Accounting Schools in Illinois for 2025 – How to Become a CPA in IL

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

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A certified public accountant (CPA) designation is among the most prestigious and higher-paid titles one can obtain after a bachelor’s degree in accounting, finance, business, or related fields. Data USA estimates the 2020 United States workforce of accountants and auditors at 1.83 million with a forecast 10-year projected growth rate of 4.3% (Data USA, 2023). CPAs are more in demand in the industry than accountants who are not CPAs. Passing the tough CPA exam and having professional experience set them apart to perform and handle more complicated tasks and responsibilities.

Though all accountants can prepare financial statements for a company, only CPAs are authorized to address IRS or state tax authorities’ questions on financial statements and issues. Only CPAs can do external audits and audits of public companies. This justifies higher salaries and benefits for CPAs and explains their high demand in the industry.

Our expert team at Research.com has chosen some of the best accounting schools in Illinois after evaluating the latest CPA data and the best universities offering CPA courses, taking into consideration the best CPA exam passing rates, CPA course content, university reputation, and other key metrics.

How to Become a CPA in Illinois Table of Contents

1. What is a CPA?
2. CPA Requirements
3. CPA Certification Costs
4. How to Become a CPA in Illinois
5. Illinois CPA Salary and Job Outlook
6. Salaries By Metro Area
7. Salaries By Industry
8. Top Accounting Firms in Illinois
9. How to Apply for a CPA License
10. CPA License Renewal
11. Illinois Accounting Associations
12. Top Accounting Schools in Illinois for 2025
13. Affordable Education Options for Aspiring CPAs in Illinois
14. How can aspiring CPAs enhance their skills and stand out in the job market?
15. Is specializing in forensic accounting a strategic advantage for CPAs?
16. How can forensic science enhance a CPA's fraud investigation capabilities?
17. What are the latest updates in CPA certification requirements?
18. Why consider a master’s in accounting?
19. What soft skills are crucial for successful CPAs?
20. Can CPAs Leverage Academic Roles to Broaden Their Career Impact?
21. Can CPAs play a role in urban planning initiatives?
22. How can CPAs achieve a sustainable work-life balance in a demanding field?
23. Networking Opportunities and Professional Growth for CPAs in Illinois
24. What Other Career Paths Are Available to Individuals Interested in Education and Numbers?
25. How is digital transformation reshaping the CPA profession?
26. What complementary certifications can broaden a CPA's career?
27. What legal and compliance risks should CPAs mitigate in Illinois?

What is a CPA?

A certified public accountant (CPA) is a professional title or designation that is conferred upon licensed accounting professionals by the Board of Accountancy for each state. The CPA title ensures the enforcement of professional standards throughout the accounting industry. It is also known as a chartered accountant (CA), with equivalent qualifications, in other countries.

CPAs are typically licensed in the state they practice, but state reciprocity laws in the U.S. allow licensed CPAs to practice in additional states if they meet certain criteria.

CPA Requirements

Requirements to become a CPA include passing the Uniform CPA Exam and holding a bachelor’s degree in business administration, finance, or accounting. The 150-semester units college education requirement is around 30 hours more than a bachelor’s degree.

Two or more years of public accounting experience is also a common requirement. Fifty hours of continuing education per year or equivalent is required to maintain certification. Some states may require an ethics exam or ethics course to finalize CPA licensure.

The CPA Exam is a computer-based test that lasts for 16 hours. It is comprised of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). One major change in the CPA exam was made in 2017 when task-based simulations were added for candidates to demonstrate analytical, critical thinking, and problem-solving skills.

Since online and asynchronous classes have increased and surpassed face-to-face synchronous classes, what study methods for the CPA exam are most effective?

In a 2021 peer-reviewed study in the journal Advances in Accounting Education, titled “The Most Effective Study Methods for Passing the CPA Exam: A Research Note," Dickins, Hull, and Quick analyzed “the degree of use and effectiveness of various study methods (e.g., instructor-led study programs, self-study review courses, flashcards, study notes, and practice problems). Based on a survey of candidates taking the CPA exam in 2018 and 2019, the authors find that the most effective method of study is practicing problems. Opposite the results of some extant research, using an instructor-led study program does not appear to increase the likelihood of passing." (Dickins, et al., 2021).

It does seem that hands-on problem solving is the best method, which even exceeds instructorled taught courses. Coupled with affordable online universities, students are in a win-win situation. However, we must address several issues and top challenges students anticipate facing while studying for a CPA, such as workload time commitment, difficulty with the exam content, and fear of failure.

