What degree do I need to start and run a successful accounting firm? – It is a question that every aspiring accountant asks.
It is natural for such individuals, especially those who have an entrepreneurial skill to express such a worry. Technically, if you are an accountant, you would not need any degree to open as well as offer service to your clients. However, there is a catch –accountants wishing to start their CPA firms should be highly skilled and are prepared to handle the challenges that come with such a move.
This is where your educational qualification becomes an essential factor of consideration. Before deciding to start a CPA firm, it is important to consider the factors which determine your success rate in the marketplace.
Here is why having a Master of Accountancy degree is important for your CPA firm.
The Right Education Qualification Is Necessary
Despite the fact that you technically need no degree to start an accounting firm, it is important to note that running a successful CPA firm requires high educational qualification. Only certified accountants who have such educational qualification succeed in offering the appropriate service to the public.
The implication is that you will need to have the minimum education requirement to provide professional accounting services on behalf of businesses or private clients. However, if you intend to be a Certified Public Accountant, then you will need a Master of Accountancy degree. Qualifying for the key exam requires 150 credits of accounting and business education in the majority of the states.
Running a business requires a lot of input in terms of the right skills and effort. Higher levels of study in accounting give you all the skills you need to run a CPA firm successfully.
Boosts Your Competitive and Earning Potential
Having a master’s degree in accounting puts you at the appropriate skill level to offer the necessary services to your clients. However, you should incorporate other success factors.
Among the concerns that CPAs have is the cost of starting an accounting firm. You will need to invest a lot in advertising, marketing, training and business fees, which comes to a steep up-front cost. You can wait and work on growing your professional career as a certified accountant before you can start your firm.
The waiting period gives you a chance to create a client base for yourself to be able to cater for the upfront cost of business acquisition. With a master’s degree in accountancy, it becomes easy to garner the type of clientele you need since you can have the skills they are looking for and hence, it becomes easy to start your own firm later.
Usually, starting any business is not as easy as many people think. In most cases, people dish out their money in a given business without considering the role that having the appropriate educational qualification plays in the success of the company. Anybody can start an accounting firm, but its success depends on the availability of the right skills set, which a Master of Accountancy degree will guarantee.Opinions expressed here by Contributors are their own.