what are the differences between a certified public accountant and a
public accountant in terms of the documents that each are allowed to
provide to a client,and fee schedule, training, and license
requirements,
Hi tonolilo,
According the the US Department of Labor website, the basic job
description for accountants and CPAs are the same. However, getting
certified not only provides professional recognition and a higher
salary, but it can also lead to other designations, such as, Business
Valuation (ABV), Certified Information Technology Professional (CITP),
or Personal Financial Specialist (PFS). Many jobs require
certification because of the higher level of expertise but I've not
been able to find a rule that says one must be certified to provide
certain documents to clients. It's more a question of expertise,
experience, and proficiency that makes the difference rather than who
is allowed to do what. CPAs have the know-how vs their counterpart may
not. Ofcourse to stay certified, a CPA must meet the standards set by
the Board.
US Department of Labor Occupational Outlook Handbook
Certified public accountants, see: Accountants and auditors
Accountants and Auditors
* Nature of the Work
* Working Conditions
* Training, Other Qualifications, and Advancement
* Employment
* Job Outlook
* Earnings
* Related Occupations
* Sources of Additional Information
Significant Points
* Most jobs require at least a bachelor?s degree in accounting or
a related field.
* Overall job opportunities should be favorable; jobseekers who
obtain professional recognition through certification or licensure, a
master?s degree, proficiency in accounting and auditing computer
software, or specialized expertise will have the best opportunities.
* An increase in the number of businesses, changing financial laws
and regulations, and greater scrutiny of company finances will drive
faster-than-average growth of accountants and auditors.
"Professional recognition through certification or licensure provides
a distinct advantage in the job market. CPAs are licensed by a State
Board of Accountancy..."
"The AICPA also offers members with valid CPA certificates the option
to receive any or all of the Accredited in Business Valuation (ABV),
Certified Information Technology Professional (CITP), or Personal
Financial Specialist (PFS) designations. CPA?s with these designations
may claim a certain level of expertise in the nontraditional areas in
which accountants are practicing ever more frequently. The ABV
designation requires a written exam, as well as the completion of a
minimum of 10 business valuation projects that demonstrate a
candidate?s experience and competence. The CITP requires payment of a
fee, a written statement of intent, and the achievement of a set
number of points awarded for business experience and education. Those
who do not meet the required number of points may substitute a written
exam. Candidates for the PFS designation also must achieve a certain
level of points, based on experience and education, and must pass a
written exam and submit references."
http://www.bls.gov/oco/ocos001.htm
TRAINING AND LICENSE REQUIREMENTS
New Jersey State Board of Accountancy
New Jersey Requirements for Licensure as a CPA
Education
Current requirements (until July 1, 2000) - a baccalaureate degree or
its equivalent from an accredited college or university, based upon a
curriculum which includes:
1. A minimum of 60 semester hours selected from courses in English,
history, foreign languages, mathematics, general psychology,
philosophy, biological sciences, economics, sociology, religion,
government, political science, geography, fine arts and music.
2. A minimum of 60 semester hours in professional courses must include:
a. At least 24 semester hours in accounting;
b. At least six semester hours in business law;
c. At least six semester hours in finance;
d. At least six semester hours in economics (additional credits in
economics, over and above the required six, may be applied to the
liberal arts requirement); and
e. At least 18 semester hours in related business subjects.
3. A candidate cannot sit for the Uniform CPA Examination unless he or
she has previously obtained a baccalaureate degree as of the date of
the exam.
FUTURE REQUIREMENTS - As of July 1, 2000, applicants for a New Jersey
CPA license will be subject to new educational requirements.
Applicants will be required to have at least 150 credit hours of
education, including a baccalaureate or higher degree from an
institution of higher education acceptable to the Board. Rules to
implement the 150-hour requirement have been adopted by the Board as
well as curriculum and accreditation requirements effective July 1,
2000. The new rules delineate how they apply both to applicants who
will receive their degree before July 1, 2000, and to those applicants
who will receive their degree after that date. Candidates must meet
all educational requirements in order to qualify to sit for the
Uniform CPA Examination."
EXPERIENCE REQUIREMENTS
1. An applicant for certification, having passed the examination, must
provide satisfactory evidence of:
* One year of experience in the practice of public accounting or
its equivalent, under the direction of a licensee; and
* The experience includes evidence of intensive and diversified
experience in auditing or accounting.
"Individuals working in government, industry or education, whose
experience is obtained without the direct supervision of a licensed PA
or a CPA, are granted some special exemptions to the experience
requirements outlined above. If an individual obtains four years of
experience prior to the effective date of the Accountancy Act (April
8, 1998), the Board will accept that experience until April 8, 2004.
If the individual was working in government, industry or education,
without the supervision of a licensee, as of the effective date of the
Accountancy Act, four years of experience will be accepted until April
8, 2002."
http://www.state.nj.us/lps/ca/accountancy/acc2.htm
American Institute of Certified Public Accountants.
Steps to Become a CPA
http://www.cpa-exam.org/get_started/steps.html
SALARY
Median Salary By State
Certified Public Accountant (CPA): New Jersey $57500
http://www.payscale.com/salary-survey/aid-40437/rid-79/fid-6886/RANAME-SALARY
Accountant: New Jersey $45000
http://www.payscale.com/salary-survey/aid-9079/rid-79/fid-6886/RANAME-SALARY
"Finally, don't be afraid to ask about fees. The rates of CPAs vary
widely from $100 per hour to several hundred dollars. The services you
need, the complexity of your financial situation, the experience of
the CPA, and the area of the country you live in will all impact the
CPA's fees. If you plan to work with a firm that employs CPAs at
various levels, find out how much you will have to pay for staff
accountants, managers, and partners. You can then compare this to
other firms in the area."
http://www.alloysilverstein.com/tips/money/2001/0820.htm
How Is A CPA Different From An Accountant?
"A CPA is different from an accountant who is not a CPA in many important respects:
1. Higher level of knowledge and experience with serving clients.
2. Greater experience with issues involving independence and objectivity.
3. Deeper understanding of matters which are not traditionally in the
domain of accounting, such as personal financial planning and
information technology consulting, but which are related to accounting
and serving clients.
4. Credentials.
5. More experience working with other professionals such as attorneys,
brokers, agents, etc."
http://www.cpadirectory.com/professionalresources/details.cfm?id=311&pageid=161
I hope this helps. If you have any questions, please post a
clarification request and wait for me to respond before closing/rating
my answer.
Thank you,
hummer
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