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In New York, 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 New York, 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 New York 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 New York. CPAs are accounting, finance, and taxation experts, providing valuable services to individuals, businesses, non-profit organizations, and government agencies.
In New York, CPAs are licensed and regulated by the New York Board of Accountancy, ensuring that they adhere to strict professional and ethical standards. CPAs in New York 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
- New York 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, New York 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 New York, 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 New York CPAs provide their clients with the highest service and expertise.
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How to Become a CPA in New York
Suppose you’re considering becoming a CPA in New York. 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 New York is to complete the necessary education requirements. The New York 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 New York, 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 New York 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 New York-specific ethics courses, so check with the New York Board of Accountancy for any unique requirements.
Here is the coursework breakdown for becoming a CPA in New York.
| 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 New York 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 New York.
CPA Exam Application Process
To apply for the CPA Exam in New York, 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 New York CPA exam application costs $774 (4 exam sections) + $150 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 New York must fulfill an experience requirement to become licensed. The New York 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 New York 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 New York Board of Accountancy.
Step 4: Pass The New York Ethics Exam
Candidates must also pass an ethics exam before becoming a licensed CPA in New York. The New York 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 New York Board of Accountancy. Candidates must apply, pay $377 initial license fee, $245 triennial renewal, and document their education, examination scores, work experience, and ethics exam completion.
After the New York 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 New York.
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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 New York 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 New York, 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 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 New York
One of the first steps in saving money while pursuing a CPA in New York is to carefully research and compare the costs associated with each part of the process. This includes exam fees, study materials, review courses, and licensing fees. By understanding the financial commitments upfront, individuals can make informed decisions about how to allocate their resources.
When it comes to exam fees, planning ahead can save you money in the long run. Registering for the exams early can often result in discounted fees, as most testing agencies offer early bird discounts for those who sign up in advance. Additionally, taking advantage of bundled packages that include multiple exams can also help reduce costs. By strategically planning your exam schedule, you can optimize your savings and avoid paying extra fees for last-minute registrations.
Study materials are another significant expense for CPA candidates. While it may be tempting to purchase the latest and most expensive review materials, there are plenty of affordable options available. Consider renting textbooks, joining study groups, or utilizing free resources such as online tutorials and practice exams. By taking advantage of these cost-effective alternatives, aspiring CPAs can still adequately prepare for the exams without breaking the bank.
Review courses can also be a major expense when preparing for the CPA exams. While attending in-person classes with reputable instructors can provide valuable guidance and support, they often come with a hefty price tag. To save money, explore online review courses that offer similar content at a fraction of the cost. Many online platforms provide comprehensive study materials, videos, and practice exams that can help you prepare for the exams without draining your bank account.
Once you have passed the exams and are ready to apply for your CPA license in New York, be mindful of the additional fees associated with licensure. From application fees to renewal fees, becoming a licensed CPA comes with ongoing financial responsibilities. To save money in the long term, consider setting aside funds specifically for these expenses or budgeting for them as part of your overall career planning.
In conclusion, pursuing a CPA in New York can be a costly process, but with careful planning and smart financial strategies, aspiring accountants can save money and still achieve their goal of becoming a CPA. By researching costs, planning ahead, and exploring cost-effective alternatives, individuals can minimize their financial burden and successfully navigate the path to licensure. With a proactive and frugal mindset, anyone can achieve their dream of becoming a CPA without breaking the bank.
Conclusion
Becoming a CPA in New York 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 New York and making a significant impact in finance.