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 most expensive aspects of becoming a CPA is obtaining the education required to sit for the CPA exam. However, there are ways to save money on your education while still receiving a high-quality education. Consider attending a community college or online program to complete your prerequisite courses at a lower cost before transferring to a four-year university. Look for scholarships, grants, and tuition reimbursement programs offered by employers or professional organizations to help offset the cost of tuition. Additionally, consider taking advantage of resources like free online tutorials and study materials to supplement your education and save on pricey review courses.
When it comes time to sit for the CPA exam, it’s essential to prepare thoroughly to ensure you pass on your first attempt. However, paying for review courses and study materials can be expensive. Consider purchasing used study materials or sharing resources with study groups to split the cost. Some employers may also reimburse you for the cost of review courses if you pass the exam within a certain timeframe, so be sure to inquire about these opportunities. Remember to utilize free resources like practice exams and sample questions provided by the American Institute of CPAs (AICPA) to enhance your studying without breaking the bank.
Maintaining your CPA license and fulfilling the continuing education requirements can also be costly, but there are ways to save money in this area as well. Look for free or low-cost continuing education courses offered by professional organizations, webinars, and conferences to fulfill your requirements without spending a fortune. Additionally, consider volunteering your time and expertise in your community to earn credits toward your continuing education requirements for free. Take advantage of discounts and incentives offered by employers and professional organizations for completing your continuing education requirements early or in bulk.
Overall, pursuing a career as a CPA in North Carolina doesn’t have to break the bank. By being frugal and resourceful with your education, exam preparation, and ongoing professional development, you can save money while still achieving your career goals. Take advantage of scholarships, grants, and employer reimbursement programs to offset the cost of education and exam preparation. Utilize free resources and study materials to supplement your learning without overspending. And be proactive in seeking out discounts and incentives for continuing education to save money in the long run. With a little planning and savvy financial management, you can be well on your way to becoming a CPA without draining your bank account.
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.