CPA Certification Costs

A CPA is not one of the common college degrees as it is a certification. Although it is costly, a CPA is an investment in one’s future. Total expenses can reach $4,035.75, but some employers may help cover these costs. If you are affiliated with the military, you may qualify for reimbursements of up to $2,000 in testing expenses. Typical costs are the cost of the review course ($1,500), application fees ($50 to $200), exam fees (around $193 per section), and registration fees (around $65).

After obtaining the CPA, some states require an ethics exam, which costs between $150 and $200. Additionally, the CPA license fee must be paid to the state and can range from $50 to $500. To keep the certification current, a continuing education fee of roughly $1,000 a year should be expected, and this is usually covered by your employer.

How to Become a CPA in Illinois

The granting of CPA licenses in Illinois is performed by the Illinois Department of Financial and Professional Regulation (IDFPR). The two requirements are receipt of an Illinois CPA certificate through the Illinois Board of Examiners, and at least one year of full-time experience or equivalent providing service or advice involving the applicant’s use of his/her skills in attest, accounting, management advisory, financial advisory, tax, and/or consulting.

This required experience can be through government, industry, academic employment or from public practice. The supervision of a licensed CPA in obtaining the said experience is not required. Note that it should come after completing the CPA exam education. For out-of-state CPA applicants, they can be licensed by the IDFPR “by endorsement" if they have one or more equivalent valid and active CPA licenses from another state/jurisdiction, following U.S. state reciprocity laws.

Continuing professional education (CPE) is required at 90 hours, which includes 4 hours of professional ethics. This should be accomplished within a period of three years immediately preceding the licensure’s date of application. If this application date is more than four years after receiving your Illinois CPA certificate, the same CPE requirements apply.

Illinois CPA Salary and Job Outlook

CPAs generally hold various positions in public and corporate accounting, as well as executive positions, with pay above the U.S. national average. What is the average salary for an accountant in Illinois? According to Payscale, the average Certified Public Accountant salary in Chicago, Illinois is $74,940 per year with a median of $75k. Total pay is at $55k to $105k, with base salaries ranging from $53k to $101k, bonuses from $515 to $10k, and profit sharing from $2k to $4k (Payscale, 2023).

Salaries also depend on the stage of one’s career, with large pay increases as one gains experience and advances in the company. Of course, taking dual degrees like construction degrees will demand higher pay than single-degree employees.

Common career paths for CPAs include financial controller, accounting manager, and others that may lead to higher positions such as Chief Financial Officer (CFO), Vice President (VP) Finance, and even Chief Executive Officer (CEO) of a company. These positions are career paths for those who started out asking how to become an accountant in Illinois and then getting a CPA license.

Salaries By Metro Area

Salaries can also vary depending on one’s employment location. Generally, the major cities or metropolitan areas pay more than other areas.

Salaries By Industry

Salaries also differ based on the industry—the following table shows the 2023 salaries of CPAs by industry in Illinois.

Top Accounting Firms in Illinois

Illinois has some of the most famous accounting firms, including the top ones like the Big Four, namely Deloitte LLP, Ernst & Young LLP, PricewaterhouseCoopers (PWC) LLP, and KPMG LLP.
The following is a ranked list of the top accounting firms in Illinois according to the 2020 Crain’s list cited by Loyola University Chicago (LUC, 2023).

How to Apply for a CPA License

After passing the CPA exam and receiving your CPA certificate, if it was issued less than 4 years prior to applying for licensure, you do not need to fulfill any CPE requirements.

However, for periods longer than four years prior to applying for licensure, completion of a minimum of 90 hours of CPE (plus four hours of ethics and one hour of sexual harassment prevention training) within the three years immediately preceding the date of application is required.

For an idea about university CPA passing rates, the 2022 Illinois Board of Examiners (ILBOE) CPA exam results are shown in the following chart for some of the top schools; those with one passer (0% pass rate) were not included.

CPA License Renewal

Every three years, CPAs must renew their CPA licenses and registrations. Take note—renewals are made on a schedule set by the Illinois Department of Financial and Professional Regulation, so make sure to check their website.

License renewal is performed online on the Illinois Department of Financial and Professional Regulation official website. All license reminders and notifications are electronic, and the IDFPR has no paper reminders or renewal forms. Make sure your contact details are up to date on their website.

