Becoming a CPA - To Be or Not to Be is the question

"Whether 'tis Nobler in mind to suffer
The Slings and Arrows of outrageous testing
Or to take Arms against the Sea of CPA's
And by opposing them: to die, to sleep"

If you are in your junior or senior year of college, perhaps even earlier, you should be thinking about your career in accounting. Many professors would say you should get your CPA and most have valid reasons, but that is not always necessary. Junior auditors right now are wishing they had worked on their poetry or sculpture a bit more. You recently learned that making specialized receptacles for collecting aquatic specimens can be quite a lucrative career despite the mocking you would have endured while taking Weaving 231 - Underwater Basket Techniques. So should you work towards CPA certification? Some things to consider...

For full disclosure, I am currently sitting for the CPA exams. I decided that in the end it was worth the trouble and that it would, if nothing else, give more weight to my resume. That being said it is an expensive process. Expect to pay a minimum of $800 just for the testing with another $1,500 - $3,500 going to a review program (most firms will pay or reimburse the full expense either when you start or when you accept a job offer).

1. CPA certification is valuable and one of the most highly esteemed professional certifications, but is it the most valuable for your desired career path? Have you considered other certifications that may be more tailored towards the area you want to focus?
Look into certifications like the CFE - Certified Fraud Examiner if you enjoy the problem solving detective work side of accounting or the CMA - Certified Management Accountant which focuses on skills valuable to an accountant "in industry".
What about working in Tax? There are several certifications you could pursue to increase your cache as a tax professional.
The CPA can open many doors, but are those the doors you want opened? Hate to say it, but it is really time to start thinking about what you want to do with your degree in accounting.

2. Will it pay off? As a future accountant this should be on the forefront. Becoming a CPA is expensive. Currently more than 40 states require 150 credit hours for CPA licensure (unless you have a second under graduate degree or opt for an accredited CPA review course you will need a graduate degree).  Expect to pay in the range of $20,000 - $30,000 for a Master of Accountancy program with some programs costing much more.
So will it pay off? If you are driven and focused on a career in accounting then most likely yes. Accounting careers can be quite lucrative.  Not intent on pursuing upper levels of management? Then maybe not. Really think about what you want and make sure this is it.

3. Don't forget CPE's. A career as a CPA means obtaining continuing professional education credits. Most states require 40 hours a year with differing requirements on timing and topic distribution. Not going to work for a CPA firm? It likely means paying for and taking those classes independently. It makes you wonder again if CPA certification is worth it. If people in your career field by and large do not have a CPA there is probably a reason.

Just remember that a career in accounting does not mean that you have to get CPA certification.  In most cases it will help advance your career, but so will almost any graduate degree. You will have more flexibility and transferability, but could also be hindered if a specific position is not highly accounting centered and the organization does not want to deal with the nuances of a CPA.