6 Benefits of Earning a CPA Licence

Is getting a CPA licence in the Philippines worth it? Discover how the certification can transform your career and contribute to economic development.

Earning a CPA (Certified Public Accountant) licence in the Philippines is a challenging process that requires time, money, and utmost dedication. On top of getting a Bachelor’s degree in accounting (which could take up to five years), candidates must pass the rigorous CPA licensure examination while balancing exam preparation with work and other personal responsibilities. The results reflect the daunting nature of the pursuit. In 2023, the passing rate was only around 30%. 

In the Philippines, accounting graduates can pursue various roles in the field of accounting and finance. From managing businesses’ day-to-day accounting activities and handling invoices, payments, and vendor relations to assisting in tax compliance, filings, and calculations – plenty of professional opportunities await accounting degree holders. 

This begs the question, “Is getting a CPA licence in the Philippines worth it?” To shed light on this, here are the top six benefits of earning a CPA licence in the Philippines:

  1. Enhanced Career Trajectory

A CPA licence opens doors to higher-level positions within the accounting and finance sectors that are often out of reach for non-certified professionals. Many high-level positions in accounting firms, corporations, and government agencies list a CPA licence as a prerequisite. Moreover, earning a CPA licence in the Philippines signifies an individual’s intellect, work ethic, and dedication to the profession, making CPAs highly sought after for managerial and executive roles.  

According to CPA and part-time YouTuber Kuya Lemon, the job-hunting tables were turned once he got his CPA licence, with HR recruiters frequently fielding offers. 

  1. Professional Autonomy

In addition to being qualified for higher-level positions, a CPA licence can significantly expand your career options beyond traditional accounting roles. These include the following:

  • Commerce and Industry: You can choose financial management, where CPAs oversee financial operations, strategic planning, and investment decisions within corporations. 

  • Public Practice: CPAs can work in audit firms, conducting financial audits for corporations, government agencies, and non-profit organisations. For many CPAs, this is a foundational role that helps shape their career path. 

  • Government: You can work within various government departments, managing public funds, conducting audits, and allocating resources. 

Moreover, the CPA licence is recognised internationally. This allows CPAs to choose their career path mid-swing and work abroad for multinational corporations. 

  1. Greater Job Security and Stability

Businesses, organisations, and government agencies consistently require CPAs to handle financial matters and ensure accurate reporting and regulatory compliance. Even during economic downturns, financial planning and management remains a critical part of conducting business. This makes CPAs indispensable to organisations regardless of industry and economic climate.  

Additionally, the past decade has seen a dearth of accounting graduates and CPA licensure examination passers. This means earning a CPA licence will put you in a job market where you’re in high demand.

  1. Increased Earning Potential

A CPA licence isn’t a golden ticket to a six-digit salary. Like other professions, you’ll need to start at the lower rungs and gain experience before you can start to reap financial benefits. However, with experienced CPAs in low supply, it’s not uncommon to suddenly get offers of double (sometimes triple) your salary, plus benefits. 

It’s also relatively easy to get a promotion with a CPA licence, especially if you’re working in an accounting firm. Of course, quality output, reliability, and a sustained commitment to the craft are prerequisites for this type of career progression. 

  1. Enhanced Credibility and Recognition

The rigorous process of obtaining a CPA licence demonstrates a deep and broad understanding of accounting, auditing, business, and financial management principles. As such, employers, clients, and peers view this designation in high esteem. 

In addition, CPAs are required to complete continuing professional education (CPE) hours to maintain their licence. This mandate ensures they keep abreast with the evolving standards, laws, and technologies in the accounting profession, further boosting the credibility of CPAs. 

  1. Opportunity to Effect Change

CPAs can find purpose beyond the confines of accounting standards and regulations and weave the economic fabric of a nation. Here are some of the ways CPAs can contribute to nation-building efforts:

  • Strengthening Economic Foundations: CPAs ensure the accuracy and reliability of financial reporting for businesses and government entities. By helping uphold transparency, they can help build investor confidence and foster business growth. 

  • Supporting SMEs: Small and medium enterprises (SMEs) are the backbone of a nation’s economy. CPAs can support these enterprises by providing expert advice on financial management, tax planning, and compliance. This helps SMEs grow, contributing to job creation and diversity. 

  • Contributing to Financial Literacy: Accounting firms like BDO CMC often engage in educational initiatives aimed at improving financial literacy among individuals and businesses. By enhancing the understanding of financial management, investment, and economic principles, CPAs can empower communities to make informed decisions that contribute to economic well-being.

For accountants who are truly committed to the profession, this can be the most significant benefit of earning a CPA licence.