Renewal of CPA individual licenses requires 120 hours of CPE (including four hours of ethics plus one hour of sexual harassment prevention training).

Illinois Accounting Associations

Along with the presence of many good accounting universities in Illinois, there are two major Illinois Accounting Associations that offer support and knowledge to their members.

Independent Accountants Association of Illinois (IAAI)

Established in 1949, the IAAI is the Illinois State Affiliate Organization of the National Society of Accountants (NSA). It provides accounting and tax professionals with education, legislative knowledge, representation, cutting-edge technology, and opportunities to interact with other professionals in the industry. Its members serve small businesses and individuals, providing information to business clients about changes in tax law changes in practices affecting their business and financial activities.

Illinois CPA Society

Founded in 1903 and with more than 21,700 members, the Illinois CPA Society is one of the largest state CPA societies in the U.S. It provides timely and relevant information, customized education, advocacies, and opportunities to make professional connections. Members work in various capacities in the academe and in financial institutions throughout the accounting and tax industry, including CFOs, individual practitioners, managers, directors, and controllers/treasurers.

Top Accounting Schools in Illinois for 2025

Our choice of the top three accounting schools in Illinois was made after considering factors such as cost and CPA exam passing rate, among other important metrics. It is relatively easy to find an accounting degree in Illinois due to the abundance of good schools and employers in the area. There are also some emerging forensic accounting schools in Illinois, but we did not include them here. Read our list of the cheapest online masters in accounting schools for options on advanced education in accounting. Some of them may have forensic accounting degree online offerings.

1. Bradley University

The Bradley University’s Foster College of Business  offers a Master of Science in Accounting (MSA). Their coursework deepens students’ understanding of accounting, helps them investigate new challenges or existing specialties, and hones leadership abilities valuable to any firm. Today’s graduates can be found working in a variety of places, including not-for-profit organizations, local accounting firms, the Big 4, and large enterprises. Students who complete the program will have the skills, knowledge, and 150 hours needed to satisfy the educational requirements for the CPA exam, and Bradley University’s MSA graduates have a high CPA pass rate as first-time test takers. They also offer an integrated 3:2 MSA program, which adds a 5th year to the BS degree to prepare students to be CPA certified by the time of graduation.

1. Program Length:1 year full-time, 2 years part-time
2. Tracks/concentrations: Concentration in Internal Auditing; Various (choice of elective courses Accounting elective (3), Business electives (9), other electives (6))
3. Tuition Cost: $910 per credit hour
4. Required Credits to Graduate: 30 semester hours.
5. Accreditation: The Higher Learning Commission

2. University of Chicago

The University of Illinois at Urbana-Champaign (UIC) Business Liautaud Graduate School offers a Master of Science in Accounting, which gives students important insights into an industry that is rapidly evolving due to new technologies. This education positions students for employment in accounting or other business fields. The School helps you on the road to reaching your objectives, whether finishing your accounting degree, taking the CPA exam, or changing careers. The program accepts individuals with accounting, business, and non-business degrees due to its flexible curriculum, and depending on one’s background, complete the degree in eight16 courses (3264 credit hours) by considering the undergraduate courses already done. A joint MBA/MSA can also be an option.

1. Program Length: 2 years
2. Tracks/concentrations: Various (choices of elective courses)
3. Tuition Cost: $6,083 per semester
4. Required Credits to Graduate: 816 courses (3264 credit hours)
5. Accreditation: North Central Association of Colleges and Schools, The Higher Learning Commission

3. Northern Illinois University

Northern Illinois University offers its nationally-ranked Master of Accounting Science (MAS) degree that combines your expert accounting knowledge with the professional leadership and entrepreneurship abilities you need to be successful in a range of careers. In the Master of Accounting Science (Leadership) program, you’ll learn to integrate professional accounting knowledge with leadership and professional skills.

The MAS program is a STEM-designated program. It allows F-1 visa holders to extend the time they can remain in the U.S. after graduation under the Optional Practical Training (OPT) benefit. NIU also offers a Master of Accountancy (MAC) to students with undergraduate degrees in areas other than accounting; the program is 100% online. Among accounting colleges in Illinois, NIU is one of the cheaper schools.

