You can’t predict New York without Wall Street, and you can’t discuss Wall Street without accounting. It is the veins of New York City through which the nation’s financial industry blood flows.
NYC is an excellent place for CPAs because more than 20 million people here have an annual salary of an average of $70,000. Therefore, thousands of people need money managing solutions.
So, the career in this field is really blooming with tons of opportunities walking on the way. And, more and more people are planning to start an accounting career.
If you are also interested in becoming a licensed CPA (Certified Public Accountant), here is all you should know to excel in this career in NYC. Let’s learn all about CPA Education requirements, exam details, work Needs, CPA salary NYC, and a lot more.
New York CPA Exam Requirements
Each state has specific conditions for qualifying for the CPA Exam to become a CPA. Similarly, candidates must complete specified New York state CPA criteria in order to be qualified to take the CPA Exam. So for becoming an NYC Certified Public Accountant, you must:
- Meet experience requirements;
- Be 21 years old;
- Meet education requirements;
- Have strong moral character;
- Meet examination requirements.
Minimum Education Requirements
In New York, all CPA Exam applicants must have earned a bachelor’s degree or above from an authorized university. Candidates must have passed 150 semester hours/225-course hours in several subjects to satisfy New York state CPA standards, which include:
- A minimum of 33 semester hours in accounting, minimum one course in each:
- Cost/managerial accounting
- Financial accounting/reporting
- Auditing/attestation services
- Accounting information systems
- Internal controls & risk assessment
- Fraud examination
- 36 semester hours in business elective, that include:
- Business law
- Business statistics
- Computer science
- Operations management
- Business strategy
- Organizational behavior
- Information technology/systems
- Quantitative methods
- Additionally, the curriculum must include the following courses, either as stand-alone or as other program’s parts:
- Professional responsibility
- Accounting research
- Business and accounting communications
New York CPA Experience Requirements- Licensure
Applicants must complete the following CPA experience criteria to become a professional accountant in NYC:
- Minimum one year of full-time experience (150-hour educational pathway), Otherwise, minimum two years of full-time experience (120-hour educational pathway).
- Applicants may earn experience in governmental agencies, educational institutions, and private companies.
- Expertise in the areas:
- Management advisory
- Financial advisory
- Consulting skills.
- Experience must be earned under the guidance of a US-certified public accountant who is legally licensed, recognized, and authorized to practice in the jurisdiction where their main place of business is established. This is an important step in getting a good CPA salary NYC
CPA Exam Details
The exam itself has no state-specific requirements. The requirements are the same nationally.
Anyone trying to become a CPA has to pass the BEC (Business Environment and Concepts), AUD (Auditing and Attestation), REG (Regulation), FAR (Financial Accounting-Reporting) exams with a 75 score minimum on each.
Each test is divided into five sections: The first two are multiple-choice questions, while the last three are task-based models. Each test is 4 hours long, with a compulsory 15-minute break in the middle. Test takers have the option of taking three more breaks, however, this does not stop the clock.
Exam blueprints are available for free online from the AICPA if you want a more in-depth insight into the test.
Exam Fees For New York CPA
Unfortunately, the cost of becoming a CPA in New York is quite costly. According to NASBA, the application costs $170.
Aspirants for re-examination have to pay an extra $85 registration fee with the exam fees. However, once you’ve registered, you’re still on the hook.
The following are some additional charges associated with becoming a CPA in the state of New York:
- Each of the four CPA examinations costs is $225 and should be paid separately.
- You can anticipate a total price of $1070 if you take the complete exam within 6 months after paying. And make sure, you clear the exam in one go because you don’t want to pay the fees twice!
Apart from that, any outside fees needed for your test are something that you should make a budget for. To ensure that you clear the CPA exam on the first try, you should register in a CPA exam prep course. You’ll also need to figure out the transportation cost and the workdays you miss due to the test.
Now comes the license cost which determines CPA salary NYC and other important things. This is the last payment to make but the most necessary requirement.
The New York State Education Department charges $427 for licensing applications. And you need to pay fees whenever you renew the license.
Your license expires every three years and you have to renew it for $277. The New York Department receives payments for this, so, make payment to them while doing so.
After the Exam
Once you complete the licensing process, you better start looking for work because NYC’s living standard is expensive. An average CPA accountant salary in NYC is around $78,734 in a top accounting firm in NYC and to be honest, it is justified.
Please remember that your salary isn’t a single factor affecting your financial situation. The living cost in New York is costlier than in other countries. So, choose your company wisely.
So, that’s all it takes you to become a CPA in New York. We offered an in-depth explanation of CPA Education requirements, exam details, work needs, CPA salary NYC, and more. Hopefully, you can start your preparation in the right direction through this post.