There’s a constant push for continuing education in many industries, and accounting is one of them. It is a profession built on precision and ever-evolving regulations. This is why accountants understand that learning never stops.
Continuing Professional Education (CPE) is a means for Certified Public Accountants (CPAs) to maintain their licenses and advance in their respective fields. Let’s take a closer look at the importance of continued education for CPAs.
Licensure Maintenance
This is the most obvious reason to get continued education as a CPA. You need to complete a certain number of CPE hours to maintain your license, which needs to be renewed periodically, depending on your state.
Most state boards require 40 to 120 hours of CPE every renewal cycle. And if you fall short, you can face license suspension, fines, or delays in renewal. Some states also require you to complete certain courses. For instance, completing at least eight hours in accounting and auditing is necessary. You also need to complete a certain number of hours learning professional ethics.
Career Advancement
Did you know that continued education can increase your earning potential? International finance firms and clients prefer CPAs who prioritize continued education. CPE can open up new career paths for accountants, allowing them to excel in their fields.
If you live in Missouri and want to get selected for top CPA jobs in St. Louis, leveraging continued education is super important. It’s like adding endless fuel to your resume.
Regulatory Compliance
The next reason is regulatory compliance. While each state board has its own set of rules, CPE is required by regulatory bodies. For instance, the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) both have mandated that CPAs and other accounting professionals complete a specific number of CPE credits to keep their certificates.
Regulatory Awareness and Adaptation
Tax codes and financial reporting standards change frequently. Continued education helps accountants stay on top of the latest FASB, AICPA, and IRS updates.
Continued education also teaches the latest technologies, such as data analytics and cloud computing — which are becoming increasingly important in this profession.
Improve Skills and Knowledge
Continued education includes everything you need to learn to improve your skills. For instance, if you earn CPE credits for IT-related topics, you can learn things like artificial intelligence, data analytics, and cybersecurity. As a result, you can position yourself as an IT auditor.
Moreover, taxation-related CPE courses cover federal, state, local, and international tax laws, including updates to individual and corporate taxation, estates, and trusts. You can even increase your knowledge in financial analysis and risk management.
Networking Opportunities
Continued education provides an opportunity to connect with industry professionals and experts. When you attend educational workshops or online classes, you have a chance to meet like-minded individuals.
Think of it as a networking opportunity, and you’re more than likely to have fun. Once you’re done, you can apply for high-paying jobs like those at Intuit.