1. Program Length:1 year
2. Tracks/concentrations: Various (choices of elective courses)
3. Total Tuition Cost: $24,573
4. Required Credits to Graduate: 30 credit hours
5. Accreditation: Association to Advance Collegiate Schools of Business (AACSB International)

Affordable Education Options for Aspiring CPAs in Illinois

For aspiring CPAs in Illinois, the cost of education and certification can be a significant consideration. Fortunately, there are several affordable pathways to achieve your goals without compromising on quality. These options help reduce financial barriers while preparing you for a successful career in accounting.

• Community Colleges with Transfer Pathways: Community colleges like Harper College and College of DuPage offer affordable associate degree programs in accounting. These programs often include transfer agreements with four-year institutions, allowing students to complete their bachelor's degrees at a fraction of the cost. This pathway is ideal for students looking to minimize tuition expenses while meeting the 150-hour educational requirement for CPA eligibility.
• Online Accounting Degree Programs: Online programs provide a flexible and cost-effective alternative to traditional on-campus learning. Institutions such as Southern Illinois University and Eastern Illinois University offer online accounting degrees designed to accommodate working professionals and students with family commitments. For those seeking an even more budget-friendly option, explore affordable online accounting degree programs that deliver high-quality education at competitive tuition rates.
• Scholarships and Grants: Many Illinois-based organizations, such as the Illinois CPA Society, offer scholarships for students pursuing accounting degrees. Universities also provide merit-based and need-based scholarships specifically for accounting majors. Additionally, federal grants like the Pell Grant can further reduce the financial burden for eligible students.
• Employer Sponsorship and Tuition Reimbursement: Numerous employers in Illinois, particularly accounting firms, offer tuition reimbursement programs to employees seeking CPA certification. This allows you to gain practical experience while advancing your education with financial support from your employer.
• Accelerated Degree Programs: Accelerated programs, such as the 3:2 Master of Accountancy programs at institutions like Northern Illinois University, combine undergraduate and graduate coursework. These programs not only save time but also reduce costs by allowing students to achieve CPA eligibility faster.

By exploring these affordable education options, aspiring CPAs can pursue their career goals without incurring excessive debt. Whether you choose a community college, online program, or scholarship-supported pathway, Illinois offers various resources to support your journey toward CPA certification.

How can aspiring CPAs enhance their skills and stand out in the job market?

To excel as a CPA and differentiate themselves in a competitive job market, aspiring accountants should focus on skill development, practical experience, and professional networking. The following strategies help build a well-rounded profile and demonstrate commitment to the profession:

• Develop Technical Skills: Master advanced software such as Excel, QuickBooks, and ERP systems like SAP or Oracle, commonly used in accounting. Learning data analytics tools (e.g., Power BI, Tableau) can also be beneficial for CPAs aiming to work in data-intensive roles.
• Strengthen Communication Abilities: Effective communication is crucial, as CPAs often interact with clients and non-financial colleagues. Practice explaining financial concepts in simple terms and work on presentation skills to enhance client and executive interactions.
• Gain Industry-Specific Knowledge: Certain industries, such as healthcare, technology, and finance, have unique accounting standards. Gaining familiarity with industry-specific regulations and practices can help CPAs target niche roles and increase their value to employers.
• Participate in Internships or Apprenticeships: Practical experience in reputable accounting firms or corporations is invaluable. Internships provide hands-on learning opportunities and insight into various accounting functions, such as audit, tax, and consulting, helping refine career focus.
• Engage in Continuous Learning: Pursuing certifications such as Certified Management Accountant (CMA) or Certified Internal Auditor (CIA) can provide an additional edge. Specialization in fields like forensic accounting or international taxation can also enhance career prospects.
• Network with Professionals: Joining local or national accounting associations (e.g., Illinois CPA Society) allows aspiring CPAs to connect with mentors, attend workshops, and stay updated on industry trends. Networking often opens doors to job opportunities and career guidance.

Is specializing in forensic accounting a strategic advantage for CPAs?

A focused expertise in forensic accounting can distinguish CPAs in today’s competitive environment, offering specialized skills that address fraud detection, legal disputes, and risk management. Professionals who pursue further specialization gain enhanced analytical capabilities and a deeper understanding of financial investigations, making them valuable assets in both public and private sectors. Additionally, targeted studies—such as pursuing a masters in forensic accounting—equip practitioners with cutting‐edge techniques that complement traditional accounting roles and provide access to lucrative niche markets.

How can forensic science enhance a CPA's fraud investigation capabilities?

