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In the wake of the financial crisis many states have raised their standards for those looking to pursue a career as a licensed Public Accountant. A Certified Public Accountant differs from other accountants as they are required to adhere to stringent state and federal requirements. Compared to other accountants, they often have different levels of education and expertise and must follow a rigid code of ethics. Certified Public Accountants are respected and well paid.

Here are the steps to becoming a public accountant:

Get a degree in a relevant field: Before you can sit the exam you need to obtain a Bachelor’s degree in an area related to accounting. Knowledge in areas like business, finance, federal taxation and ethics are expected. Most states enforced the “150 hour rule,” whereby applicants must complete a further year of study or work experience after their degree. This requirement for five years of study has been adopted by 45 states.

Preparing for the exam: Before you apply for the exam learn about its structure and content. Applicants can read the candidate bulletin, the official handbook for CPA applicants, to prepare further. Certain requirements and rules accompany applications for the exam and candidates are expected to know these. Decide which jurisdiction you wish to apply in and schedule the exam for a time, date and location that you know you can commit to. When you apply for the exam you should receive your Notice to Schedule. This means that you are eligible to take the exam.

Studying for the exam: The exam is prepared and graded by the American Institute of Certified Public Accountants and is divided into four parts:

• Auditing & Attestation
• Financial Accounting and Reporting
• Regulation
• Business Environment and Concepts

Applicants should have extensive knowledge in all of these areas as the passing score for each section is 75 and you must pass all four sections.

Taking the exam: Ensure to bring your NTS and arrive at the exam at least 40 minutes before the beginning of the exam. You will be required to sign-in and verify your documentation. Follow exam center requirements and report any problems to the staff before the exam. During the exam ensure you have planned your time accordingly.

When you obtain your CPA license there are a range of job opportunities available to you. Growth in this sector is expected to grow up to 19% by 2016. CPAs generally work with large companies; serving as business and financial consultants, but they can work in a number of fields including venture capital, income tax, financial planning, etc. Elaine Papodopoulos, who oversees CPA’s at Citron, Cooperman and Co, says: “Accountants these days are not seen as number crunchers, but more as trusted advisors.”