In South Dakota, 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 South Dakota, 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 South Dakota 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 South Dakota. CPAs are accounting, finance, and taxation experts, providing valuable services to individuals, businesses, non-profit organizations, and government agencies.
In South Dakota, CPAs are licensed and regulated by the South Dakota Board of Accountancy, ensuring that they adhere to strict professional and ethical standards. CPAs in South Dakota 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
- South Dakota 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, South Dakota 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 South Dakota, 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 South Dakota CPAs provide their clients with the highest service and expertise.
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How to Become a CPA in South Dakota
Suppose you’re considering becoming a CPA in South Dakota. 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 South Dakota is to complete the necessary education requirements. The South Dakota 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 South Dakota, 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 South Dakota 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 South Dakota-specific ethics courses, so check with the South Dakota Board of Accountancy for any unique requirements.
Here is the coursework breakdown for becoming a CPA in South Dakota.
| 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 South Dakota 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 South Dakota.
CPA Exam Application Process
To apply for the CPA Exam in South Dakota, 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 South Dakota CPA exam application costs $743.60 (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 South Dakota must fulfill an experience requirement to become licensed. The South Dakota 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 South Dakota 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 South Dakota Board of Accountancy.
Step 4: Pass The South Dakota Ethics Exam
Candidates must also pass an ethics exam before becoming a licensed CPA in South Dakota. The South Dakota 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 South Dakota Board of Accountancy. Candidates must apply, pay $200 initial license fee, $100 annual renewal, and document their education, examination scores, work experience, and ethics exam completion.
After the South Dakota 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 South Dakota.
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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 South Dakota 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 South Dakota, 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 South Dakota
One of the first steps in saving money as you embark on this career path is to carefully research and compare the cost of different CPA exam review courses. While it may be tempting to opt for the most expensive and well-known review course, there are many more affordable options available that provide high-quality resources to help you prepare for the exam. Look for discounts, promotions, or scholarship opportunities that can help offset the cost of these study materials.
Additionally, consider joining a study group or forming one with peers who are also preparing for the CPA exam. By studying together, you can share the cost of study materials and benefit from the knowledge and support of your peers. This can be a cost-effective way to stay motivated and accountable throughout the exam preparation process.
Another way to save money as you work towards becoming a CPA in South Dakota is to take advantage of free or low-cost professional development opportunities. Many accounting firms, professional organizations, and educational institutions offer webinars, workshops, and seminars that can help you enhance your skills and knowledge without breaking the bank. Look for local events or online resources that you can access for little to no cost.
When it comes to continuing education requirements as a CPA, explore the option of online courses or webinars. These virtual learning opportunities often cost less than traditional in-person classes and can be more flexible in terms of scheduling and location. Before enrolling in any courses, be sure to confirm that they are recognized by the South Dakota Board of Accountancy to ensure they meet the state’s requirements for continuing education credits.
Networking is also a valuable way to save money and advance in your career as a CPA. By connecting with other professionals in the accounting field, you may learn about job opportunities, mentorship programs, or events that can help you grow professionally. Networking can be done virtually through social media platforms like LinkedIn or in-person at industry conferences and networking events.
Finally, consider starting your own accounting practice or offering freelance services as a way to save money and generate additional income as a CPA in South Dakota. By working independently, you have the flexibility to set your own rates, choose your clients, and control your expenses. While starting a new business can be challenging, it can also be a rewarding way to build financial stability and independence in your career.
In conclusion, pursuing a career as a CPA in South Dakota can be a rewarding and fulfilling journey. By being mindful of your expenses, seeking out cost-effective resources, and exploring alternative career paths, you can save money while working towards your professional goals. With dedication, perseverance, and a strategic approach to financial planning, you can achieve success as a CPA without breaking the bank.
Conclusion
Becoming a CPA in South Dakota 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 South Dakota and making a significant impact in finance.