Integrating forensic science into a CPA’s skill set can provide advanced techniques for detecting and investigating financial discrepancies. CPAs with exposure to forensic methodologies are better equipped to manage risk, interpret complex datasets, and collaborate with legal professionals during fraud investigations. For professionals eager to advance their investigative capabilities without overlapping core accounting competencies, pursuing a forensic science degree in Illinois delivers specialized insights that complement conventional auditing practices. This interdisciplinary approach not only improves accuracy in uncovering financial irregularities but also enhances a CPA’s overall credibility in dynamic, regulatory-driven environments.

What are the latest updates in CPA certification requirements?

Recent developments in the accounting field have led to adjustments in CPA certification requirements to better address technological integration and evolving industry standards. Regulatory bodies are now placing greater emphasis on digital skills, data analytics, and specialized ethical training as integral components of professional readiness. Updated criteria often include refined educational modules and experiential learning that align with current financial practices and cybersecurity protocols. Prospective CPAs are encouraged to stay abreast of these changes by consulting comprehensive resources like our guide on CPA certification requirements to ensure compliance with the most recent standards.

Why consider a master’s in accounting?

Many aspiring CPAs consider whether advancing their education with a Master’s in Accounting is the right move. While it’s not a requirement to become a CPA, it can significantly impact your career trajectory, especially when combined with other professional credentials. This section explores whether a master’s in accounting is a worthwhile investment for those pursuing the CPA credential in Illinois.

For students seeking a comprehensive education that goes beyond the foundational knowledge of accounting, the question is a masters in accounting worth it often arises, as it can offer numerous advantages:

• Career Advancement: A master’s degree can open doors to higher-paying positions and senior roles in accounting firms, corporations, and government agencies. Graduates are well-positioned to move into management and leadership roles, such as Chief Financial Officer (CFO) or Tax Manager.
• Increased Earning Potential: According to the U.S. Bureau of Labor Statistics, accountants with a master's degree tend to earn more than their counterparts with only a bachelor's degree. In Illinois, CPAs with advanced degrees can expect salaries significantly higher than the average, especially in major cities like Chicago.
• CPA Exam Readiness: Many master’s in accounting programs are structured to provide the 150 credit hours required for CPA licensure, which is a key step in becoming a certified public accountant. Completing this degree often helps streamline the process and provides students with a deep understanding of complex accounting topics, making them better prepared for the rigorous CPA exam.
• Networking Opportunities: Master's programs typically attract a mix of experienced professionals and fresh graduates, offering valuable networking opportunities. Students can connect with peers, professors, and alumni who are often well-established in the accounting industry.
• Specialization Options: Many master’s in accounting programs offer specialized concentrations, such as forensic accounting, taxation, or audit. This allows students to tailor their education to specific career interests, gaining expertise in niche areas that are highly valued by employers.

What soft skills are crucial for successful CPAs?

Successful CPAs in Illinois differentiate themselves not only through technical expertise but also by mastering essential soft skills that optimize client interactions and internal collaboration. Effective communication—both verbal and written—is critical when explaining complex financial data and regulatory requirements to clients and nonfinancial stakeholders. Additionally, strong problem solving and critical thinking skills empower CPAs to identify discrepancies and provide strategic, results-driven recommendations. Leadership, adaptability, and robust time management further contribute to managing diverse responsibilities and high-pressure deadlines. For localized licensure details, review CPA requirements in Illinois.

Can CPAs Leverage Academic Roles to Broaden Their Career Impact?

CPAs possess a wealth of practical expertise and analytical acumen that can be effectively transferred to academic settings. Transitioning into teaching enables professionals to influence industry curricula, mentor emerging talent, and maintain active ties to evolving financial trends. Academic positions often demand supplementary education credentials; interested professionals should explore pathways and determine what degree do you need to be a teacher in Illinois to meet these requirements.

Can CPAs play a role in urban planning initiatives?

CPAs bring analytical expertise and fiscal oversight that can enhance urban development projects. They contribute to strategic budgeting, risk management, and financial feasibility studies essential for public infrastructure and sustainable growth. Collaborating with urban planners allows CPAs to apply their skills in managing complex public funds and ensuring accountability in community projects. Professionals interested in expanding their career horizon can explore how to become an urban planner in Illinois as a pathway to integrate financial acumen with urban planning processes.

How can CPAs achieve a sustainable work-life balance in a demanding field?

