The number of Certified Public Accountants grew just over 1 percent between 2003 and 2006, even though the pass rate for the CPA exam has increased.
According to the National Association of State Boards of Accountancy, the CPA population grew from 639,628 in 2003 to just 646,520 in 2005. Meanwhile, Kaplan CPA Education says the national pass rate for each of the CPA exam's four parts is now roughly 43 percent, a 10 percent rise since 2004.
Despite the slow growth in the CPA population, the need for accountants is pressing because of Sarbanes-Oxley and other new laws and regulations. The U.S. Bureau of Labor Statistics projects that employment of accountants will grow by 10 to 20 percent nationally over the next seven years.
Kaplan believes many CPA candidates are simply not taking the exam. "It can be difficult when a CPA candidate is working 60-plus hours a week and trying to fit in study time on the side," says Laura Riley, a CPA and Director of Kaplan CPA Education. "Smart employers will provide the tools - a time and place to study, and company-sponsored classroom test prep - to help their CPA candidates succeed."
Riley suggests firms that employ CPA candidates provide support by sponsoring review courses, allowing time to study, providing a study area, setting up a mentoring program, developing a "CPA study community" that encourages candidates to provide each other with mutual support.
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