The American economy started the new millennium on the wrong foot. The investors’ faith was shattered by the successive failures of Enron and WorldCall. People saw in disbelief as Enron’s shares plummeted to $1 from an all time high of $90. The investors lost around $11 billion within a matter of days. The Enron loss of $11.4 in assets broke all previous records for bankruptcies in the American financial history.
With the collapse of WorldCall the problem became more complex. The US public once again said good bye to billions of dollars of their savings. It became possible due to misrepresenting of accounts by two of the largest companies in America. They were destroyed when the truth was finally revealed.
Sarbanes-Oxley Law was the result of such financial catastrophes. The public as well as private sectors were bound by this law to exercise firmer financial controls. At the same time it also called the auditors to remain unbiased and stay independent in their audit reports.This resulted in additional boost to auditing activities, and thousands of new jobs for Certified Public Accountants. By 2011 the annual inflow of new CPAs had grown to almost three percent as compared to less than one percent in 2001. The profession drew more people towards it than ever before.
CPAS have a major contribution towards advancement of any financial institution. When they failed in their duties, giants like Enron were vanquished. The internal audit team’s disclosure about the fraud at WorldCall came when the damage had already been done. However, they can be credited with the fact that they followed their training to do their job.
The nearly 700,000 CPAs in the USA work quietly, and at times secretly. They strive to hold aloft the trust which has been placed in their hands. There is no glamor involved in the job. Still a CPA is a highly respected figure. They are mostly famous for carrying out the audit services.
The corporate sector prefers to hire CPAs in their finance divisions; especially in the higher ranks. Majority of the notable companies employ CPAs to perform the internal audits. These internal auditors play the role of Devil’s advocate and try to forestall disasters like Enron.
The American CPAs get very handsome salaries. Compared to some other professions, they have a decent lifestyle with no significant job stress. They start getting a salary much before an engineer or MD can think of. The expenditure involved in becoming a CPA is also considerably less than some other top professions. Even the continued education for CPA is about forty hours a year which is far less than medical profession.
Any hard working kid with a bachelor’s degree can consider adopting CPA as a career. Of course there are other conditions but nothing so tough to deter you from entering the field. The openings for CPAs are on the up and up and show no signs of slowing down.
You can become a CPA even if you choose not to join a formal business school altogether. However, you have the choice to pick a course if you are not comfortable with the subject. This means that you will be able to keep a regular job while preparing to become a CPA. I will strongly urge you to click on http://www.howtobecomeacpaguide.com/ to see for yourself that how easy it is to become a CPA.