CPAs face rigorous deadlines and evolving professional demands that can impact personal well-being. Professionals can optimize work-life balance by leveraging flexible work arrangements, implementing technology-driven time management tools, and setting clear boundaries to mitigate burnout. Strategic planning, combined with resilience and proactive stress management, supports sustainable career growth. Additionally, evaluating alternative career trajectories—such as academic roles—may offer more predictable schedules and renewed professional perspectives; see how to become a high school math teacher in Illinois for further insights.

Networking Opportunities and Professional Growth for CPAs in Illinois

Joining professional organizations and engaging in networking activities is crucial for aspiring CPAs to accelerate career progression and keep pace with industry advancements. Illinois offers a wealth of opportunities to connect with experienced industry professionals and broaden your horizons.

For example, the Illinois CPA Society (ICPAS) regularly hosts career-focused events, conferences, and seminars that not only enhance your technical knowledge but also provide platforms to build meaningful connections with thought leaders and potential mentors. Additionally, these interactions can help you tap into internship and job opportunities that may not be advertised widely. Participating in chapter meetings or volunteering for committee roles can also elevate your professional visibility.

Another important avenue is exploring educational institutions renowned for cultivating strong alumni networks and business connections. Aspiring accountants can leverage resources like the best business schools in Illinois to access mentorship programs, career fairs, and exclusive corporate partnerships that strengthen their industry links.

Finally, collaborating with peers and CPA professionals through social media forums and local meetups fosters a community-oriented approach to navigating challenges and exchanging strategies for growth. By prioritizing these networking and professional growth pathways, CPAs can remain competitive in the evolving accounting landscape and position themselves as highly sought-after candidates in Illinois.

What Other Career Paths Are Available to Individuals Interested in Education and Numbers?

Individuals who are interested in pursuing a career in education and numbers, but may not be interested in becoming a CPA, have various other career paths to consider. For example, they may be interested in learning about the elementary school teacher requirements in Illinois. This career path allows individuals to work with children and help them develop a strong foundation in mathematics and other subjects. Alternatively, individuals may be interested in pursuing a career in data analysis or statistics, where they can work with numbers to identify trends and patterns. Ultimately, there are many career paths available to individuals who are interested in education and numbers, and it is essential to research and explore these options to find the best fit.

How is digital transformation reshaping the CPA profession?

The rapid integration of advanced technologies such as artificial intelligence, blockchain, and data analytics is fundamentally altering the scope of a CPA’s work. Digital transformation is shifting the focus from traditional bookkeeping to strategic advisory roles, emphasizing the need for continuous skills enhancement and agility in adapting to new tools. CPAs are increasingly expected to leverage these technologies to improve operational efficiency, ensure data security, and provide deeper financial insights. Staying informed about emerging tech trends and obtaining relevant certifications can be crucial. Professionals interested in interdisciplinary roles may also explore parallels in other high-demand fields, such as how to become a nurse practitioner in Illinois, to broaden their career perspective without overlapping qualifications.

What complementary certifications can broaden a CPA's career?

Diversifying professional expertise can position CPAs to tackle emerging industry demands and niche market challenges. Complementary certifications that focus on specialized financial analysis, compliance, or even healthcare finance can enhance a CPA’s portfolio without overlapping core competencies. For example, acquiring credentials in medical billing and coding may open pathways to roles in healthcare financial management, bridging the gap between traditional accounting and the specialized demands of medical institutions. Professionals interested in this unique cross-disciplinary approach can learn how to be a medical coder in Illinois to further refine their skills and expand career opportunities.

What legal and compliance risks should CPAs mitigate in Illinois?

In a landscape marked by evolving regulations and heightened scrutiny, CPAs must stay abreast of legal obligations and compliance standards to avoid litigation and reputational damage. Addressing potential conflicts of interest, ensuring the integrity of audit processes, and adhering to state-specific financial regulations are critical components of risk management. Strengthening legal acumen through targeted professional development and cross-disciplinary learning supports proactive mitigation strategies. For additional insights into legal frameworks and documentation skills, refer to how to become a paralegal in Illinois.

CPA Future Challenges

Despite the success of accounting schools in Illinois in producing CPAs and a CPA title’s higher pay and prestige, there are still many challenges in attracting accounting students and young professionals to obtain a CPA.

The top reasons for not pursuing the CPA credential among students are as follows: not seeing its value or relevance to their careers, not seeing the return on investment (ROI), employers or prospective employers who do not require or support CPA certification, and the perception that other credentials/specialties are more valuable (IPCAS, 2021).

