everyday life to free up funds for your CPA pursuits. This could involve packing your lunch instead of eating out, carpooling or taking public transportation to save on gas, or finding affordable recreational activities that provide a much-needed break from studying without breaking the bank.
In conclusion, embarking on the journey to becoming a CPA in Missouri doesn’t have to drain your bank account. By staying organized, exploring affordable study options, leveraging resources and discounts, taking advantage of free resources, and finding creative ways to save money, you can pursue your CPA aspirations without breaking the bank. With a little diligence and smart financial planning, you’ll be well on your way to achieving your career goals while keeping your finances intact.
Conclusion
Becoming a CPA in Missouri 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 Missouri and making a significant impact in finance.