Nothing is universally "better" than a CPA; instead, other credentials like CMA, CFA, CIA, or Enrolled Agent (EA) offer different specializations, with the best choice depending on your career goals: CMAs excel in corporate finance, CFAs in investments, CIAs in internal auditing, and EAs in complex federal tax representation, while CPAs provide broad accounting, auditing, and tax services. A Master's in Accounting can also lead to leadership roles beyond a CPA license, notes Franklin University.
The EA credential, which is the highest credential that the IRS awards, is recognized in all 50 states. Although CPAs and attorneys can also represent clients before the IRS for tax-related issues, these professionals gain their licenses at a state level, whereas the federal government grants EA licenses.
CPA can feel harder because it has four sections and involves detailed tax and legal concepts. CMA can feel challenging because it is heavily application-based and focuses on real-world business decision-making. Both are demanding, just in different ways.
Here are some non-CPA career options for you:
No, an accounting degree is not useless without a CPA; it opens many doors in corporate, government, and non-profit sectors (like financial analysis, management accounting, and internal audit), but a CPA is often essential for public accounting (especially auditing), high-level management roles (like CFO/Controller), and roles requiring public attestations, with the CPA providing a significant career boost, higher earning potential, and faster advancement, according to Bellevue University, Franklin University, Post University, and SuperfastCPA.
Will AI replace accountants? Not entirely—but it will change accounting. Firms that embrace AI and technology will attract forward-thinking clients and top talent. Accountants who pair their expertise with AI tools will stay ahead of the curve.
A CPA's average annual compensation throughout the course of their career is around $120,000, while a CMA's typical annual salary is around $100,000.
Certified Internal Auditor (CIA)
While CIA certification covers some of the same functions as CPA certification, it is more narrowly focused on audit processes and is geared toward roles inside organizations rather than external audit positions. The Institute of Internal Auditors awards the CIA.
The CPA Exam. You've heard the horror stories: It's derailed the careers of promising professionals. It's definitely harder than the BAR exam and maybe even some medical board exams. And it's nearly impossible to pass once you're a working professional.
The Certified Public Accountant (CPA) is the most recognized and prestigious accounting certification, especially in the U.S., serving as the "gold standard" for public accounting, leadership roles, auditing, and tax preparation, while the Certified Internal Auditor (CIA) and Certified Management Accountant (CMA) are highly respected for corporate and internal roles, and the Certified Financial Analyst (CFA) is paramount in investment management.
Not all accountants are CPAs (certified public accountants), but all CPAs are in the accounting profession. Typically, an accountant has achieved a bachelor's degree in accounting. A certified public accountant earns this designation after completing specific educational and work requirements and passing a CPA exam.
Location can influence how much you'll earn as an accountant. The BLS says the highest paying states for accountants are California, New York, Texas, Florida and Pennsylvania—all highly populated states.
Measured by revenue, the Big Four global accounting firms are Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG). The companies provide auditing services, tax, strategy and management consulting, valuation, market research, assurance, and legal advisory services.
The 150-hour requirement is seen as a barrier to entry. Accounting is perceived as boring. Compensation is lower than for other majors such as finance and technology. A lack of diversity seems apparent.
The Top 10 Cons of Being an Accountant
Earn a master's degree.
While candidates can sit for the Uniform CPA exam with a bachelor's degree (120 semester hours), many states require 150 hours of education to obtain CPA licensure. A master's degree in accounting satisfies the 150-hour requirement.