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What degree(s) and tests do I need to take for a career as a CPA/financial advisor?

What degree(s) and tests do I need to take for a career as a CPA/financial advisor?

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Su’s Answer

Hi Harris,

For obtaining the CPA license, the majority of state requires a bachelor and/or masters degree in Accounting.

For obtaining the CFA license, the majority of applicants have a college degree / background in Finance.

Su recommends the following next steps:

I would suggest researching on the careers available for people with CPA license and CFA license, and determine what interests you the most!
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Jonathan G.’s Answer

CPA and CFA are two very different career paths in regards to the tests and work experience requirements. CPA requires passing the CPA exam, gaining relevant work experience under a CPA, graduating as an accounting major and obtaining 150 college credit hours. I think most people start off as CPAs and then shift gears career wise and then they pursue being a Certified Financial Advisor, which is a sperate exam and work experience.
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Jue’s Answer

It's important to first understand what the state's requirements and qualifications are (e.g., number of overall credits and accounting specific credits needed to sit for the CPA exam in the state).

Some undergrad degrees/programs may offer you the eligible credits needed to sit for the CPA exam but where they do not, I've seen peers take extra courses or obtain a MBA to fulfill the CPA requirements.

Studying for the CPA exam - I found review materials like Becker to be exceptionally helpful. If you have an offer from a firm, oftentimes the firms
will pay or reimburse the cost of the review materials.

There is definitely discipline that goes into studying and taking the exam.

Lastly, I'd say it's also important to understand the timeline to passing each of the parts of the CPA and plan accordingly so that parts that have been passed do not expire before all sections are completed.
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Mehrunnisa’s Answer

I can speak to what it takes to become a CPA. You have to have a B.S. in Accounting and take additional credits based on the STATE you reside in/want to obtain your license in. You can visit the nasba.org website to check for the requirements. You will also be required to pass a 4 part CPA exam after graduating and obtain work experience requirements mandated by your state. I’d suggest that you take an accounting course in college to see if you like the material (financial or managerial accounting are good classes to start with). All the best!
Thank you comment icon Thank you so much, Mehrunnisa! Harris
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Brandon’s Answer

It depends on your career path. CFP and Financial Advisors although similar need different qualifications. For example you can become a Financial Advisor through an accredited bank by rising through the ranks to be promoted and sponsored for your series 7 with no degree. You can obtain a business finance degree and be accepted into a financial advisory program some companies offer like fidelity and TD Ameritrade. Either route you still need to pass brokerage license like the series 7. I'd also research where you live and look into what qualifications your particular states needs.

A CFP you need to hold a bachelors and have 3 years fulltime personal finance management under your belt, pass CFP coursework and then you need to pass the CFP exam to be accredited.

Both of these roles are registered with FINRA - Financial Industry Regulatory Authority - they watch over brokers and broker dealers to make sure they are holding the client's best interest (fiduciary responsibility definitely be familiar with this term if you decide on this route). I recommend you familiarize yourself with this website for the rules and requirements.

My advice in this career path is always be researching, have news updates of the markets on your phone. This career path has been described as a 100 ft pool but 1 ft deep of water. What I mean is you don't need to be some financial whiz, but it's going to benefit you to know a little bit about a lot of subjects (tax law, investment strategies, real estate law, goal-planning, FDIC requirements, etc). The more you expose yourself to the career field the more you'll learn. This career is ultimately about building relationships with clients and them trusting you with their assets. So it is important to know what you're talking about. Hope this helps! Good Luck!

Brandon recommends the following next steps:

Download Yahoo Finance, Marketwatch, financial apps if you haven't already
Take a look at the FINRA website
Thank you comment icon Thank you so much for the advice. Harris
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Megan’s Answer

I'll share my personal experience in becoming a CPA below:

Megan recommends the following next steps:

Research your US state's requirements for CPA eligibility: https://nasba.org/exams/becomingacpa/
Obtain a bachelors degree in accounting
Decide if you're getting a masters degree in accounting or need additional hours to be CPA eligible (via community college)
Decide if you want to obtain CPA review material (i.e. Becker)
Study for and pass all parts of the Uniform CPA Examination
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Shaye’s Answer

Hi there,
Any business related degree would suffice for becoming a CPA/financial advisor. If you want to go for CPA in certain states you need to get Masters. For certain states you could get 150 credit hours instead of a masters degree, or a dual degree. CPA is a broader exam and will leads to more career options. Another option is to go for EA exam which are smaller but is for tax only.
Good luck!
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