Accounting remains a good career in Illinois, just as how it is for any graduate of a software engineer online degree or those coming from dental assistant programs. We encourage you to consider your options and future employment plans as becoming a CPA is definitely worth it. Continue reading on CPA licensure for other states. Start with our post on the best accounting schools in Florida that provides essential information on accounting education and licensure in the state of Florida.

Key Insights

• High Demand and Growth: The CPA profession is highly prestigious and well-compensated, with a significant demand for CPAs over non-CPAs in the accounting industry. The projected growth rate for accountants and auditors in the U.S. is 4.3% over the next decade.
• Exclusive Privileges: Only CPAs are authorized to handle IRS and state tax authority queries on financial statements, conduct external audits, and audit public companies, justifying their higher salaries and benefits.
• Rigorous Requirements: Becoming a CPA involves passing the Uniform CPA Exam, completing 150 semester units of college education, and gaining professional experience. Continuing education is also required to maintain certification.
• Effective Study Methods: Practicing problems is the most effective study method for passing the CPA exam, surpassing instructor-led study programs.
• Investment Costs: The total cost to become a CPA can reach over $4,000, covering review courses, application, exam, registration fees, and ongoing continuing education.
• Salary Prospects: CPAs in Illinois earn competitive salaries, with significant increases as they gain experience. Salaries vary by metro area and industry, with higher pay in major cities and certain sectors like healthcare and financial analysis.
• Top Accounting Firms: Illinois hosts top accounting firms, including the Big Four, providing ample opportunities for CPA graduates.
• Educational Pathways: Several top universities in Illinois offer CPA preparation programs with high passing rates, flexible formats, and various concentrations.

FAQ

1. What are the main requirements to become a CPA in Illinois? To become a CPA in Illinois, you must pass the Uniform CPA Exam, hold a bachelor's degree in business administration, finance, or accounting, complete 150 semester units of college education, and have at least one year of full-time experience in accounting or a related field. Continuing professional education (CPE) is also required for license maintenance.
2. How much does it cost to obtain a CPA certification? The total cost to become a CPA can reach approximately $4,035.75, which includes review courses, application fees, exam fees, registration fees, and ongoing continuing education expenses. Some employers may cover these costs, and military affiliates may qualify for reimbursements of up to $2,000.
3. What is the salary outlook for CPAs in Illinois? The average salary for a CPA in Chicago, Illinois, is $74,940 per year, with total pay ranging from $55,000 to $105,000. Salaries increase with experience, and CPAs can pursue various high-paying roles in public and corporate accounting, as well as executive positions like CFO or VP Finance.
4. Are online CPA preparation programs effective? Yes, online CPA preparation programs can be highly effective, especially when they focus on hands-on problem-solving methods. Practicing problems has been shown to be the most effective study method for passing the CPA exam.
5. What industries offer the highest salaries for CPAs in Illinois? CPAs working in healthcare and financial analysis sectors tend to earn the highest salaries in Illinois. For example, healthcare CPAs earn an average annual salary of $102,332, while financial analyst CPAs earn around $87,749 annually.
6. What are the top accounting firms in Illinois? The top accounting firms in Illinois include Deloitte LLP, Ernst & Young LLP, PricewaterhouseCoopers LLP, KPMG LLP, RSM US LLP, and Crowe Horwath LLP. These firms offer significant career opportunities for CPAs.
7. What continuing education requirements must CPAs meet in Illinois?CPAs in Illinois must complete 120 hours of continuing professional education (CPE) every three years, including four hours of ethics training and one hour of sexual harassment prevention training, to maintain their licenses.
8. How do CPA salaries vary by location in Illinois? CPA salaries in Illinois vary by metro area, with higher salaries typically found in major cities. For example, CPAs in Chicago earn an average annual salary of $77,699, while those in Elgin earn about $79,064.
9. What are the top accounting schools in Illinois for CPA preparation?Top accounting schools in Illinois for CPA preparation include Bradley University, University of Illinois at Urbana-Champaign, and Northern Illinois University. These schools offer strong CPA exam pass rates, flexible program formats, and various concentrations.
10. What challenges do aspiring CPAs face in Illinois?

Aspiring CPAs face challenges such as the high cost of certification, the rigorous nature of the CPA exam, the need for extensive study and preparation, and maintaining ongoing continuing education requirements. Despite these challenges, the CPA designation offers significant career and financial benefits.

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