Chicago is home to more than 100,000 CPA offices, with nearly half of the state’s office spaces dedicated to the profession.
But that doesn’t mean the profession is well-represented in the city.
According to the latest numbers, more than 4,600 people are employed in CPA firms in Chicago alone, but only about 1,600 of them are CPA graduates.
And while CPA salaries are in the high hundreds of thousands of dollars, the profession has struggled to find jobs that pay good money.
That’s why we set out to figure out what’s keeping people out of the profession, and what can be done to attract more talented people to the industry.
Here are 10 of our favorite questions about the profession: What is the CFPB?
The Federal Financial Advisory Commission, or CFP, is the nation’s top federal agency for regulating financial institutions and credit unions.
It’s responsible for ensuring that the banks and credit union companies that operate in the U.S. are safe, sound and profitable.
What are the requirements for a CFP-certified firm?
CFPs must be certified by the Financial Industry Regulatory Authority (FINRA), a nonprofit organization that certifies financial institutions that operate under federal supervision.
FINRA says the CFA examiners must have a bachelor’s degree from a recognized college or university, a bachelor of science degree from an accredited college or institution, a master’s degree, a certificate of public accounting from an approved institution, or an associate’s degree.
CFA exams also require that the examiners possess the necessary certifications for all aspects of their jobs.
Is the CFEA a mandatory exam?
CFP examiners have to take a CFE-certification test before they can take a bank exam.
But there are no requirements for them to do so.
What is a CFA?
A CFA is a degree program that offers a full-time, nine-month program in finance.
It involves a bachelor degree, some college credits, and a few years of study to earn a high school diploma.
The CFA program is the first option available to graduates of public or private schools.
Are there any requirements to get a CPA license?
Yes, although many people who are seeking a CCA license in Illinois would like to get one in-person, at a CFO, or through a job application.
However, there are many CPA candidates who are not certified by FINRA or CFA.
Are the CCA exams compulsory?
No, CCA examiners are allowed to take the exam in person.
However if they take the test online, they must submit the exam scores and transcripts online to the CACOA, the national licensing agency that oversees CCA.
The examiners will then review the information and make a decision.
Do CPA exams require a bachelor or master’s?
Yes and no.
If you are a CPM, you can pass a CBA-approved exam.
However the exam must include a four-hour study period, with an additional two hours for questions.
Do you need to have a CAA-approved certification in order to get into a CPE firm?
Yes but only if you already have a BBA- or BFA-certificate in your name.
What if I don’t pass the CBA?
If you don’t have the BFA or CBA in your resume, you may need to apply online for an open position, or go through the process of filing a claim with FINRA.
Is it better to apply for a job through an online form, or do you have to have your resume in order?
The online form can be completed in about an hour.
You will need to fill out a form that asks about your background, qualifications, experience and work experience, and pay stubs.
You can also use the online application, which takes about an afternoon.
You don’t need to do anything else.
You do not need to be certified in order for someone to apply, and the application doesn’t have to be filed with FINREA.
Is there a minimum CPA exam to get in?
The minimum CFA test required for a private-sector job is the same as the minimum CBA test required to work as a CPO.
The average CPA salary in the CPE industry is $140,000, according to the Bureau of Labor Statistics.
Is that the average?
No — there are a lot of CPEs in the industry, and not all are in Chicago.
However there are lots of CPA positions in the country.
How many CPE firms are there?
There are about 100, but not all of them have an office in the City of Chicago.
There are roughly 600 firms that specialize in credit unions and other financial institutions, and there are approximately 200 other firms that have offices in the suburbs, according the CAA.